EarthFirst Technologies, Inc. Announces Agreement with Chateau Energy, Inc.

TAMPA, Fla.–(BUSINESS WIRE)–July 23, 2004–EarthFirst Technologies, Inc. (“EFTI” or “the Company”)(OTCBB:EFTI – News) announced today the signing of a Letter of Intent with Chateau Energy, Inc. (“Chateau”) for an exclusive License Territory Agreement for development of its Solid Waste plants in southern California. The territory encompasses Santa Barbara to the southern border of the state of California. Chateau paid a $50,000 deposit toward the license rights to the technology for deployment at its sites in Southern California. The agreement calls for a minimum of five CAVD plants to be constructed over a period of the next 3 1/2 years. Chateau will be the owner of the plants and EFTI will receive a 15% royalty on operating profit generated by the plant. EFTI will also provide technical support for the life of the plant. Phase One of the Chateau project will begin with an 84 ton-per-day plant. Phase Two increases this first plant size to a 200 tons-per-day capacity. This construction will begin as soon as permitting and details are resolved. A firm price of $17,050,000 was agreed upon for both Phase One and Phase Two. The terms of the Letter of Intent allow a period during which Chateau will perform […]

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