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US Energy Initiatives Acquires Non-Exclusive License for CAVD Technology from EarthFirst Technologies
Wednesday May 10, 10:47 am ET
TAMPA, Fla.--(BUSINESS WIRE)--May 10, 2006--US Energy Initiatives Corporation (OTCBB:HYFS - News;
"US Energy" or the "Company"), manufacturer of a patent dual fuel diesel to natural gas conversion technology, today announced the Company has acquired a world wide non-exclusive license agreement for the Catalytic Activated Vacuum Distillation (CAVD) technology from EarthFirst Technologies, Inc., (OTCBB:EFTI - News).
Under the terms of the license, US Energy shall issue 1,000,000 restricted common shares to be held by EFTI or distributed amongst the EFTI shareholders of record. In addition, US Energy shall pay a fee of 5% of
revenues of all sales related to the licensed technology. The license grants to HYFS a world-wide non-exclusive right to commercialize the CAVD technology and to manage the previous agreement with Internal Hydro
International.
"The CAVD technology has shown great promise in the biofuel space," said US Energy CEO Mark Clancy. "For example, we have completed initial runs of Dried Distillers Grains with Solids (DDGS) producing
a gas with over 700 Btus per cubic foot. DDGS is a coproduct of the ethanol production process also used as a high nutrient feed valued by the livestock industry. This technology will launch our biofuels initiative
to develop our signature biofuel which, when used in conjunction with our dual-fuel conversion systems, allows a diesel engine to exceed Environmental Protection Agency 2010 emission standards. A second aspect to
our development path is to render the equipment scaleable so that a fleet can locate a small production unit on-site and produce their own biofuel using our feedstock," concluded Mr. Clancy.
About HYFS - US Energy Initiatives Corporation. (OTCBB:HYFS - News), formed in 1996, delivers its patent
dual-fuel diesel to natural gas conversion technology and resells a portfolio of gasoline to natural gas and propane conversion systems. The Company's primary facility is a 12,000 square foot state-of-the-art
systems development and emission testing lab in Atlanta, Georgia. The Company's current clients include General Motors (NYSE:GM - News), http://www.gm.com; United Parcel Service (NYSE:UPS - News), http://www.ups.com; US Postal Service; Dallas County School System; Portland, Oregon School System; Oklahoma Natural Gas and a
host of private purchasers. For more information contact CEO Mark Clancy at the Company's corporate headquarters at 813-287-5787 or visit the Company's web site at http://www.usenergyic.com
EarthFirst Technologies, http://www.earthfirsttech.com, is a specialized holding company engaged in researching, developing and commercializing technologies for the
production of alternative fuel sources and the destruction and/or remediation of liquid and solid wastes, and in supplying electrical contracting services to commercial and government customers internationally.
Through its subsidiary World Environmental Solutions Company (WESCO), EarthFirst markets solid waste remediation plants utilizing a proprietary Catalytic Activated Distillation (CAVD) process, which is a superior
technology developed by EarthFirst to recycle rubber tires and other waste by heating the material without burning it. Through its subsidiary Electric Machinery Enterprises, Inc., http://www.e-m-e.com,
the Company provides electrical contracting services both as a prime contractor and as a subcontractor, electrical support for industrial and commercial buildings, power generation stations, and water and sewage
plants in the US and abroad.
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press release and some oral statements are "Forward-Looking Statements" within the meaning
of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-Looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions,
which include words such as "believes," "anticipates," "intends," "plans," "expects," and similar expressions. In addition, any statements concerning future
financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future actions, which may be provided by management, are also forward-looking
statements as defined by the Act. Forward-Looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to
materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management
believes that the assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future
performance and the Company has no specific intention to update these statements.
Contact:
US Energy Initiatives Corporation, Tampa
Mark Clancy, 813-287-5787
Source: US Energy Initiatives Corporation
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