TORONTO, Aug. 20, 2003 (PRIMEZONE) -- Fiton Technologies Corp. (Pink Sheets:FITNF) is pleased to announce that it entered into a Memorandum of Understanding May 21, 2003 with the Government of Barbados (Ministry of Economic Development) for an amount of USD 7,250,000 to provide on-site remediation of a former Mobil refinery site.
Fiton has also received its initial mobilization payment from the Government of Barbados for USD 725,000 and will commence its activities under the terms of the Memorandum of Understanding immediately.
Dr. Godknows Itamunoala, Chairman and CEO of Fiton added: "This is a great opportunity for the company and it's shareholders. We will now be able to demonstrate the efficacy of our technology to the world and we expect that the company will secure similar contracts in the near term."
Fiton Technologies Corp. specializes in remediation of a wide spectrum of contaminants including crude oils, PCB's, PAH's and some inorganic wastes.