TORONTO, Sept. 5, 2003 (PRIMEZONE) -- Fiton Technologies Corp. (Pink Sheets:FITNF) is pleased to announce that pursuant to a Memorandum of Understanding with the Government of Barbados the Company has completed and delivered its Initial Inception Report ( the "Report") subject to approval of and acceptance by the Government of Barbados. The Company will be notified within 21 days of the acceptance or rejection of the Report. Payment in an amount of US$362,500 will be made within 28 days of the acceptance in writing of the Report by the Government of Barbados.
Dr. Godknows Itamunoala, Chairman and CEO of Fiton states that, "We are eager to get started with our field work. We are looking forward to exploring other similar opportunities and building a great future for the Company and value for our shareholders."
About Fiton Technologies Corp.
Based in Toronto, Canada, Fiton Technologies Corp specializes in biocatalysis, a special form of bioremediation. The biocatalysis treatment process uses naturally occurring microorganisms to break down hazardous substances into less toxic or non-toxic matter. The company's technology is capable of treating a range of industrial wastes including organic & inorganic contaminants with applications to problems such as landfills, oil spills, oil tanker sludge, PCB's and mine tailings. The company also provides consulting services in site assessment, biotreatability testing, bioremediation system design, remediation construction, operation and monitoring.
FITON TECHNOLOGIES CORP.On behalf of the Board of Directors
(signed)
Dr. Godknows Itamunoala, Chairman & CEO