IDAHO FALLS, Idaho, Sept. 21, 2004 (PRIMEZONE) -- Intrepid Technology and Resources, Inc. a renewable energy company (OTCBB:IESV) has received additional contract work from Oak Ridge Associated Universities, effective September 9, 2004 for continuation of Oak Ridge's reconstruction project.
This work, which is funded by the National Institute for Occupational Safety and Health (NIOSH), supports energy workers' claims under the Energy Employees Occupational Illness Compensation Program Act. ITR's team has completed over 2 years of work at the Idaho National Engineering and Environmental Lab and Argonne National Laboratories Western site and now has been assigned similar work for the Argonne National Laboratory's Eastern facility located near Chicago. The contract value of the additional work is expected to exceed 200,000 dollars in new work to ITR.
Dr. Dennis Keiser, in making the new contract win announcement, stated that the company's Biogas development in south central Idaho will be the largest component of the companies revenue stream in the coming years. However ITR still maintains a vibrant and respected engineering services component that provides considerable economic potential for the company. This will allow the continuing opportunity for our personnel and resources to be directed towards the enormous biogas opportunities that exist in Idaho and other dairy rich regions.
Dr. Keiser noted that billions of tons of waste are produced from food processing operations and animal feeding in the US each year that could be converted into methane gas through anaerobic digestion. Dr. Keiser has stated that the Department of Energy has estimated that the methane generation capacity of biomass waste could provide enough energy to equal the total annual US power consumption. This will enable ITR to play a key role in providing an economical solution for U.S. dairy farmers and become a major alternate energy player.
About Intrepid Technology: We are the premier technology application innovator of Biogas products and services designed to assist in worldwide energy independence. All of these are from renewable agriculture sources.
Certain statements contained herein constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. While the Company believes that the assumptions underlying such forward-looking information are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove to be accurate. Accordingly, there may be differences between the actual results and the predicted results, and actual results may be materially higher or lower than those indicated in the forward looking information contained herein. Further, the Company assumes no obligation to update or otherwise publicly revise the forward-looking information disclosed herein to reflect circumstances existing after the date hereof.