TUCSON, Ariz., June 28, 2004 (PRIMEZONE) -- Environmental Technologies International Inc. (Pink Sheets:EMTI) is pleased to announce that the agreement signed by it and Awe Engineering Inc., and announced on June 22, has now been executed and AWE Engineering Inc. is now a wholly-owned subsidiary of Environmental Technologies International Inc. EMTI is proceeding immediately with plans to advance the development and application of the technology to the stage where it will have a ready application to all manner of commercial buildings throughout North America and, ultimately, around the world.
TECHNOLOGY DEVELOPED BY NASA
The acquired technology represents a quantum leap over conventional building energy-management systems, offering the potential to dramatically improve the workplace/living environment while capturing significant savings for commercial building owners/operators. Protected by patents, the technology includes a modification of the ingenious Thermosyphon Heat Transfer Loop developed by NASA and to this day used by NASA to transfer the extreme heat and cold from one part of the space shuttle to another - instantaneously! Since the NASA patents expired, AWE (Air, Water, Energy) Engineering Inc. has adapted and modified the technology for commercial use in a wide variety of buildings.
A POTENTIAL MULTIBILLION-DOLLAR MARKET AWAITS
Use of AWE's proprietary technology in building heating/cooling, energy, and water systems is global in scope, and is estimated to exceed many billions of dollars. Through a retrofit on existing commercial buildings, the system is capable of significantly reducing electrical as well as heating and cooling costs, while also improving air quality and humidity control, and achieving the virtual elimination of mold and mildew in the building. In addition, the system also produces pure water for use by building tenants. It is a leading-edge technology upgrade which, when developed for building-environment control systems, is expected to find broad acceptance owing to the fact that the savings in building maintenance/operations garnered by the system will in fact pay for itself many times over.
EMTI's acquisition of this technology, which we believe has the potential to revolutionize building-environment mechanics (Air, Water, Energy), is expected to materially advance the Company's original business model as an environmental technology-driven company, and dramatically enhance its growth outlook in the foreseeable future.
A NEW FOCUS
Management is now focusing its efforts on furthering the development of the technology for this very promising building system application so that it can launch the system onto mass markets as quickly as possible. EMTI views the AWE acquisition as an extraordinary corporate growth opportunity: the advancement of this new environmental technology to commercial fruition in a 21st century characterized by global environmental imperatives and a critical need to conserve energy.
In compliance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, EMTI notes that statements contained in this announcement that are not historical facts may be forward-looking statements that are subject to a variety of risks and uncertainties. Accordingly, EMTI wishes to caution readers of this announcement that its future actual results may differ materially from those that any forward-looking statements may imply. There is no assurance the above-described events will be completed. There can be no assurance of the ability of the company to achieve sales goals, obtain contracts or financing, consummate acquisitions or achieve profitability in the future.