SELLERSVILLE, Pa., Aug. 16, 2005 (PRIMEZONE) -- Delta Mutual, Inc. (OTCBB:DLTM), specializing in energy recovery and construction services through environmentally friendly technologies and products, announced that its subsidiary, Delta-Envirotech, has reached an agreement to provide its first turnkey factory to manufacture insulated concrete form (ICF) products. The agreement is with SaFarCu, a private Saudi Arabian company formed to construct government housing.
Peter F. Russo, president and CEO, commented, "This agreement is an important milestone. This will be our first ICF project in Saudi Arabia and our first ICF plant construction. A typical plant requires an investment of several million dollars, depending on the size and variety of ICF products to be produced. Additionally, there will be ongoing revenues for providing technical support. We anticipate that this plant will be the first of several facilities to be established in Saudi Arabia."
ICF is being utilized to expedite the construction of commercial and industrial structures, including high-rise buildings in Saudi Arabia. The company's ICF technology was chosen based on its construction cost-efficiency and its superior insulation characteristics. The facility is projected to begin operations in early 2006.
About SaFarCu
SaFarCu, based in Saudi Arabia, is a privately held Saudi Arabian company. The company, recently formed to construct government housing, was established by entities that have been involved with development and construction of residential, commercial and industrial structures in Saudi Arabia for more than a decade.
About Delta Mutual
Delta Mutual, Inc. specializes in energy recovery and construction services through environmentally friendly technologies and products currently operating through joint ventures in the Middle East, Far East and Puerto Rico. Delta employs technologies that efficiently recover energy sources from soil, water and other waste streams while simultaneously improving existing environmental conditions. The company also employs an energy efficient building material system for construction projects that are initially taking place in Puerto Rico (www.deltamutual.com).
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Forward-Looking Statement
This press release contains forward-looking statements that involve risks and uncertainties, including, "...there will be meaningful ongoing revenues from providing technical support;" "We anticipate that this plant will be the first of several facilities;" and; "The facility is projected to begin operations in early 2006." Because these forward-looking statements involve risks and uncertainties, actual results could differ materially from those discussed in this press release. These risks and uncertainties include: lack of capital, delays in finalizing contracts, delays in building, typical issues of dealing with a foreign government, using the appropriate technology and additional risks as outlined in our SEC filings.