UTICA, N.Y., April 16, 2003 (PRIMEZONE) -- Life Energy & Technology Holdings, Inc. (OTCBB:LETH) (Deutsche Borse DE:LFT) has entered into an Agreement with Green Energy Management, L.L.C. (GEM) of New Orleans, Louisiana.
Initially GEM has opted to purchase one Biosphere Process(TM) System for US $7 million with an option to purchase up to an additional 1000 Biosphere Process(TM) Systems over the next 60 months. The contract grants GEM access to Life Energy's innovative technologies for several southern and mid-western states to process municipal waste, petroleum related hazardous and industrial wastes, agricultural waste such as bagasse, and auto and truck tires. The Biosphere Process(TM) System allows Green Energy multiple revenue streams by charging a fee to destroy waste by using that waste as a feedstock at approximately 5 to 7 tons per hour to generate and sell 5 mega-watts per hour of electricity and produce potable water and recyclables.
Tetra Tech EMI, Inc. (Nasdaq:TTEK), an alliance partner of Life Energy, is now in the process of obtaining Louisiana Department of Environmental Quality (DEQ) permitting for the Biosphere Process(TM) System in Louisiana and GEM feels confident that preliminary permitting will be completed within the next thirty days.
Announcing the initial purchase Phil H. Nugent Chairman of Green Energy Management stated, "The Biosphere Process(TM) System is going to revolutionize a lucrative niche market. Green Energy Management plans to deploy the first Biosphere(TM) at an MSW site that also handles oil field waste."
Green Energy Management's main focus will be the Petro-Chemical and Oil Refinery Complexes between Houston and New Orleans. ".that geographic area has the largest representation of chemical plants and refineries in the world." Nugent says and then goes on to say, "The Biosphere Process (TM) System can be portable or stationary, thereby adapting to the needs of specific problem areas within this vast area of industrial complexes thus eliminating the need to inject hazardous waste into our sub-strata or trucking these hazardous materials to disposal sites hundreds of miles away. The Biosphere Process(TM) will be able to reduce stockpiles of wastes within acceptable EPA emission requirements while creating an inexpensive source of power generation that can be sold to the electrical grid under Federal regulations."
GEM is currently in negotiations with companies that produce contaminated onshore and offshore drilling fluids, drill cuttings and MSW that need to be disposed of within very tight EPA regulations at approved disposal sites. GEM is also negotiating with several municipalities regarding reducing their stockpiles of municipal solid waste.
Nugent is also in conversations with several sugar mills. The mills would pay GEM to dispose of their bagasse waste stock piles while also purchasing the electricity the Biosphere Process(TM) System would produce.
About Tetra Tech EMI (http://www.ttemi.com)
Tetra Tech EMI was established in 1982 and is a leader and one of the largest providers in environmental, civil, chemical, mechanical, structural, electrical, sanitary and management consulting services in the United States. Tetra Tech has 250 locations in the United States and internationally to service its extensive Federal Government client base, which includes US Dept. of Defense, Energy, Interior, State, and FEMA, GSA, EPA and the US Postal Service. Their commercial clients are industry, oil and gas companies, utilities, telecommunications firms, transportation, manufacturing, chemical, lumber and wood, and mining among others. Tetra Tech EMI offers financial, environmental, management, regulatory, and other technical consulting support to financial institutions, law firms, and professional firms. Tetra Tech EMI has 900 employees, 35 offices in the Untied States and 3 internationally. Tetra Tech EM Inc. is one of 32 subsidiary companies of Tetra Tech Inc. (http://www.tetratech.com), a publicly traded company on the NASDAQ under the symbol TTEK. Tetra Tech Inc. has over 7300 employees and reported annual revenues of nearly $1 billion.
About Life Energy & Technology Holdings Inc. (http://www.le-th.com)
Life Energy is rapidly becoming a leader in the environmental infrastructure and electricity generation markets. Life Energy's unique proprietary technology, EcoTechnology(TM), supplies energy through a profitable and environmentally safe process. The Biosphere Process(TM) System, a central part of the EcoTechnology(TM) system, safely and efficiently, processes traditional and non-traditional waste materials into electricity and other beneficial by-products. The Biosphere Process(TM) assists in solving the global waste problem by converting into clean, green electricity such waste materials as: Municipal Solid Waste (MSW), agricultural, effluent, medical, industrial, shale oil, sour natural gas and many other traditional and non-traditional waste materials.
1 Biosphere Process(TM) System & Biosphere(TM) are copyright trademarks of the Life Energy Partnership 1995 and Company
2 EcoTechnology(TM) is a copyright trademark of the Life Energy Partnership 1995 and Company
This release contains statements that 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. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.