TORONTO, Nov. 10, 2003 (PRIMEZONE) -- Fiton Technologies Corp. (Pink Sheets:FITNF) is pleased to announce that pursuant to a Memorandum of Understanding with the Government of Barbados its Initial Inception Report (the "Report") has now been accepted by the Government of Barbados. As a result, the Company has now received a payment in an amount of US$362,500. The Company has commenced its initial operations in Barbados and has established a field office to conduct the remediation work with respect to the clean up of a contaminated site previously used as a petrochemical refinery. It is anticipated that the fieldwork will commence on or about November 2003.
Dr. Godknows Itamunoala, Chairman and CEO of Fiton states that, "We have our team in place and we are anxious to break ground. The Government of Barbados is most supportive of this initiative and we hope that this will lead to other projects."
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 micro-organisms 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