TUCSON, Ariz., June 14, 2004 (PRIMEZONE) -- Environmental Technologies, Inc. (OTC:EMTI) is pleased to announce that it has reached the advanced stage of negotiations for the acquisition and commercialization of proven, patented, revolutionary technology that offers extraordinary potential for dramatically improving the workplace/living environment while capturing significant savings for commercial building owners/operators.
Environmental Technologies has been investigating and assessing this technology for some time and, having satisfied itself of the enormous potential for the practical application of the technology, has opted to focus its efforts on completing successful negotiations for the acquisition of the rights to commercially exploit this technology. If negotiations are successful, the acquisition of this technology will materially advance the Company's original business model as an environmental technology-driven company, and dramatically enhance its growth outlook in the foreseeable future.
The Technology
The technology that the Company hopes to acquire represents a quantum leap over conventional building energy-management systems. 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. To date, the developer of the technology has successfully converted two facilities in the State of Florida and demonstrated energy savings in excess of 50% in both conversions while materially improving Air Quality.
A New Focus
In light of its recently announced intention to spin off - through a dividend to EMTI shareholders - its security devices (Finder Technology) development/commercialization business into a separate entity, 'Finderguard Technologies, Inc.', management will be able, upon completion of the proposed acquisition, to focus its efforts on what it views as an extraordinary 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.