TUCSON, Ariz., June 22, 2004 (PRIMEZONE) -- Environmental Technologies, Inc. (Pink Sheets:EMTI) is pleased to announce that successful negotiations for the acquisition of proven, patented, revolutionary environmental technology have been completed. Environmental Technologies, Inc. and the owner of the technology (AWE Engineering Inc.) have agreed on all terms and have signed a binding agreement whereby, in exchange for an undisclosed sum of cash plus common shares, EMTI will acquire 100% ownership of AWE Engineering Inc., holder of the patented technology.
A QUANTUM LEAP
The 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. 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.
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. "We couldn't be more pleased at the outcome of these negotiations, given the enormous potential that the AWE technology represents for a building's living environment and operating costs." -- EMTI President, Harold Clifford.
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. Simultaneously, this technology has produced and distributed the purest and freshest drinking water compared to any and all other types of concepts utilized in improving water for human consumption in today's market. Further technology/mechanical development work to perfect the application of the technology for expeditious building-retrofitting will be necessary in order to expand into mass markets.
A NEW FOCUS
Management intends 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.