EL PASO, Texas, May 8, 2006 (PRIMEZONE) -- Nanoforce, Inc. (Pink Sheets:NNFC), a developer of nano-materials, new refining processes and equipment for use in new and existing energy sector technologies, announced that the Company has entered into an agreement to acquire Vancouver based Clemco Industries Inc.
Clemco Industries (www.thelegacysystem.com) is a Canadian corporation that provides bioremediation and ancillary services to food sector establishments, with established clients and annual revenues in excess of $1 million. Clemco produces a proprietary group of micro-organisms and employs them in a unique business system that enables clients to comply with legal wastewater management requirements.
Nanoforce CEO David Rendina reports: "The acquisition of Clemco by Nanoforce will enhance our ability to commercialize useful bio-diesel producing micro-organisms currently under development at our Refinery Science Corp. laboratories, and creates a new revenue base for the Company. Clemco also provides a platform to launch new technology to serve a well-established customer base. Together, the two companies will meet a wider set of customer needs and have a significantly greater opportunity to grow into new markets, particularly in the alternative energy and environmental management segments."
Under the terms of the acquisition, Mr. Peter Yew of Nanoforce will be appointed President of Clemco replacing Mr. Charles Clifford Minchel, who will remain as an Executive Consultant for Clemco.
Mr. Yew has a 30 year history of entrepreneurship and corporate management primarily related to chemical manufacturing and processing, project management, and franchise development. He is familiar with business practices and geopolitical development in both Asia and North America. He is acutely aware of the importance of environmental sustainability worldwide and is devoted to identifying and developing potentially disruptive technologies relevant to water and wastewater treatment.
Mr. Minchel developed the proprietary system used by Clemco Industries. He has been a successful environmental entrepreneur in the waste management and oil exploration industries for over 20 years.
Nanoforce, Inc. and its wholly owned subsidiary Refinery Science Corp. commercialize advanced materials science products and processes that include the practical application of nanotechnology in large-scale commercial projects. Nanotechnology is the science of building and manipulating materials, devices and processes on the scale of atoms and molecules (one billionth of a meter). According to market research, it is estimated that revenues from products using nanotechnology will increase to $2.6 trillion in 2014, equal to about 15% of global manufacturing output, from $13 billion in 2004 (Lux Research). Nanoforce is taking advantage of rapid innovation in materials science to meet critical needs in growing industry sectors including petroleum refining. For more information on Nanoforce and its subsidiaries, please visit www.nanoforcetechnologies.com and www.refineryscience.com.
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Nanoforce, Inc. (915) 313-9391 (915) 313-9391, fax www.nanoforcetechnologies.com