WEST CHESTER, Pa., Oct. 29, 2013 (GLOBE NEWSWIRE) -- Daleco Resources Corporation (OTCQB:DLOV), a natural resource company with operating subsidiaries active in oil and gas, industrial minerals, and environmental remediation technology, announced today that its subsidiary, Clean Age Minerals, Inc., ("CAMI"), has signed a multi-year contract with EnviroVeritas, LLC. The agreement calls for a minimum commitment to purchase $316,000 of CAMI's trademarked Cite-Clean™, an all natural Zeolite based product, to maintain contract terms.
Mr. Parrish stated, "This contract serves as a major milestone, as it provides us with a strong recurring revenue model for the commercialization of our Zeolite holdings. The Cite-Clean™ contract allows us to accelerate our product introductions into the industrial, commercial, and environmental markets. We are currently engaged in discussions with several other potential customers in order to increase our revenue and cash flow in the near future."
Robert E. Martin, President of Clean Age Minerals, stated, "EnviroVeritas selected Cite-Clean™ due to its natural absorbent abilities and for the potential cost savings it provides to its customers. Management remains confident that this initial sale will allow us to capture a greater share of the absorbent market nationwide."
Joe Sverapa, Vice President of Sales for CAMI, said, "Since April, our focus on industrial applications and commercialization efforts of our zeolite-based products have gained momentum. The EnviroVeritas agreement represents an expansion of our sales channels and provides the foundation for our national presence. Cite-Clean™ along with our ReNuGen™ and ZoilTech™ offerings provide significant industrial and commercial market opportunities for CAMI's CA-Series family of products."
Jeff Ames, Vice President of Operations for EnviroVeritas stated, "We are excited to introduce the Cite-Clean™ absorbent to our client base on the West Coast. Cite-Clean™ is a unique product that is designed to address environmental challenges now being imposed by various regulatory authorities throughout the West Coast."
About Cite-Clean
Cite-Clean™ is an all-natural non-hazardous mineral based absorbent using Clean Age Minerals' CA-Series Technology of engineered Zeolite based products. The Cite-Clean™ product has been tested and proven effective in various industrial, commercial and do-it-yourself residential settings for the absorption and retention of fluids.
Daleco Resources Corporation
Daleco Resources is a natural resource company with operating subsidiaries and natural resource holdings active in oil and gas, industrial minerals, and environmental remediation technology. For further information on Daleco Resources and Clean Age Minerals, please visit www.dalecoresources.com.
Forward-Looking Statements
Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in the future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, and risk inherent in the Company's operations, imprecision in estimating product reserves and the Company's ability to replace and expand its holdings.