EDMOND, Okla., July 25, 2011 (GLOBE NEWSWIRE) -- EnviroXtract, Inc. (Pink Sheets:EVXA) reports that on June 20, 2011, it signed an Agreement with Extractive Technologies, Inc. to acquire an exclusive worldwide license for a proprietary technology that will enable the Company to efficiently extract gold, silver, and other precious metals from ore concentrates. This environmental technology is capable of capturing most hazardous chemicals, heavy metals, and toxic gases typically produced by industry standard ore processing methods. Under its current configuration, one furnace is capable of processing over 2,000 pounds of gold concentrates per day. The technology is capable of scaling to much larger capacities as required.
Earlier this year, the Company's Board of Directors approved its new 2011 Cross-Tech Business Strategy to pursue new business opportunities in the Precious Metals Mining Industry. With gold prices recently setting historical records above $1,600 per ounce, Management believes there could be no better time for EnviroXtract to seek out new opportunities for its technologies in the gold and silver mining arena and related markets. The Company is currently in negotiations to process gold and silver under multiple agreements and anticipates that announcements will soon be forthcoming.
The Company has recently reorganized Management. James Cheney was elected as CEO of EnviroXtract, Inc. on June 18, 2011, under the terms of an Asset Purchase Agreement to acquire the assets and business operations of Creationworks, Inc. Dennis Atkins remains CFO of EnviroXtract. Carlton Wingett submitted his resignation as CEO and Director of EnviroXtract effective June 18, 2011.
Under new management, the Company has embarked on a new path for EnviroXtract. Mr. Cheney indicated that significant changes to the Company's business structure are being implemented that he believes will benefit the Company and its shareholders. These changes may include a significant voluntary reduction in the number of issued and outstanding shares, as well as a reduction in the conversion rates of Preferred stock. Management believes these measures, in conjunction with the Company's new business opportunities, will be instrumental in building shareholder confidence and value.
The Company will continue to pursue credible opportunities for generating revenues in environmental remediation, desalinization, and agricultural technology applications.
About EnviroXtract, Inc.:
EnviroXtract, Inc. was founded as a technology development company focusing on proprietary environmental remediation applications for oil spills and other toxic chemical remediation applications that require a complete separation of hazardous or toxic chemicals from contaminated soil. The Company has recently expanded its business strategy to enter new markets including: gold, silver, and precious metals mining, precious metals processing, agricultural, and soil enrichment applications. The company will continue to develop and assess new technologies to enhance its business model.
Safe Harbor
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of EnviroXtract, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.