MONTREAL, May 28, 2002 (PRIMEZONE) -- Environmental Applied Research Technology House -- EARTH (Canada) Corporation (TSX-V: EAR) is pleased to announce that it has agreed with Norstar Securities International Inc. (Norstar) to raise capital for growth of up to $1 million for which Norstar, acting as principal &/or agent, will be paid a quarterly fee of $79,500 for services rendered. The two-phase approach commences with an immediate financing of $250,000 funded by way of a loan from Management and others and supported by the sale of insiders' shares in EARTH, with the balance of $750,000 anticipated to follow within 45 days. Under the terms of EARTH's 18-month agreement with Norstar, Norstar will also assist the Company in growing its business by providing strategic capital markets advice and an appropriate financing strategy, including assistance with statutory and other documentation required for listing on a U.S. exchange and/or getting its shares quoted on the Nasdaq Over The Counter Bulletin Board ( OTCBB ).
At a time when milestone trials of the Company's proprietary TORR(tm) technology in the upstream oil sector are making significant breakthroughs, increasing demand for financial resources for marketing and product development activities heralds a new phase of the Company's corporate development and one that requires sound financial advice.
In commenting on the financing and the relationship with Norstar, Edward Akkawi, EARTH (Canada) CEO, says: "We are pleased to have the active support of Norstar to fund the Company's short term growth capital requirements by way of a loan from Management and others and to promote its corporate image within the Canadian and U.S. financial community. We look forward to the fruits of this association for the benefit of all our stakeholders."
About EARTH (Canada) Corporation
Environmental Applied Research Technology House -- EARTH (Canada) Corporation, listed on the TSX Venture Exchange (TSX-V: EAR), is a world leader in the development of leading edge technologies for hydrocarbon remediation. Through the use of EARTH's proprietary RPA(r) and TORR(tm) technologies, EARTH's mission is to promote worldwide sustainable environmental technologies for treating and preventing oil pollution problems.
Additional information is available at www.earthcanada.com