UTICA, N.Y., May 29, 2003 (PRIMEZONE) -- Life Energy & Technology Holdings, Inc. (OTCBB:LETH) and (Deutsche Borse DE:LFT) has consummated an agreement with its Middle East client, Kuwait Holdings, S.A. to accept delivery of 12 Biosphere Systems(tm). The agreement also includes a remaining 36 Systems that will be delivered over the next 8 months for $212.4.million. Kuwait Holdings, S.A. had already taken delivery of two other Systems in 2001.
This contract extends access to Life Energy's innovative technologies into several Middle Eastern Countries to process municipal waste, agricultural waste, auto and truck tires and petroleum related hazardous and industrial wastes. The Biosphere Process(tm) System is capable of consuming waste as a feedstock at approximately 5 to 7 tons per hour while generating 5 mega-watts per hour of electricity, as well as potable water.
Commenting on the contract, Dr. Chris McCormack, President of Life Energy stated, "We at Life Energy are delighted to have completed the sale of 12 Biosphere Process(tm) Systems to Kuwait Holdings. This sale generated revenues of over 70 million dollars for LETH this quarter and an additional $212,400,000 over the next 8 months."
"The Middle East is an important market place for LETH, and one in which the Biosphere Process(tm) System technology is vitally needed both for waste conversion and for electricity production. The ability to convert waste materials to green electricity, potable water, distilled water, steam, compost, fertilizer and building materials, as provided by the Biosphere Process(tm) System we consider it to be a world changing technology."
About Life Energy & Technology Holdings Inc. (http://www.le-th.com)
Life Energy is rapidly becoming a leader in the environmental infrastructure and electricity co-generation markets. Life Energy's unique proprietary technology, EcoTechnology(tm), supplies energy through a profitable and environmentally safe process. The Biosphere Process(tm) System, a central part of the EcoTechnology(tm) system, safely and efficiently, processes traditional and non-traditional waste materials into electricity and other beneficial by-products. The Biosphere Process(tm) assists in solving the global waste problem by converting into clean, green electricity such waste materials as: Municipal Solid Waste (MSW), agricultural, effluent, medical, industrial, shale oil, sour natural gas and many other traditional and non-traditional waste materials.
-- Biosphere Process(tm) System & Biosphere( are copyright trademarks
of the Life Energy Partnership 1995 and Company
-- EcoTechnology(tm) is a copyright trademark of the Life Energy
Partnership 1995 and Company
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.