BELLINGHAM, Wash., July 29, 2005 (PRIMEZONE) -- Essential Innovations Technology Corp. (OTCBB:ESIV) is truly pleased to be able to provide this corporate recap to its shareholders.
Says Jason McDiarmid, President/CEO, "During the first 3 months of being listed on the OTC-BB, the Company has reached a number of important and significant milestones. Of particular note, the Company has entered into a Co-operative Production Agreement with WaterFurnace (TSX:WFI), one of the largest and most respected names in the Geothermal industry, while even more recently the Company has secured two substantial Exclusive Distribution Agreements for its proprietary Geoexchange systems manufactured by its Canadian subsidiary; one of which covers parts of Canada, and the other of which covers the entire country of Mexico. Individually, these each represent noteworthy events for the Company, but collectively, they are clearly representative of the current demand for geoexchange and the rapid growth the industry should see in the coming months and years. Essential Innovations continues to be actively involved in a number of ongoing discussions and negotiations with developers throughout Canada and the USA, and the Company is aggressively responding to requests for further exclusive product distribution agreements in many other parts of the world. The Company is extremely excited about the vast amount of tangible business opportunities that lie ahead, and is highly confident that over the next 12-18 months there will be many more verifiable successes to report."
Essential Innovations Technology Corp. provides cutting-edge geoexchange solutions for residential, commercial and industrial applications as both a geoexchange energy service company and as a manufacturer of proprietary geothermal heat pump technology. The Company was incorporated in April 2001, and it has two wholly owned subsidiaries located in British Columbia, Canada and in Hong Kong, SAR, China.
Geoexchange technology harnesses the earth's clean, renewable thermal energy stored just below the surface or in large bodies of water for purposes of heating, cooling, domestic hot water and/or dehumidification. A Geoexchange system is used to "exchange" the earth's natural heating and cooling properties between a building and the ground. This non-combustion transfer of energy is the source of performance and environmental superiority, as Geoexchange systems need only a small amount of electrical energy to then capture, move and concentrate a large amount of free energy provided by the earth.
Essential Innovations Technology currently has operations in the USA, Canada and Hong Kong; exclusive distributors in Canada and Mexico; exclusive sales agents in Mexico, Hungary, and Alaska; and the Company is now actively seeking further distributors, dealers and project opportunities throughout the North American and international marketplace for its proprietary geoexchange systems and solutions.
Safe Harbor Statements
Certain statements in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties. These statements include, but are not limited to, statements that do not describe historical facts and statements that include the word "believes," "anticipates," "expects," "plans," "intends," "designs" or similar language, as well as statements regarding consumer or marketplace acceptance of the Company's new or existing products; comments concerning marketing and consumer acceptance of proprietary products; the potential benefits of Essential Innovations' products; initiatives undertaken by the Essential Innovations' divisions; the Company's research, manufacturing and facilities expansion programs; and the Company's growth.
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