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MANASSAS, Va. -- Eurotech, Ltd. (OTC Pink Sheets: EUOT
- News) announced that it has signed a nondisclosure agreement with Environmentally
Friendly Materials GmBH and will be providing marketing support to EFM
for the commercialization of the Hybrid Nonisocyanate Polyurethane (HNIPU)
technologies.
In the recent shareholder update from Eurotech, Mr. Carey
Naddell, Eurotech's Chairman and CEO, revealed that a number of marketing
activities had been initiated to support the commercialization of Eurotech's
patented HNIPU technologies in the US. Now that Environmentally Friendly
Materials has obtained a non-exclusive license to market and sell HNIPU
in the US from Eurotech's licensee Global Matrechs, Inc., Eurotech will
be sharing the results of its recent marketing activities with EFM. As
reported earlier, Eurotech is in discussions with a US polymer manufacturing
company concerning the establishment of a US based toll production capability
for HNIPU and will be working with EFM to secure a stable production capacity
in the US. Any resulting sales of HNIPU by EFM in the US will benefit
both Global Matrechs and Eurotech through the respective licensing agreements
that specify royalty payments on product sales.
Eurotech is attempting to increase the supporting activities
for the waste sensing and monitoring market and has recently entered into
discussions with the developer of a highly advanced electromagnetic environmental
sensing technology for the rights to market sensing and monitoring services
in the US. Should current discussions be successful, Eurotech would be
able to offer significantly improved sensing and monitoring capabilities
for nuclear waste, and complement Eurotech's EKOR nuclear waste encapsulation
technologies. Meanwhile, Eurotech is continuing its efforts to find non-nuclear
spin-off applications of its EKOR technology in the industrial coatings
market and has been discussing a transportation industry application with
a regional paint company that supports a major transportation fabricator.
Over the past two years, Eurotech has successfully settled
many of its prior outstanding debts but has been rebuffed by Global Matrechs
in attempts to settle our differences. Management believes this is preventing
the Company from moving forward to a fully operational and reporting state.
Eurotech may be left with no alternative but to take its own legal actions
against its licensee, Global Matrechs, Inc. if the two sides can't come
to an amicable agreement. Meanwhile, Eurotech will maintain and try to
expand its technology portfolio in order to support current and future
technology licensees.
About Eurotech, Ltd.
Eurotech is a corporate asset manager seeking to acquire,
integrate and optimize a diversified portfolio of advanced technologies
in various markets. Our mission is to build value in our emerging technologies
by providing each with the resources it needs to realize its strategic
business potential.
Under the Private Securities Litigation Reform Act of
1995 Investors are cautioned that certain statements contained in this
document as well as some statements in periodic press releases and some
oral statements of Eurotech, Ltd. officials during presentations about
Eurotech, Ltd., are "forward- looking" statements within the
meaning of the Private Securities Litigation Reform Act of 1995 (the "Act").
Forward-looking statements include statements which are predictive in
nature, which depend upon or refer to future events or conditions, which
include words such as "expects," "anticipates," "intends,"
"plans," "believes," "estimates," or similar
expressions.
In addition, any statements concerning future financial performance (including
future revenues, earnings or growth rates), ongoing business strategies
or prospects, and possible future actions, which may be provided by management,
are also forward-looking statements as defined by the Act.
Some of the factors that could significantly impact the forward-looking
statements in this press release include, but are not limited to: insufficient
cash flow to continue to fund the development and marketing of the Company's
products and technology; a rejection of the Company's products and technologies
by the marketplace, and; disputes as to the Company's intellectual property
rights.
Forward-looking statements are based upon current expectations and projections
about future events and are subject to risks, uncertainties, and assumptions
about Eurotech, its technology, economic and market factors and the industries
in which Eurotech, Ltd. does business, among other things.
These statements are not guarantees of future performance and Eurotech,
Ltd. has no specific intention to update these statements. More detailed
information about those factors is contained in Eurotech Ltd.'s filings
with the Securities and Exchange Commission.
Source: Eurotech, Ltd.
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