United States Navy's Emergency Ship Salvage Material System Purchases 21st Century Technologies' Trident Magnets for Underwater Operations
6/24/2004 8:30:00 AM
LAS VEGAS, Jun 24, 2004 (BUSINESS WIRE) -- The United States Navy's Naval Sea Systems Command has placed an order through their contractor, GPC, for 28 new Trident Magnet Assemblies for its Emergency Ship Salvage Material System (ESSM). ESSM is comprised of a combination of bases and complexes that provide ship salvage, pollution control and ocean engineering equipment on an emergency basis. The Trident Magnet Assemblies are manufactured by Trident Technologies, Inc., a portfolio investment company of 21st Century Technologies, Inc. (OTCBB:TFCT.OB)
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Kevin Romney, President and CEO of 21st Century said, "To receive such an order shortly after our return from Washington, D.C. is significant. We look forward to expanding our relationship with ESSM through GPC, as we continue to explore other opportunities funded within the Department of Defense."
This latest purchase builds on a 4-year relationship between Trident and ESSM. The rare-earth permanent magnets purchased by GPC for the U.S. Navy are similar to the magnets used by ProMag and SeaPatch, Trident's efficient rupture and leak sealing systems employed by private industry. The ESSM Trident magnets are used as anchoring platforms for underwater salvage operations.
The Trident Magnet Systems are used to affix hot tap flanges for environmentally safe removal of oil from sunken ships. They are also used to mount boring machine systems used to test hull integrity. Additional uses are under study to provide magnetic solutions for the diverse challenges of underwater emergency salvage operations.
21st Century Technologies is a Business Development Company, operated pursuant to the Investment Companies Act of 1940. It holds various enterprises as investments and seeks to grow companies in which it has an interest.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, regulatory approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties as may be detailed in the Company's filings with the Securities and Exchange Commission.
SOURCE: 21st Century Technologies