MOUNT ARLINGTON, N.J., Aug 16, 2005 /PRNewswire-FirstCall via COMTEX/ -- INSEQ Corporation (OTC Bulletin Board: INSQ) today announced its execution of an agreement with Ovation Products Corporation ("Ovation") pursuant to which INSEQ will manufacture Ovation's proprietary new Clean Water Appliance.
Ovation has invested over $9 million developing technology that offers dramatic price and performance advantages over competing clean water technologies. Ovation is finalizing the development of its initial product, the Clean Water Appliance -- a fire-hydrant sized appliance that can generate 25 gallons of pure water per hour from a variety of dirty water input sources at a cost of approximately $0.004 per gallon, or about 1.2% of the cost of traditional home distillation methods.
Ovation has shipped prototypes of the Clean Water Appliance to the United States Army and to its corporate partners and is in the process of finalizing its distiller design, and expects to be testing a commercially-viable unit in the fourth quarter of 2005 which will sell for a fraction of the price of commercial distillation systems. Ovation has been granted 11 patents for its technology and system, and has filed for an additional 5 patents to date.
Under the terms of INSEQ's agreement with Ovation, Ovation has granted INSEQ right of first refusal rights relating to the manufacture of the Clean Water Appliance and any other manufacturing needs relating to the Clean Water Appliance and the underlying technology.
INSEQ expects the Clean Water Appliance to be initially positioned to the industrial markets and the alternative technology sector of the residential septic market. INSEQ estimates that demand for the appliances in the alternative technology sector of the residential septic market alone numbers in the tens of thousands of units per year.
The Clean Water Appliances is currently selling at a price of $12,000, a price point which is expected to decline with increases in volume. INSEQ expects that it will have to meet production needs of in excess of 2,500 units per year within the next 18-24 months as Ovation and its various licensees continue to develop their markets for specific applications of Ovation's technology.
"We are very pleased to have the opportunity to work with Ovation on what we view to be a cutting edge technology and we look forward to getting to work," said Tony Warnecke, president of INSEQ's design and manufacturing subsidiary.
Kevin Kreisler, INSEQ's chairman and the chairman and chief executive officer of GreenShift, said that "The Clean Water Appliance is an exciting and important advance that easily and cost-effectively integrates into existing infrastructure."
"Chief among GreenShift's immediate term goals are its plans to help each of its portfolio companies increase their intrinsic value," continued Kreisler. "We can achieve this with acquisitions, investments, refinancing or technology development, but also by fostering profitable interaction between strategically compatible companies in our portfolio. INSEQ's manufacturing capabilities are more than sufficient to meet Ovation's needs and will gear up and support Ovation with anything they need done."
Ovation and INSEQ are respectively 9% and 70% owned by GreenShift Corporation, a business development corporation whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and catalyze transformational environmental gains.
About INSEQ Corporation
INSEQ Corporation is a publicly traded company whose mission is to directly facilitate the efficient utilization of primary and secondary commodities including metals, chemicals, fuels and plastics. More information on INSEQ is available online at http://www.inseq.com .
INSEQ is 70% owned by GreenShift Corporation (OTC Bulletin Board: GSHF), a business development corporation whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and catalyze transformational environmental gains.
Safe Harbor Statement
This press release contains statements, which may constitute "forward- looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of INSEQ Corporation, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
SOURCE INSEQ Corporation
CONTACT: Jim Grainer, President and Chief Financial Officer, INSEQ Corporation, Phone, +1-973-398-8183, Fax, +1-973-398-8037, investorrelations@inseq.com; Michael Cimini, +1-212-896-1233, mcimini@kcsa.com, or Garth Russell, +1-212-896-1250, grussell@kcsa.com, both of KCSA Worldwide
INSEQ Chairman Cancels Sale of Stock; Surrenders 50 Million Shares for Retirement by the Company
August 22, 2005 08:00:18 (ET)
MOUNT ARLINGTON, N.J., Aug 22, 2005 (BUSINESS WIRE) -- INSEQ Corporation (INSQ, Trade) today announced the cancellation by its chairman, Kevin Kreisler, of his previously planned sale of INSEQ common stock.
Mr. Kreisler had previously planned to sell 35 million shares of his INSEQ stock over the next thirty to ninety days under the terms of a 10b5-1 program. No sales were completed to date under this program, in part because Mr. Kreisler's share price goals were not met. Mr. Kreisler will instead surrender all 35 million shares to the Company for retirement, plus an additional 15 million shares of INSEQ common stock issued to Mr. Kreisler for his services earlier this year.
"I was impressed with the response I received from a number of our shareholders relative to my planned sale," said Kevin Kreisler, INSEQ's chairman. "I had intended to contribute a portion of the proceeds from these sales to reduce INSEQ's debt. But a number of our shareholders argued that surrendering the shares will be more accretive to shareholder wealth than simply reducing debt today, particularly as we reduce debt with the earnings and surplus assets of INSEQ's planned acquisitions. I re-worked the numbers and they appear to be correct. Accordingly, I am cancelling my planned sale and surrendering these 35 million shares plus an additional 15 million shares of INSEQ common stock that I had received earlier this year for my services."
About INSEQ Corporation
INSEQ Corporation is a publicly traded company whose mission is to directly facilitate the efficient utilization of primary and secondary commodities including metals, chemicals, fuels and plastics. More information on INSEQ is available online at www.inseq.com.
INSEQ is 70% owned by GreenShift Corporation (GSHF, Trade), a business development corporation whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and catalyze transformational environmental gains.
Safe Harbor Statement
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of INSEQ Corporation, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
SOURCE: INSEQ Corporation
INSEQ Corporation Jim Grainer, 973-398-8183 fax: 973-398-8037 investorrelations@inseq.com www.inseq.com or CEOcast, Inc. for INSEQ Corporation Ed Lewis, 212-732-4300 fax: 212-732-1131 elewis@ceocast.com Copyright Business Wire 2005
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
