Advanced Recycling Sciences, Inc. Signs JV Agreement in Riyadh With Prominent Saudi Arabian Industrial Group Rashid Saad Al-Rashid & Sons
Market Wire "US Press Releases "
IRVINE, CA -- (MARKET WIRE) -- 05/30/07 -- Advanced Recycling Sciences, Inc. (PINKSHEETS: ARYC) ("ARS"), a leader in innovative products and technologies for the tire and rubber recycling industry, announced that Keith Fryer, the ARS President, recently signed a JV agreement in Riyadh, the Saudi Arabian capital, with Rashid Saad Al-Rashid & Sons Co. Limited; represented by Rashid S. Al-Rashid Group Chairman and Yousef R. Al-Rashid Industry Division Manager. Al-Rashid & Sons is a leading Saudi Arabian industrial group, with local operations spanning architectural design & engineering, construction, real estate, farming and local manufacturing with operations located in Riyadh (h/q), and Dammam, Eastern Province.
The JV agreement calls for a direct equity investment by the Al-Rashid Group in the ARS subsidiary Revultec, Inc, based in California, which is presently researching & developing a new and innovative liquid rubber material, suitable for incorporation into rubber industrial products and possibly new tire manufacture. Al-Rashid Group has the option to increase its stake in the venture as key milestones are met by the company. Funds will be employed by ARS to determine the "Proof of Concept" as well as towards company overhead.
The development program will be undertaken in collaboration with the ARS technical partner Applied Power Concepts, Inc., based in Anaheim, California and led by Dr. William A. Farone (President & CEO), whose firm will undertake the material development program and assist ARS will all technical matters related to the project. Dr. Farone has served as President and CEO of APC since 1987 and has 30 years experience in the development of commercial processes from laboratory and pilot plant studies. He has over 90 technical publications in diverse areas including chemistry, electromagnetic phenomena and spectroscopy.
First liquid rubber test material samples are expected to be available for the rubber & tire industry evaluation within 90 days. The rubber industry, Good Year and other leading companies have expressed considerable interest in this exciting new material. Rubber manufacturers and other tire companies will test this material called Tire2Tire(TM)/liquid rubber as soon as it becomes available.
The overall Tires2Tire(TM)/liquid rubber material development program is expected to be completed within 6-months.
About Advanced Recycling Sciences, Inc.
Advanced Recycling Sciences, Inc. provides solutions to alleviate the worldwide environmental dilemma of scrap tires and industrial rubber waste. Through acquisition and development of new technologies, ARS is focused on establishing itself as a leader in the worldwide environmental technology and crumb rubber modified asphalt-paving arenas. For more information, please visit the corporate web site at www.arsciences.com
Safe Harbor Statement:
No stock exchange or Securities Commission has approved nor disapproved the statements in this release. Any statements that are not strictly historical are "forward-looking statements" made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to a number of risks and uncertainties that may affect actual events or results materially. These include, but are not limited to the Company's ability to obtain adequate financing to further its current and future business strategies; the Company's historical lack of profitability; the effects of business and economic conditions generally; and, other risks associated with a development stage company. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company are expressly qualified by these cautionary statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Corporate Contact: Keith J. Fryer President and COO 949.260.4728 Mobile: 949.413.9190 Email Contact www.arsciences.comPosts: 1580 | From: World | Registered: Jul 2006
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