Ecoloclean Industries, Inc. Announces Disposition of Aquatronics Industries, Inc.
January 12 2007 - 1:40PM
PR Newswire (US)
CRYSTAL CITY, Texas, Jan. 12 /PRNewswire-FirstCall/ -- Ecoloclean
Industries, Inc. (OTC Pink Sheets: ECCI) ("Ecoloclean"), announced
today that it has disposed of its wholly owned subsidiary,
Aquatronics Industries, Inc. ("Aquatronics"), of Riverside, Rhode
Island, on December 29, 2006 by returning 81% of its ownership
interest to the family of Howard E. Schachter, who is Aquatronics'
President and Founder, and selling the remaining 19% to one of its
employees for $100,000 which will be offset against its debt due to
the employee. Royis Ward, President and CEO of Ecoloclean, stated
that due to the continuing need for funds to meet the business plan
of Aquatronics and the limited resources of Ecoloclean, the
disposal of the ownership of Aquatronics was in the best interest
of the Company at this time. Prior to the disposal of Aquatronics,
Ecoloclean assisted Aquatronics in renegotiating the terms of its
Patent Assignment from BioCatalytica, Inc. ("BioCatalytica"), for
use by Aquatronics. The renegotiated terms included the return for
cancellation of 2,000,000 shares of Ecoloclean's restricted common
stock being held for delivery to BioCatalytica in 2007 and the
cancellation of $101,750 of debt remaining from the original
$150,000 due to BioCatalytica by Aquatronics in return for the
cancellation of the Patent Assignment. Aquatronics, concurrently
with the cancellation of the Patent Assignment, was able to obtain
a Non-Exclusive Limited License from BioCatalytica utilizing the
patented technology in return for royalties based on future sales.
FORWARD-LOOKING SAFE HARBOR STATEMENT: To the extent that this
release discusses any expectations concerning future plans,
financial results or performance, such statements are
forward-looking within the meaning of Section 27A of the Securities
Act of 1933, as amended and Section 21E of the Securities and
Exchange Act of 1934, as amended and are subject to substantial
risks and uncertainties. Actual results could differ materially
from those anticipated in the forward-looking statements. Readers
are cautioned not to place undue on these forward-looking
statements, which speak only as of the date hereof and reflect only
management's belief and expectations based upon presently available
information. These statements and other forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties. The Company assumes no obligation to update any of
the forward-looking statements in this release. ABOUT ECOLOCLEAN
INDUSTRIES, INC.: Ecoloclean is the parent company of two
wholly-owned operating subsidiaries, Ecoloclean, Inc. and World
Environmental Technologies, Inc., which utilize various remediation
techniques and technologies. Ecoloclean and its subsidiaries shall
continue to employ its patented Electrocoagulation process with the
EC units that it owns. The transactions detailed above are the
first steps initiated by Ecoloclean to reduce debt and dispose of
non-productive assets. For more information about the Company,
please visit http://www.ecoloclean.com/ INVESTOR CONTACT: ROYIS
WARD - PRESIDENT 830-374-9100 - OFF 830-374-0202 - FAX DATASOURCE:
Ecoloclean Industries, Inc. CONTACT: Royis Ward, President of
Ecoloclean Industries, Inc., +1-830-374-9100, or fax,
+1-830-374-0202 Web site: http://www.ecoloclean.com/
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