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First American Scientific Corp. finalizes joint venture agreement for the sale of KDS equipment in Malaysia

Date : 06/07/2004 @ 10:30AM
Source : PR Newswire (US)
Stock : (FASC)
Quote : 0.0106  -0.0001 (-0.93%) @ 10:40AM
First American Scientific Corp. (PN CE) share price Chart

First American Scientific Corp. finalizes joint venture agreement for the sale of KDS equipment in Malaysia

First American Scientific Corp. (PN CE) (USOTC:FASC)
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First American Scientific Corp. finalizes joint venture agreement for the sale of KDS equipment in Malaysia First American Scientific Corp (FASC.OTC. BB) VANCOUVER, June 7 /PRNewswire-FirstCall/ -- C.L. Kantonen, Chairman of First American Scientific Corp., is pleased to announce that the Company has reached an agreement with Ulimec Sdn. Bhd. to establish a joint venture company (First American Scientific Corp. (Malaysia) Sdn. Bhd.) to operate a KDS palm waste processing plant in Kluang, Malaysia and to market the KDS equipment to the palm oil industry. Under the agreement, upon completion of construction of a fully operational palm waste processing plant to be financed by Ulimec, FASC (Malaysia) will be granted exclusive license to market the KDS equipment in Malaysia. In addition to earning royalties for all KDS equipment sold in Malaysia, FASC will share equally in the operating profits of the joint venture and retain a 50 % ownership in FASC (Malaysia) Sdn. Bhd. Site acquisition and preparation plans are now underway. Working in conjunction with FASC's VP - Research and Development Dr. Sundar Narayan Ph.D, P.Eng will be Noel Wambeck, P. Eng, a world class design engineer who brings 30 years experience in developing and implementing biomass projects for the palm industry throughout Southeast Asia and around the globe. Malaysia currently accounts for over one half of the world's palm oil production and is the largest exporter of palm oil products in the world. Over two million hectares of cultivated area is dedicated to the palm oil industry. FASC - Malaysia intends to become the leading supplier of palm waste processing equipment in Malaysia, which can convert the currently almost insurmountable supply of waste material into a fine dry combustible fuel to be used to generate sufficient energy to eliminate the need for alternate sources of energy on the plantations. Ulimec and its affiliate, Sawipac Sdn. Bhd., are major suppliers of equipment and expertise to the palm industry in Malaysia and to other countries in Southeast Asia. (See the following website: http://www.sawipac.com/, for further information) Certain information and statements included in this release constitute forward-looking statements within the meaning of the Federal Private Securities Litigation Reform Act. ON BEHALF OF THE BOARD OF DIRECTORS C. Kantonen, Chairman First American Scientific Corp. Call Toll free 1-800-561-8656 or Investor Relations: Equitilink LLC 1-877-788-1940 VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION: http://www.newswire.ca/en/releases/orgDisplay.cgi?okey(equal sign)29685 For further information: C. Kantonen, Chairman, First American Scientific Corp., Call Toll free 1-800-561-8656 or Investor Relations: Equitilink LLC, 1-877-788-1940 DATASOURCE: First American Scientific Corp. CONTACT: C. Kantonen, Chairman, First American Scientific Corp., Call Toll free 1-800-561-8656 or Investor Relations: Equitilink LLC, 1-877-788-1940; To request a free copy of this organization's annual report, please go to http://www.newswire.ca/ and click on reports@cnw.

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