First American Scientific Corp. finalizes joint venture agreement for the sale of KDS equipment in Malaysia
June 07 2004 - 10:30AM
PR Newswire (US)
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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