TAMPA, Fla., Aug. 28, 2002 -- EarthFirst Technologies Inc. announced recently that it has signed a Letter of Intent with APEX Adsorbents Corp. to jointly commercialize APEX's new Thermal Rapid Activation (TRAC™) technology that converts biomass and other carbonaceous wastes and by-products into high value, pelletized activated carbon and combustible gas.
Under the agreement, EFTI will take the lead in funding and managing the development and implementation of commercial-scale TRAC™ technology projects and will have the option of acquiring APEX after construction of the first TRAC™ facility. Several potential TRAC™ projects are currently under development with the first pilot facility scheduled to be built by the end of the year.
The innovative TRAC™ technology (patents pending) has two distinct advantages over the conventional methods used to make activated carbon.
First, it can use a wide variety of biomass and other carbonaceous waste materials as the feedstock to produce very high quality activated carbon pellets.
Second, the actual activation reaction is completed in a matter of minutes versus the several hours it takes for the traditional methods of manufacturing activated carbon.
Activated carbon is primarily used for air and water purification and is an essential compound in water treatment facilities. The worldwide market for activated carbon exceeds $1 billion. The TRAC™ process was invented and developed by Dr. Moshe Ben-Reuven, a research professor from Princeton, NJ.
John Stanton, Chairman, President and CEO of EFTI said, "We are excited to be adding this revolutionary new environmentally superior technology to our portfolio and look forward to working with the professionals at APEX Adsorbents to quickly implement our first project. We believe Dr. Ben-Reuven's unparalleled credentials in this technology, as well as his extensive knowledge of pyrolysis processes, will be of great benefit to EFTI." Stanton added "EFTI's ability to identify and commercialize unique new technologies like TRAC™ is the key to our future growth."
Richard B. Steele, President of APEX commented, "This agreement with EFTI allows us to accelerate the commercialization of APEX's core technology. The corporate vision of EFTI, the breadth and experience of its management team and its commitment to environmentally superior technologies make them the ideal partner for APEX. We look forward to working closely with EFTI to achieve the full potential of our proprietary TRAC™ technology."
EarthFirst Technologies, Incorporated and its subsidiaries, http://www.earthfirsttech.com, are dedicated to creating valuable, environmentally superior products from carbon-rich solid and liquid materials currently considered waste products. The company has conducted more than four years of extensive research and development on advanced technologies to achieve this goal.
SOURCE: EarthFirst Technologies, Incorporated
