TWINSBURG, Ohio, June 5 /PRNewswire-FirstCall/ -- Sorbent Technologies Corporation (Pink Sheets: SORB) announced today that it has been awarded a contract by a major U.S. power generator to supply its proprietary sorbents to remove mercury from the flue gases of coal-fired power plants in the Midwest. Under the terms of the contract, the customer has agreed to purchase sorbents at annual rate of nearly $9 million dollars for four-and-a-half years, through 2012, subject to certain take-or-pay provisions. The customer may also have an option to increase its annual purchases by about 80% under similar terms beginning in mid 2009.
The supply agreement is for the company's C-PAC(TM) concrete friendly(TM) and H-PAC(TM) high-temperature mercury sorbents, which are both patented and which have additional patents pending. The option includes the company's B-PAC(TM) standard mercury sorbents as well. Deliveries under the contract are now beginning.
Commenting on the contract, Sid Nelson Jr., Sorbent Technologies' president, said, "We are very pleased that another major U.S. power generator has selected Sorbent Technologies to provide this critical product. We look forward to supplying additional customers with both our top-performing sorbents and sorbent injection systems in the future."
Sorbent Technologies is a full-service power plant mercury control provider, supplying a variety of specialty mercury sorbents, the advanced sorbent injection systems that utilize them, and mercury control demonstration services. Albemarle Corporation, a specialty chemicals provider with $2.4 billion in 2007 revenues, has signed a letter of intent to purchase the company.
See also: http://www.sorbenttechnologies.com/ Legal Notice Regarding Forward-Looking Statements:
Statements in this document relating to future events and other statements that are not historical facts are forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Actual results may differ materially from these forward-looking statements as a result of market conditions, the actions by third parties, and many other factors. Sorbent Technologies disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments, or otherwise.
