EARTH SCIENCES, INC. (ESCIC) UPDATE:
Company Reiterates Higher Revenue Prediction for 1999
New Symbol Reflects Temporary Exemption from Nasdaq Price Requirements
GOLDEN, Colo., March 30 /PRNewswire/ -- Earth Sciences, Inc. (Nasdaq: ESCIC) and subsidiary ADA Environmental Solutions (ADA-ES) today provided the following update of progress made including that in the company's air pollution abatement technologies in 1998 and early 1999, and reiterated an earlier prediction of significantly higher revenues in 1999.
ESCI's installations and technologies help power plants switch to inexpensive low-sulfur coal without the usual harmful side effects concerning particulate emissions, ash handling and recycling, and NOx emissions. The company has also demonstrated that it can replace ammonia based flue-gas conditioning systems at refineries.
SUMMARY OF LATE 1998 AND EARLY 1999 DEVELOPMENTS
March 24, 1999 -- Earth Sciences, Inc. announced today that it has received a temporary exemption from The Nasdaq SmallCap Market's $1.00 minimum bid price requirement. If the company meets the terms of the exemption by the June 30, 1999 expiration date, it will continue to be listed on the Nasdaq SmallCap Market. The company believes it can meet these conditions, however, there are no assurances that it will do so. For the duration of the exemption, the company's Nasdaq symbol will be ESCIC.
March 18, 1999 -- Earth Sciences announced that it has received approval of a $400,000 revolving credit facility with the Hongkong Bank of Canada, subject to definitive documentation. The loan will be used to augment working capital to finance production increases at the company's Calgary chemical plant.
March 2, 1999 -- Earth Sciences announced that a flue-gas conditioning unit installed by its subsidiary, ADA Environmental Solutions (ADA-ES) at a northwestern utility has successfully passed its warranty test.
February 17, 1999 -- Earth Sciences announced that its subsidiary, ADA Environmental Solutions (ADA-ES), is negotiating a long-term contract with Alliant Energy to assure a continuous supply of ADA-ES's proprietary flue-gas conditioning agent, ADA-34, for Alliant's Columbia power generating plant in Portage, Wisconsin.
February 16, 1999 -- Earth Sciences announced that its subsidiary ADA Environmental Solutions (ADA-ES) successfully completed a technology evaluation at a Southeastern coal-fired generating station that resulted in significantly reduced emissions.
February 2, 1999 -- Earth Sciences and Chemical Interchange Co. Signed Letter of Intent for Sale of 6,000 to 8,000 tons of purified phosphoric acid (PPA) annually from ESCI's chemical plant in Calgary, Alberta. These purchases are expected to yield net revenues of $2.6 to $3.4 million/year.
January 19, 1999 -- Earth Sciences Announced Award of Third Patent in 12 Months for Advanced Flue-Gas Conditioning Technology. The patent will protect ESCI's non-hazardous agglomerating agents that can improve performance of older electrostatic precipitators (ESPs) without the use of ammonia.
January 12, 1999 -- ESCI Applies for Fifteen Venezuelan Diamond and Gold Concessions Totaling Over 30,000 Acres. The company's strategy is to locate rich alluvial deposits that have been mined on a small scale, and kimberlitic sources; if exploration proves successful, ESCI expects to lease properties to diamond mining companies in exchange for a royalty position.
January 5, 1999 -- ESCI Subsidiary ADA-ES Wins Commitment for $96,000 Contract to Demonstrate Technology to Improve Power Plant Fabric Filters. ESCI's fabric filter solution has the potential to increase generating capacity, lower O&M costs as utilities using fabric filters switch to inexpensive low-sulfur coal.
December 15, 1998 -- ESCI announces successful completion of three-month warranty period for an ADA-34-based flue-gas conditioning installation at Alliant Power plant. Effective performance at reduced flow rates reduced customer chemical costs. The generating unit's fly ash was suitable for manufacture of cement. A typical ADA-34 installation can generate between $300,000 and $700,000 in revenue, plus ongoing yearly chemical sales revenues of $300,000 to $800,000. ESCI expects interest from other utilities.
November 30, 1998 -- ESCI announces a successful on-site demonstration of its newest fly ash treatment product, ADA-110, at a major southeastern utility. ADA-110 enables utilities to burn low-sulfur Powder River Basin (PRB) coal while avoiding spending millions to switch to dry fly ash handling systems. The utility subsequently ordered a permanent installation and a second chemical injection system to treat the entire fly ash handling system. The company believes 1999 revenues from ADA-110 alone could exceed $1,000,000 and believes this revenue stream can grow further.
November 23, 1998 -- ESCI announces a $160,000 contract with a major eastern utility to demonstrate a flue-gas conditioning technology to improve particulate control systems. The company is also working at this site to deploy non-hazardous reagents to replace ammonia in both particulate and NOx control. ESCI anticipates a large market for its non-hazardous flue-gas conditioning and agglomerating agents. ESCI has also developed a technology to address an additional market created by recent Ozone Transport legislation.
OTHER 1998 DEVELOPMENTS
Through its ADA-ES subsidiary, ESCI signed contracts with four utilities that demonstrate the company's ability using a variety of technologies to improve power plant performance as utilities switch to inexpensive, low-sulfur coals.
ESCI/ADA-ES ADDRESS $20 BILLION AIR POLLUTION ABATEMENT MARKET WITH SEVERAL TECHNOLOGIES
Headquartered in Golden, CO, Earth Sciences is a chemical processing, air pollution control and mineral exploration company. Its subsidiary, ADA Environmental Solutions (ADA-ES), provides air pollution abatement services and systems to utility and industrial customers. In 1997, the Company reopened its chemical processing facility in Calgary, Alberta, Canada to produce purified phosphoric acid utilized in industry and ADA-ES's installations. The company also continues diamond and gold exploration in Venezuela.
ADA installs several different proprietary systems that help coal-fired boiler operations switch to inexpensive low-sulfur coals. The ADA-ES systems mitigate environmental impact, while providing potential fuel cost savings of several million dollars per year. The company is also testing processes for oil refineries and other industrial markets. ADA-ES has 25 years' experience in the pollution control industry.
Earth Sciences' common stock trades on Nasdaq under the symbol ESCIC.
This press release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The United States Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements in this document that are based on information the Company believes reasonable, but such projections and statements involve significant uncertainties. Actual events or results could differ materially from those discussed in the forward-looking statements as a result of various factors including but not limited to changing market demand for ADA-34, ADA-110 and other systems and chemicals, demand for PPA and other company products and services, mineral exploration results and the profitability of mineral operations, competition, and changes in technology, laws or regulations, demand for the company's securities, and other factors discussed in the company's 1997 Form 10-KSB and recent 10-QSBs. SOURCE Earth Sciences, Inc.
-0- 03/30/99 /CONTACT: Mark H. McKinnies of Earth Sciences, Inc., 303-279-7641/
/Web site: http://www.earth-sciences.com/ (ESCIC) CO: Earth Sciences, Inc.; ADA Environmental Solutions ST: Colorado IN: ENV CHM MNG SU: ERP