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Post by Franko10 ™ on Jul 27, 2005 15:28:49 GMT -5
Oretech Inc. Relocates Corporate Headquarters and Enters Into Memorandum of Understanding with the City of Phenix City, Ala
Business Editors
PHENIX CITY, Ala.--(BUSINESS WIRE)--Sept. 18, 2003
Phenix City, Ala., Mayor Sonny Coulter and Oretech Inc. (OTCBB:ORTE) Chairman/CEO Stephen D. Cummins announced today that the company will establish a new materials processing and refining operation at 309 State Docks Road in Phenix City. The company is scheduled to execute a memorandum of understanding with the city of Phenix City at a press conference next week. Under the general terms of the memorandum, the city of Phenix City agrees to provide or work with the state of Alabama to provide the following:
1. The abatement of the noneducation portion of state and local sales tax on the purchase of construction materials for Oretech's new facilities.
2. The abatement of the non-educational portion of state and local use tax on the purchase of manufacturing equipment for Oretech's operations.
3. A 12.93-acre industrial site with the entire necessary infrastructure for $25,000. Infrastructure to the site includes: electricity, natural gas, road access, and water and sewer service. This property price will remain in effect until Aug. 1, 2004.
4. A road apron will be provided which will connect Oretech's new entrance off State Docks Road.
5. A $150,000 grant to assist with site grading through the State Industrial Development Grant Program.
6. A nationally recognized state (AIDT) training program, which will provide the following services at no cost to the company.
7. Two modular units provided by the AIDT to be used as office space for one year. After this time period the units will then be used for training as previously described above.
8. Fast track permitting to ensure a timely construction process.
9. The abatement of the noneducation portion of ad valorem taxes on real property for 10 years.
10. The abatement of the noneducation portion of ad valorem taxes on personal property for 10 years.
11. A State Corporate Income Tax Credit equal to 5% of the company's initial capital investment per year for 20 years.
12. Ongoing training assistance through AIDT. This training may include pre-employment training for new production workers, management training, ISO/QS and other quality training, and any other training deemed necessary by the company.
13. Additional tax abatements, credits and site development grants for the future qualifying expansions.
14. Alabama's cost-effective tax structure featuring no tax on inventory or goods in process and low ad valorem taxes.
Jay Hobson, vice president of finance, and Tom Blythe, vice president of operations for the company, were both instrumental in negotiating the general terms of the memorandum with Phenix City. When asked about the negotiations and the memorandum, Hobson responded, "We are very appreciative of Phenix City's cooperative efforts which greatly influenced our decision to locate in Alabama. KathyJo Spivey, economic development director for Phenix City, did an excellent job in securing financial incentives and continues to assist us as we grow. We expect this partnership to be of great benefit to both parties."
"This is truly an exciting time for our city. It has been a pleasure working with the management of Oretech to bring this project to fruition. The partnership that we are entering into with Oretech is one that we value and will provide tremendous opportunities for our city, community and state. The city of Phenix City is committed to quality growth that will lead us into a bright and successful future. We believe that Oretech will be a key component to this success. I would personally like to thank our city council, city manager and economic development director. Each individual has contributed greatly to bringing this project to our city," said Mayor Coulter, in making the announcement.
Chairman/CEO Cummins commented, "I would like to express my sincere gratitude to Mayor Coulter, City Manager Max Wilkes, Mayor Protem J.W. Brannen, City Council members John Storey, Gail Brantley, Arthur Sumbry and Economic Development Director KathyJo Spivey. The citizens of Phenix City have every reason to be proud of their city's governance team and economic development team. We are proud to be a part of this pro-active business community and we look forward to a long and mutually beneficial relationship."
Oretech is known for its breakthrough materials processing technology, which extracts specific minerals from diverse feedstock and raw materials without the use of harmful chemicals or the emission of environmentally unsafe gases. The company has been in operation since April 2003 and is currently traded on the OTCBB as "ORTE."
This release may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Litigation Reform Act of 1995. These forward-looking statements include, among other things, statements regarding future events and the future financial performance of Oretech that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. Readers are referred to the documents filed by Oretech with the SEC, specifically the most recent reports on Form 10-K and 10-Q, each as it may be amended from time to time, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Among the important factors or risks that could cause actual results or events to differ materially from those in the forward-looking statements in this release are: business and economic conditions and growth trends in our industry in various geographic regions; global economic conditions and uncertainties in the geopolitical environment; variations in customer demand for products and services; variability of operational costs; variations in sales channels, product costs or mix of products sold; the ability to successfully acquire businesses and technologies and to successfully integrate and operate these acquired businesses and technologies; dependence on the introduction and market acceptance of our technology and expansion into other industry segments; rapid technological and market change; litigation involving patents, intellectual property, stockholder and other matters; the ability to recruit and retain key personnel; financial risk management; our ability to raise capital to fund our operations and expansion plans; and potential volatility in operating results, among others.
COPYRIGHT 2003 Business Wire
COPYRIGHT 2003 Gale Group
Business Editors
PHENIX CITY, Ala.--(BUSINESS WIRE)--Sept. 18, 2003
Phenix City, Ala., Mayor Sonny Coulter and Oretech Inc. (OTCBB:ORTE) Chairman/CEO Stephen D. Cummins announced today that the company will establish a new materials processing and refining operation at 309 State Docks Road in Phenix City. The company is scheduled to execute a memorandum of understanding with the city of Phenix City at a press conference next week. Under the general terms of the memorandum, the city of Phenix City agrees to provide or work with the state of Alabama to provide the following:
1. The abatement of the noneducation portion of state and local sales tax on the purchase of construction materials for Oretech's new facilities.
2. The abatement of the non-educational portion of state and local use tax on the purchase of manufacturing equipment for Oretech's operations.
3. A 12.93-acre industrial site with the entire necessary infrastructure for $25,000. Infrastructure to the site includes: electricity, natural gas, road access, and water and sewer service. This property price will remain in effect until Aug. 1, 2004.
4. A road apron will be provided which will connect Oretech's new entrance off State Docks Road.
5. A $150,000 grant to assist with site grading through the State Industrial Development Grant Program.
6. A nationally recognized state (AIDT) training program, which will provide the following services at no cost to the company.
7. Two modular units provided by the AIDT to be used as office space for one year. After this time period the units will then be used for training as previously described above.
8. Fast track permitting to ensure a timely construction process.
9. The abatement of the noneducation portion of ad valorem taxes on real property for 10 years.
10. The abatement of the noneducation portion of ad valorem taxes on personal property for 10 years.
11. A State Corporate Income Tax Credit equal to 5% of the company's initial capital investment per year for 20 years.
12. Ongoing training assistance through AIDT. This training may include pre-employment training for new production workers, management training, ISO/QS and other quality training, and any other training deemed necessary by the company.
13. Additional tax abatements, credits and site development grants for the future qualifying expansions.
14. Alabama's cost-effective tax structure featuring no tax on inventory or goods in process and low ad valorem taxes.
Jay Hobson, vice president of finance, and Tom Blythe, vice president of operations for the company, were both instrumental in negotiating the general terms of the memorandum with Phenix City. When asked about the negotiations and the memorandum, Hobson responded, "We are very appreciative of Phenix City's cooperative efforts which greatly influenced our decision to locate in Alabama. KathyJo Spivey, economic development director for Phenix City, did an excellent job in securing financial incentives and continues to assist us as we grow. We expect this partnership to be of great benefit to both parties."
"This is truly an exciting time for our city. It has been a pleasure working with the management of Oretech to bring this project to fruition. The partnership that we are entering into with Oretech is one that we value and will provide tremendous opportunities for our city, community and state. The city of Phenix City is committed to quality growth that will lead us into a bright and successful future. We believe that Oretech will be a key component to this success. I would personally like to thank our city council, city manager and economic development director. Each individual has contributed greatly to bringing this project to our city," said Mayor Coulter, in making the announcement.
Chairman/CEO Cummins commented, "I would like to express my sincere gratitude to Mayor Coulter, City Manager Max Wilkes, Mayor Protem J.W. Brannen, City Council members John Storey, Gail Brantley, Arthur Sumbry and Economic Development Director KathyJo Spivey. The citizens of Phenix City have every reason to be proud of their city's governance team and economic development team. We are proud to be a part of this pro-active business community and we look forward to a long and mutually beneficial relationship."
Oretech is known for its breakthrough materials processing technology, which extracts specific minerals from diverse feedstock and raw materials without the use of harmful chemicals or the emission of environmentally unsafe gases. The company has been in operation since April 2003 and is currently traded on the OTCBB as "ORTE."
This release may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Litigation Reform Act of 1995. These forward-looking statements include, among other things, statements regarding future events and the future financial performance of Oretech that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. Readers are referred to the documents filed by Oretech with the SEC, specifically the most recent reports on Form 10-K and 10-Q, each as it may be amended from time to time, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Among the important factors or risks that could cause actual results or events to differ materially from those in the forward-looking statements in this release are: business and economic conditions and growth trends in our industry in various geographic regions; global economic conditions and uncertainties in the geopolitical environment; variations in customer demand for products and services; variability of operational costs; variations in sales channels, product costs or mix of products sold; the ability to successfully acquire businesses and technologies and to successfully integrate and operate these acquired businesses and technologies; dependence on the introduction and market acceptance of our technology and expansion into other industry segments; rapid technological and market change; litigation involving patents, intellectual property, stockholder and other matters; the ability to recruit and retain key personnel; financial risk management; our ability to raise capital to fund our operations and expansion plans; and potential volatility in operating results, among others.
COPYRIGHT 2003 Business Wire
COPYRIGHT 2003 Gale Group
