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Post by Franko10 ™ on Jul 27, 2005 15:36:35 GMT -5
H. Stephen Shehane Commits up to $750,000 for Commissioning First Oretech Commercial Processing System
Business Editors
PHENIX CITY, Ala.--(BUSINESS WIRE)--Oct. 24, 2003
Oretech, Inc. (OTCBB:ORTE) announced today that, H. Stephen Shehane, the Founder/Managing Director of PTI Ventures, LLC and inventor of the Oretech processing technology, has committed up to Seven Hundred and Fifty Thousand Dollars ($750,000.00 USD) to be utilized for purposes of manufacturing the first commercial processing system for Oretech, Inc., as well as general and administrative financial needs. The approximate 3.5 ton per hour/100 ton per day processing system is estimated to cost $600,000 to commission. The system is projected to be completed in approximately ninety days with an additional thirty-day allocation for rigging and commissioning.
Oretech, Inc. holds a global exclusive license agreement from PTI Ventures, LLC for the commercial development of PTI's proprietary ore processing systems. Shehane developed his technology over the course of seventeen years, the idea for which stemmed from his experiences consulting for mining concerns while in West Africa during the mid-eighties and nineties.
When asked to comment about his financial commitment, Shehane responded, "Who better to provide the capital resources necessary to commission the first processing system for Oretech than the system's inventor? No one is closer to, or understands the revenue generating potential of this technology better, than I do. I have no doubt that the technology will be a commercial success; I believe in Oretech's administrative and governance team, and I want to send that message to the shareholders of Oretech."
Stephen D. Cummins, Chairman/CEO of Oretech, commented, "This is a major step forward for this corporation. You are always at a disadvantage raising funds in the capital markets when you are a development stage company, especially if you are dealing with a new technology. This commitment on the part of Steve Shehane creates the opportunity for Oretech to demonstrate, once and for all, the commercial viability of our processing technology. Further, if the system performs as we anticipate that it will, the results will quash any concerns regarding the revenue generating potential of Oretech moving forward."
Initially, Oretech will lease the processing system from PTI Ventures and will have an option to purchase the system for the cost of its construction.
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 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; 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)--Oct. 24, 2003
Oretech, Inc. (OTCBB:ORTE) announced today that, H. Stephen Shehane, the Founder/Managing Director of PTI Ventures, LLC and inventor of the Oretech processing technology, has committed up to Seven Hundred and Fifty Thousand Dollars ($750,000.00 USD) to be utilized for purposes of manufacturing the first commercial processing system for Oretech, Inc., as well as general and administrative financial needs. The approximate 3.5 ton per hour/100 ton per day processing system is estimated to cost $600,000 to commission. The system is projected to be completed in approximately ninety days with an additional thirty-day allocation for rigging and commissioning.
Oretech, Inc. holds a global exclusive license agreement from PTI Ventures, LLC for the commercial development of PTI's proprietary ore processing systems. Shehane developed his technology over the course of seventeen years, the idea for which stemmed from his experiences consulting for mining concerns while in West Africa during the mid-eighties and nineties.
When asked to comment about his financial commitment, Shehane responded, "Who better to provide the capital resources necessary to commission the first processing system for Oretech than the system's inventor? No one is closer to, or understands the revenue generating potential of this technology better, than I do. I have no doubt that the technology will be a commercial success; I believe in Oretech's administrative and governance team, and I want to send that message to the shareholders of Oretech."
Stephen D. Cummins, Chairman/CEO of Oretech, commented, "This is a major step forward for this corporation. You are always at a disadvantage raising funds in the capital markets when you are a development stage company, especially if you are dealing with a new technology. This commitment on the part of Steve Shehane creates the opportunity for Oretech to demonstrate, once and for all, the commercial viability of our processing technology. Further, if the system performs as we anticipate that it will, the results will quash any concerns regarding the revenue generating potential of Oretech moving forward."
Initially, Oretech will lease the processing system from PTI Ventures and will have an option to purchase the system for the cost of its construction.
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 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; 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
