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East Morgan Holdings Inc. Finalizes Energy Intellectual Property and Patent Acquisition Agreement
Tuesday, December 07, 2010
Fort Lauderdale, FL -- East Morgan Holdings, Inc. (OTC: EMHI) is pleased to announce today that it has finalized an agreement with Solucorp Industries Ltd. to purchase Solucorp’s intellectual property as it relates to the energy market, including but not limited to its IFS-2C Patented Mercury Emission Technology, (US 7,407,602 B2, August 5, 2008). This purchase agreement includes all energy related patents, patent pending applications, and intellectual rights along with their know-how. In addition, all executed or pending energy contracts including, but not limited to the following:
- A research and development, royalty and intellectual property contract (press release August 18, 2010) with a major Energy Company to develop a second generation “Green” energy product capable of preventing metals pollution upon the end of the useful life of the energy product.
- IFS-2C patented mercury removal technology proven to substantially reduce both elemental and ionic mercury emissions from coal burning power plants.
- Patented MBS remediation technology to render mercury and other hazardous heavy metals in ash from power plants non-hazardous.
- Patented MBS waste water treatment technology to remediate all metals including mercury in waste water from coal burning energy plants.
- All intellectual property and know-how as it relates to household and other self-remediating batteries, including all prototypes.
- IFS-2C technology for the remediation of mercury contaminated coal ash and other U.S. EPA listed hazardous heavy metal contaminated wastes produced in coal burning Portland Cement plants.
The agreement requires EMHI to pay $25 million in cash which will be raised from private investors, existing contracts and percentages of revenues to Solucorp and 75% of its commons shares to be distributed to Solucorp Shareholders, giving an estimated two shares of EMHI for every three shares of Solucorp held by Solucorp shareholders. The monies will be paid to Solucorp in increments throughout the life of contract.
Solucorp will also receive royalty payments equal to 5% of EMHI’s gross profit commencing July 1, 2012 and will be EMHI’s exclusive supplier of the MBS chemical reagents.
The Coal burning power plant industry in the U.S. consists of approximately 1,300 coal-fueled power plants supplying 50% of electrical power plant energy requirements for the U.S. There are also 17,000 factories, refineries and chemical plants, along with the power plants, that emit millions of tons of pollutants into the air (N.Y. Times article 3/18/06). Coal is plentiful; however it does contribute to environmental pollution. Solucorp’s technology is a viable solution to the mercury contaminated flue gas emissions problem generated by fossil fuel. The negative impact of closing coal burning power plants would have a catastrophic effect on the energy supply, the way of life and would further increase dependence on foreign oil. U.S. Power Plants annual spending will soon exceed $40 billion in an effort to eliminate environmental hazards which include mercury emissions. Global consumption of coal is currently in excess of five billion tons per year with China burning 1.531 billion tons, Europe 1.305 billion tons, U.S. 1.094 billion tons and the remaining 1.410 billion tons by the other countries. (Energy Information Administration, DOE data). The patented technology developed by Solucorp Industries and purchased by EMHI is designed to make coal the primary source of power energy while reducing world dependency on foreign oil and other power sources.
The IFS-2C technology, patented in 1999, has undergone several successful independent tests to review its effectiveness in significantly reducing hazardous mercury emissions from energy plants. The U.S., Europe and China have hundreds of years of coal supplies. Two hundred eighty one million dollars ($281,000,000) of government funds have been pledged for developing cleaner coal burning power plants. The IFS-2C mercury emissions technology has already been tested by the Environmental Energy Resource Center (EERC): North Dakota (JVTASK73 10/05).
On August 6, 2010 the EPA issued amendments to the Portland cement manufacturing regulations and new source performance standards. The amendment was set in place to reduce annual mercury emissions by an estimated 92 percent. Existing kilns must comply within 3 years of this rule. New kilns built after May 2009 must comply at the startup or within sixty days after the rule was published. The IFS2C technology allows the cement industry to meet these requirements. There are an estimated 181 Portland cement kilns that will be operating at 100 different facilities throughout the United States by 2013. The amended air toxic requirements will apply to 158 of those kilns. The cement industry is the third largest producer of mercury emissions in the U.S.
About East Morgan Holding Inc.
The Company intends to focus its operations on pollution prevention from coal burning power plants and on heavy metals contaminated products by making these products environmentally friendly (“Green”). The Company’s technologies are proven in the remediation of mercury and other metals in coal combustion gas emitted from coal fired power plants, also the Company’s technologies have proven capable of eliminating highly toxic mercury and other metals from the ash and waste water which are byproducts from coal fire power plants.
The above transaction is subject to and contingent upon all Federal and State regulatory approvals. The foregoing discussion contains forward-looking statements, which are based on current expectations. Actual results, including the outcome of demonstration results, timing and amount of revenues recognized contracts awarded and performed and net income may differ due to such factors as: delays in payment on contracts due to specifications; economic and other conditions affecting the ability of prospective clients to finance projects; and other risks generally affecting the financing of projects. Investors are cautioned to perform a proper due diligence and consult-licensed professionals prior to making an investment decision.
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