Jun 16, 2009
First American Scientific Corp (FASC – OTCBB) acquires 50 % interest in South Korean joint venture company to further introduce KDS technology to South Korea
Abbotsford, BC - (WORLD STOCK WIRE) - June 16, 2009 -- First American Scientific Corp. (OTCBB: FASC) is pleased to announce it has acquired a 50 % interest in JP FASC Korea Co. and signed a new exclusive license agreement to manufacture and market the KDS technology in South Korea.
Operating under the name “JP FASC Co., Ltd”, we will jointly, in conjunction with our Korean partner, setup a fully operational KDS processing facility in South Korea to showcase our technology. The grant of the new expanded license confirms our confidence in our technology and need for the KDS System in Korea’s energy and waste management sectors. The first KDS sale under the new regime goes to a forestry company, Energia Co. Ltd, who has a recycling contract to clean up the local forest by turning waste biomass into usable energy products.
Our first royalty check arrived this quarter with a share of the profits to follow. Under the agreement, all funding for the Korean operation will be provided by the Korean shareholders.
According to Mr. Nichols, President of FASC “ this solidifies our position in the Korean market, as we gain strength and credibility in a region where the disposal of waste has become an urgent problem as dense populations are crowded into relatively small land mass. The KDS System can solve waste management problems by converting problematic waste materials such as wood waste, biomass, agricultural waste, pulp sludge, and municipal waste into valuable resources; lowering disposal costs and creating green energy.”
First American Scientific Corp. develops, manufactures, licenses, and sells the KDS Micronex system, a patented disintegration system capable of cleaning and reducing many types of waste materials to a fine dry powder suitable for combustion, or to be used as a nutrient- rich, pathogen-free fertilizers.
FASC now has licensees in Malaysia, Japan, Korea, Mexico, Brazil, USA and Canada and marketing representatives in Norway, Poland, Russia and Australia.
For other applications using the KDS Micronex, please refer to our website for further details at www.fasc.net.
Certain information and statements included in this release constitute forward-looking statements within the meaning of the Federal Private Securities Litigation Reform Act.
ON BEHALF OF THE BOARD OF DIRECTORS
C. Kantonen, Chairman
FASC: (OTC Bulletin Board) Web Site: www.fasc.net
CONTACT: 1- 800-561-8656
C. L. Kantonen
First American Scientific Corp.
30758 South Fraser Way
#201
Abbotsford, BC V2T 6L4
Canada
Phone: (604) 850-8959
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