NEWS RELEASE November 18, 2005
First American
Scientific Corp (FASC – OTCBB) signs agreement to license KDS technology
and set up demo facility in Korea
Vancouver,
BC: Brian Nichols, President of First American Scientific Corp. (FASC) is pleased
to announce the signing of a Memorandum of Understanding with JNK Heaters Co.,
Ltd. of Seoul, Korea, to license the marketing of the KDS System in Korea.
As
the first step, JNK will establish a marketing team and set up a fully
operational KDS processing facility in Korea for customer evaluations. One KDS
250 system has already been sold to Daeyun Enterprises for processing oyster
shells to recover calcium. The second sale will be to JNK to fulfill the
conditions of the License agreement.
Daeyun has estimated a need for up to 50 KDS machines in S. Korea for the
seashell application alone. JNK will provide technical support to the Daeyun
project.
A
market analysis prepared by JNK concluded that there is also a significant need
for the KDS technology in Korea in the energy and waste management fields. The
addition of the KDS system to their product lines will significantly enhance
the business opportunities for both JNK and FASC in Korea. JNK has agreed to
pay a substantial licensing fee and purchase one KDS machine in an amount that
will be announced when the formal License agreement is signed. We are confident
that this agreement will bring significant success for both parties.
Certified
to ISO standards ISO 9001 & 14001, JNK’s engineering division designs and
fabricates state of the art process fired heaters and has become one of the
major furnace suppliers in not only Korea, but also in the world-wide market.
Their product lines include process fired heaters, waste heat recovery systems,
air pollution control systems as well as they provide project management and
engineering services to the industrial heating community.
According
to Tae Kyu Kwon, B. Eng, FASC ‘s newly
appointed Director of Marketing for Korea, “over the last 25 years I have witnessed
JNK grow from a small division of a local Korean engineering firm into an ISO
certified marketing and fabricating specialist, with clients around the
globe. We are most fortunate to have
the opportunity to work with a group with such experience and integrity” Mr. Kwon lives in Vancouver, Canada, and now
specializes in international trade with Korea.
He is a welcome addition to the FASC team, and will focus on opening doors
for FASC to advance into other markets in Asia.
This
is FASCs fourth sale of KDS equipment in Asia, with one system installed at a
biomass power plant in Malaysia, a second being constructed for delivery to
Japan, and now, two sales in Korea. FASC requires all Licensees to purchase and
operate at least one KDS System as part
of its marketing program. Please refer to our web site for further details.
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: (NASD Bulletin Board) Web Site: www.fasc.net
CONTACT: Market Smart Communications Inc.,
1-877-261-4466