SOURCE: AbTech Holdings, Inc.

June 21, 2010 09:00 ET

Laural Resources Changes Name to AbTech Holdings and Enters Water Cleanup Sector -- Company Commences Trading on OTCBB as ABHD

PHOENIX, AZ--(Marketwire - June 21, 2010) -  AbTech Holdings, Inc. (OTCBB: ABHD) formerly Laural Resources, Inc. (OTCBB: LRAL) (the "Company") is pleased to announce that effective June 15, 2010, AbTech Holdings, Inc. amended its Articles of Incorporation to change its name from "Laural Resources, Inc." to "AbTech Holdings, Inc." Subsequently, the Company has begun trading on the Over-the-Counter Bulletin Board (OTCBB) under the symbol "ABHD."

As previously announced, and as part of a new business direction, the Company has entered into a Letter of Intent ("LOI") to acquire all of the issued and outstanding capital stock of AbTech Industries, Inc. in exchange for the shareholders of AbTech Industries acquiring a controlling ownership interest in the Company. At the closing of the Transaction, AbTech Industries will become a wholly-owned subsidiary of the Company and the board of directors and management of AbTech will become the board of directors and management of the Company. The LOI further provides that the definitive agreement would contain customary representations and warranties, covenants and a number of conditions to closing.

AbTech Industries has been a privately held company since its founding over a decade ago as a startup R&D venture to where it is today with over $20 million dollars invested to-date. The Company's patented Smart Sponge® technology is a unique and innovative chemically selective polymer technology capable of removing hydrocarbons, sediment and other foreign elements from still (ponds, lakes and marinas) or flowing water (curbside drains, pipe outflows, rivers and oceans). The product is installed in over 13,000 locations across America and in 8 countries worldwide.

AbTech is currently testing its product in the Gulf of Mexico region with exceptional results. Company planners anticipate adequate production capacity is available to deliver its products in sufficient quantities to significantly aid in the cleanup of the present situation in the Gulf. AbTech has recently been active in the region and is familiar with the circumstances as well as the technical hurdles and challenges presented by both onshore and open water conditions in the area. 

Management further believes the Smart Sponge® technologies hold great promise for sales growth both at home and abroad as several nations are emerging as potential leaders of the next wave in environmental accountability. Countries such as China and India have experienced numerous contaminant events resulting in highly negative publicity and are increasingly embracing the environment as a timely economic and political issue by acting forcefully to mandate responsible and accountable solutions and practices. This regional shift, combined with massive investments in the modernization of their respective urban infrastructure offers an extraordinary window of opportunity for the Company. 

Glenn R. Rink, the founder of AbTech, has been published in numerous media where he clearly states the case for AbTech's growth. He has appeared on Good Morning America, Discovery Channel's Planet Green, Fox Business Report and the Fox Business Network. AbTech has been featured in numerous key water trade publications as well as the November 2008 issue of Inc. Magazine, and was featured on the Science Channel during Earth Day 2009. For more information please visit: www.abtechindustries.com.

Details of the company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.

About AbTech Holdings, Inc. (OTCBB: ABHD)
AbTech Holdings has entered into an agreement to acquire AbTech Industries, an environmental technologies firm dedicated to providing innovative solutions to communities and industry addressing issues of water pollutants and contamination and its products are based on polymer technologies capable of removing hydrocarbons, sediment and other foreign elements from still (ponds, lakes and marinas) or flowing water (curbside drains, pipe outflows, rivers and oceans). The Company has currently installed its products in over 13,000 locations across America and in 8 countries worldwide. For more information please visit: www.abtechindustries.com.

Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

ON BEHALF OF THE BOARD

AbTech Holdings, Inc.
-----------------------------
Mandi Luis, President

Contact Information

  • Investor Relations
    Phone: +1 (480) 320-4738
    Email: Email Contact