AgriTec Systems Inc.

AgriTec Systems Inc.

February 23, 2009 14:58 ET

AgriTec Systems Inc. Announces an Agreement With Institutional Investors Consulting Company

HOUSTON, TEXAS--(Marketwire - Feb. 23, 2009) - AgriTec Systems Inc. (TSX VENTURE:AGR) ("AgriTec" or the "Corporation") is pleased to announce that it has entered into an agreement with Institutional Investors Consulting Company ("IICC") and its subsidiary IICC-Tradeco, a registered securities broker/dealer. IICC's CEO Leonard Chaikind founded IICC in 1991; prior to that he served as Finance Director (CFO) for Shell Oil Products and Shell Chemical Products, Fae East and Asian Treasurer for Royal Dutch Shell and Administrator and Chief Investment Manager for Shell's Pension and Benefit Plans.

The purpose of the agreement is to raise funds sufficient to execute AgriTec's long term business plan in the form of equity, project finance and/or debt capital as appropriate. In addition, IICC will use its resources to help the Company in forming alliances with strategic partners and in developing "clean-tech" business opportunities throughout the world. The Company's wholly owned subsidiary AgriTec, Inc. has been issued patents through out the world for the conversion of bio-mass into value-added commodities. The Company will be focused on commercializing its "carbon neutral" precipitated silica technology in rice growing countries around the world. The technology is a solution for the growing disposal problem with rice hull and rice hull ash ("RHA"), a by-product of rice milling. AgriTec's technology converts RHA into highly pure precipitated silica which is used in a number of industries that produces products, such as: rubber products (tires and athletic shoes), polishing compounds for computer chips, paint pigments and toothpaste.

On December 18, 2008 Mr. Greg R. Wellen was named President and Chief Executive Officer of the Company. Mr. Wellen has been with the Company for 21 years, first as President of AgriTec, Inc. (AgriTec Systems Inc.'s wholly owned subsidiary) and then as Vice-President of AgriTec Systems, Inc. Mr. Wellen is a 1987 graduate from the University of Texas at Austin and is a coinventor of AgriTec's carbon patents.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • AgriTec Systems Inc.
    Greg R. Wellen
    President & CEO
    (713) 681-1100
    Institutional Investors Consulting Company
    Mr. Leonard S. Chaikind
    President and CEO
    (713) 824-0658