SOURCE: BioShaft Water Technology Inc.

February 20, 2008 08:00 ET

BioShaft Water Technology Inc. Announces Agreement With RIC Contracting

CARLSBAD, CA--(Marketwire - February 20, 2008) - BioShaft Water Technology Inc. (OTCBB: BSHF) (the "Company" or "BioShaft") is pleased to announce that it has entered into an agreement with Rapid Impact Contraction Compacting LLC ("RIC"), based in Dubai in the United Arab Emirates.

The Agreement provides the basis for the companies to jointly pursue Sewage Treatment Projects in the Gulf Region, with exclusivity in the UAE. RIC has expertise that complements the technology of the Hans BioShaft System.

BioShaft and RIC have already bid on a number of tenders in Dubai and are pursuing future opportunities in the area.

BioShaft will assist RIC over a five-year period to develop a division within RIC that specializes in sewage treatment plants using the patented Hans BioShaft Technology. The development will take place on a project by project basis.

"The agreement with RIC is a significant partnership for BioShaft in the UAE because we can work with a local company that can provide construction services and other necessary components to complement the technology of the BioShaft System," said Dr. Hans Badreddine, CEO of BioShaft.

Dominico Venuti, CEO of RIC, said, "In the Middle East and particularly the United Arab Emirates, economies are growing at a rapid pace and natural resources such as water and electricity are at a premium. The ingenuity of BioShaft's technology addresses both the resource and environmental challenges for sustainable development through reduced power consumption, low maintenance, minimal waste generation and drinking water quality output."

About BioShaft Water Technology Inc.

BioShaft is an innovative waste water treatment technology based on Bio-Filtration utilizing sludge carriers. These plants are made using the Hans BioShaft Turbine that is at the heart of the waste water technology. It was developed in the Netherlands in 1994 and was improved upon by Dr. Hans Badreddine and implemented as Hans BioShaft®. It is patented in the United Kingdom and the patent is pending in the United States. For further information please visit the Company's website at www.bioshaft.com.

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 United States Securities Exchange Act of 1934, as amended. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.

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