SOURCE: MSE Enviro-Tech Corp.

March 01, 2010 16:29 ET

MSE Enviro-Tech Corp. to Convert $5 Million Convertible Note Into 20,000,000 Shares of Elemental Protective Coating Corp.

MIAMI, FL--(Marketwire - March 1, 2010) -   MSE ENVIRO-TECH CORP. (MEVT) (PINKSHEETS: MEVT) (FRANKFURT: MEH) announces that it intends to convert the $5 million Convertible Note received (December 23, 2009 News Release) from Elemental Protective Coating Corp. (EPRO) in exchange for its Hartindo marketing rights, into 20 million common shares of EPRO.

The acquisition of the Hartindo rights for $1.2 million was MEVT's first transaction as a technology transfer company and the sale of those rights for $5 million represents a gross profit of $3.8 million.

MEVT is currently investigating the potential of paying out part or all of the 20 million shares to current MEVT shareholders in the form of a dividend.

The New MSE Fire Inhibitor... Addressing a Critical Need
More than a fire retardant that merely slows down a fire's burn rate, MSE Enviro-Tech Corp.'s new MSE Fire Inhibitor prevents ignition; materials treated with this inhibitor will not burn. The Company's environmentally friendly, water-based fire inhibitor is non-toxic and it is believed to be one of the most effective flame inhibitors available. The market need for an environmentally friendly, non-toxic fire inhibitor has become increasingly urgent in light of the January 2010 announcement, long-anticipated by MEVT, that the toxic flame retardant Decabromodiphenyl ether (Deca) will be phased out in the United States, with a full ban on the use of Deca in all consumer products to take effect by December 2013. This phase out will leave a gaping hole in the critical market need for a non-toxic, effective and environmentally friendly fire inhibitor. In accordance with the expected ban on Deca, the Company has positioned itself to fulfill a critical anti-fire market need across many widespread applications.

MSE Enviro-Tech Corp.
As a technology Transfer Company focused on the identification of promising opportunities, MEVT's recognition of a critical need for an effective anti-fire technology has guided a program of extensive testing and applications formulating over the past 2-plus years, including working with prospective major users who desire an economical and effective fire inhibitor. Management is enthused that by developing its superior and more economical fire inhibiting product, and in light of the coming ban on the use of Deca, MSE Enviro-Tech Corp. will now quickly achieve the marketing goals that it has set for itself in bringing an effective anti-fire product to a broad range of North American markets.

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Common Shares Outstanding: 15,979,373

Safe Harbor Statement
This release may contain forward-looking statements that involve risks and uncertainties, including without limitation, acceptance of the Company's products, increased levels of competition, product and technological changes, the Company's dependence upon financing and third-party suppliers, and other risks detailed from time to time in the Company's materials. Statements are subject to change without notice. We assume no obligation to update any forward-looking statements and nothing herein should be taken as a promise or representation.

Contact Information

  • For further information:
    MSE Enviro-Tech Corp.
    Investor Relations Contact:
    Mr. Brent O'Connor
    +1 647 343-2549