SOURCE: MSE Enviro-Tech Corp.

December 23, 2009 16:01 ET

MSE Enviro-Tech Corp. Sells Rights to Hartindo for $5,000,000 Convertible Note and Acquires New Anti-Fire Product Line

MIAMI, FL--(Marketwire - December 23, 2009) - MSE ENVIRO-TECH CORP. (MEVT) (PINKSHEETS: MEVT) (FRANKFURT: MEH) is pleased to announce the sale of its Hartindo product line rights to Elemental Protective Coatings Inc. (EPC). The sales price of $5,000,000 will be satisfied by the issuance to MEVT of a Note convertible into 20,000,000 shares of EPC.

As part of this transaction, MSE Enviro-Tech Corp. has retained the right to act as agent for EPC regarding the Hartindo product line.

A New Anti-Fire Product Line

MSE Enviro-Tech Corp. has been collaborating with another entity in the development of an effective and more economical fire inhibitor that meets or exceeds the specifications of the Hartindo Anti-Fire products. These new products will be manufactured in North America and preliminary figures indicate that they will come to market at a very competitive price. MEVT's valuable experience in dealing with the anti-fire market, including rigorous testing and the process of certification and market approvals, will stand the Company in good stead as it advances this exciting product toward an early market launch.

Marketing Network Well Advanced

MEVT's marketing efforts concerning the Hartindo product to the textile and wood industries over the past two years have placed the Company in a strong position with regards to supplying these industries with a more economical product that will amply fulfill their needs. Discussions are ongoing with various potential buyers that MSE Enviro-Tech Corp. has worked with during this period. MEVT is planning a marketing campaign and the establishment of a network of agents and distributors for this exciting new anti-fire product line.

Relationship with Megola

The relationship with Megola Inc. concerning the development of major markets for the Hartindo Anti-Fire product has proven to be disappointing in that Megola failed to deliver to MSE what it had promised, and became a barrier to MSE's successful launch of Hartindo products. The situation with Megola became intolerable, prompting MSE Enviro-Tech Corp. to take this decisive action in selling the Hartindo rights. MSE has, in the best interest of its shareholders, attempted to improve the relationship with Megola numerous times over the past few years. However, given these exciting new products and the improved control over manufacturing, MSE now feels it is in the best interest of its shareholders to move beyond Megola.

MSE Enviro-Tech Corp.

As a technology transfer company focused on the identification of promising opportunities, MEVT paid $1,200,000 for the United States marketing rights to the Hartindo line of products in March 2007 and, by guiding a program of extensive testing and applications formulating over the past 2-plus years, and by also working with prospective major users who desire an economical and effective fire inhibitor, the Company has positioned itself to fulfill a critical anti-fire market need. Management is enthused that by developing a superior and more economical fire inhibiting product, MSE Enviro-Tech Corp. will now quickly achieve the marketing goals that it had set for itself in bringing an effective anti-fire product to a broad range of North American markets.

Common Shares Outstanding: 15,979,373

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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