TORONTO -- (Marketwire) -- 02/22/11 -- MSE Enviro-Tech Corp (PINKSHEETS: MEVT) (FRANKFURT: MEH) announced today that it has completed the acquisition of SITTM Technologies Inc.
About SITTM Technologies Inc.
Headquartered in Sault Ste Marie, Canada, SITTM Technologies Inc. ("SITTM") has extensive experience in the manufacturing and sale of value added formed products from biodiesel. With partner Coop Algoma Ag Centre, SITTM has been providing a blend of B5-B10 biodiesel to the City of Sault Ste Marie Transit Commission since January 2010.
For more information, please visit www.sittm.ca.
Mr. Norman Jaehrling, CEO of SITTM, stated, "We're excited to be working with MSE Enviro-Tech, and to make use of their ability in developing significant distribution channels and in raising additional funding to support continued corporate growth. The timing of this acquisition is key because SITTM recently completed a significant R & D phase and currently holds a lineup of market-proven products, ready for distribution."
MSE Enviro-Tech's Chairman & CEO, Mr. Gilles Trahan reported, "SITTM's line of value added products permits the Company to access new markets by displacing a variety of petroleum-based products in the automotive and construction industries. SITTM has developed significant expertise in developing and taking new environmental products to the marketplace which will be of significance to MEVT as it continues to deploy its FI-88 fire inhibitor."
To support the integration of the companies, and to enhance corporate governance, SITTM's president Dr. Luc C. Duchesne has been appointed to the Board of Directors of MSE Enviro-Tech Corp. Dr. Duchesne has acted as a consultant to a variety of government's and currently serves as a Director to several public and private boards, including Bio-Carbon Systems International, Grid Cloud Solutions Inc. and the Autism Canada Foundation. Dr Duchesne has in-depth knowledge of the regulatory, commercial and environmental issues associated with introducing new environmental products and services to the marketplace.
For further corporate information and/or to subscribe for regular news updates from MSE Enviro-Tech Corp, please visit: http://www.mseenviro-tech.com/
MEVT strives to seek out new and proven technologies that meet some or all of the following criteria: a significant technological advancement, have a global market and are socially and environmentally responsible. Our focus is to partner with innovative technology companies and facilitate the adoption of their technologies with our established prospect organizations.
Update from Management:
For the past year MSE management has been pursuing a legal ruling from the Delaware Chancery Court, regarding the cancellation of 6 million shares of MSE common stock, related to the failed Hartindo distribution agreement.
The company believes the handling of the shares, after issuance, was in violation of the original agreement and awaits an opinion regarding other violations. The company believes a change in ownership of some or all of these shares occurred in total disregard for the agreement and most importantly, shareholders of MSE. The company believes this has negatively and erroneously affected the reputation of the company and has led, directly and indirectly, to a steady decline in MEVT share price.
Management has received updates from counsel indicating that many of those who may have mishandled these shares have been successfully served. Management continues to wait for a final ruling, which it will report to shareholders immediately upon receipt.
Management would like to thank shareholders for their patience and support during the previous quiet period and looks forward to once again reporting corporate and legal progress in a timely manner.
Disclaimer: Shareholders and investors are strongly cautioned against placing undue reliance on information set forth in these communications in making any investment decisions concerning our securities. The matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the Company's periodic reports filed with the OTCMarkets.com including the company's Annual Report, Quarterly Reports and other periodic filings. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements.
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