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GreenShift Portfolio Company Ovation Products Reports Successful Testing of New Production Version of Water Purification Technology
11/23/05
MOUNT ARLINGTON, N.J., Nov 23, 2005 (BUSINESS WIRE) --
GreenShift Corporation (OTC Bulletin Board: GSHF) today announced that its portfolio company, Ovation Products Corporation (" Ovation" ), successfully tested a new production version of its patented water purification technology.
The new production version, named " Gamma" by Ovation's engineering team, is approximately three feet tall and one foot in diameter - about the size of a fire hydrant. Gamma's output water was tested and achieved the purity of distilled water. Gamma used approximately 54 watt-hours of electricity per gallon of distilled water produced, and Ovation anticipates that the production units will achieve the design goal of 40 watt-hours per gallon, which translates into an electrical energy cost of approximately $0.004 per gallon, or an amount that is less than the cost of tap water in most areas.
The Ovation Purifier
Ovation has invested over $9 million developing technology that offers dramatic price and performance advantages over competing clean water technologies. Ovation has been intensely working on finalizing the development of Gamma - a residential scale appliance designed to generate 25 gallons of pure water per hour from a variety of dirty water input sources at a cost of approximately $0.004 per gallon, or about 1.2% of the cost of traditional home distillation methods.
To achieve this small size, low cost and high efficiency, Gamma incorporates patented new implementations of a proven distillation process called vapor compression. Ovation has been granted 11 patents for its technology and system, and has filed for an additional 5 patents to date.
Distillation is the " gold standard" for water purification in that it removes bacteria, viruses, heavy metals, suspended solids and almost all chemicals. It is the single most effective method for purifying water. Other processes such as ultra filtration and reverse osmosis do not produce perfect water quality, discharge several times more wastewater, degrade over time, and require replacement of filters and cartridges. Ovation's products provide a consistent high quality output and require no filter or cartridges.
Performance Testing
Ovation tested Gamma on November 17, 2005 and achieved targeted operating parameters in a series of progressive adjustments which increased the output flow of distilled water from 12 gallons per hour to 22 gallons per hour. These results demonstrate a higher output than Ovation previously achieved from earlier designs which were more than twice the size and weight.
Ovation expects to continue to refine Gamma's operation to achieve the 25 gallon per hour benchmark but the results of the Gamma testing were sufficient to justify releasing parts orders for a pilot run of 11 Gamma units. Ovation expects that those pilot units will be assembled during the first half of 2006, and may be available for testing by existing and prospective strategic partners in the second quarter of 2006.
" This is an important development for a extraordinary technology," said Kevin Kreisler, chairman and chief executive officer of GreenShift Corporation. " The Ovation Purifier is designed to seamlessly and cost-effectively integrate with the daily lives of residential consumers. We see this as critical given our view that truly transformational environmental benefits can occur by properly leveraging the incremental contributions of a great many people. We had intended the Ovation Purifier to become one of the cornerstone 'killer-app' green technologies in our portfolio. The Gamma test confirms our expectations and we have ordered one of the pilot Gamma units and plan to order somewhat more in the near term. We are thrilled with the results and the Ovation design team should be commended for their hard work and ingenuity."
GreenShift owns about 12% of Ovation, GreenShift Industrial Design Corporation, a wholly-owned GreenShift portfolio company, holds certain exclusive and non-exclusive license rights to the Ovation technology, and INSEQ Corporation (OTC Bulletin Board: INSQ), a 70% owned GreenShift portfolio company, holds right of first refusal manufacturing rights to the Ovation technology.
About GreenShift Corporation
GreenShift Corporation is a publicly traded business development company (BDC) whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and catalyze transformational environmental gains.
BDCs are regulated by the Investment Company Act of 1940 and are essentially publicly-traded equity funds where shareholders and financial institutions provide capital in a regulated environment for investment in a pool of long-term, small and middle-market companies through the use of senior debt, mezzanine financing, and equity funding.
GreenShift plans to use equity and debt capital to support and drive the value of its existing portfolio of companies and to make investments in a diversified mix of strategically compatible growth stage public and private businesses and technologies. GreenShift's current portfolio includes investments in the following environmentally proactive companies:
-- Veridium Corporation (OTC Bulletin Board: VRDM);
-- INSEQ Corporation (OTC Bulletin Board: INSQ);
-- GreenWorks Corporation;
-- GreenShift Industrial Design Corporation;
-- Ovation Products Corporation;
-- Tornado Trash Corporation;
-- Mean Green BioFuels Corporation;
-- Ethanol Oil Recovery Systems, LLC;
-- Sterling Planet, Inc.;
-- TerraPass, Inc.;
-- Aerogel Composite, Inc.;
-- Coriolis Energy Corporation;
-- Hugo International Telecom, Inc.; and,
-- TDS (Telemedicine), Inc.
Additional information regarding GreenShift Corporation is available online at www.greenshift.com.
Safe Harbor Statement
This press release contains statements, which may constitute " forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of GreenShift Corporation, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
SOURCE: GreenShift Corporation
CEOcast, Inc. for GreenShift Corporation Ed Lewis, 212-732-4300 or GreenShift Corporation Jim Grainer, 973-398-8183 Fax: 973-398-8037 investorrelations@greenshift.com www.greenshift.com
Copyright Business Wire 2005
GreenShift Portfolio Company Ovation Products Reports Successful Testing of New Production Version of Water Purification Technology
11/23/05
MOUNT ARLINGTON, N.J., Nov 23, 2005 (BUSINESS WIRE) --
GreenShift Corporation (OTC Bulletin Board: GSHF) today announced that its portfolio company, Ovation Products Corporation (" Ovation" ), successfully tested a new production version of its patented water purification technology.
The new production version, named " Gamma" by Ovation's engineering team, is approximately three feet tall and one foot in diameter - about the size of a fire hydrant. Gamma's output water was tested and achieved the purity of distilled water. Gamma used approximately 54 watt-hours of electricity per gallon of distilled water produced, and Ovation anticipates that the production units will achieve the design goal of 40 watt-hours per gallon, which translates into an electrical energy cost of approximately $0.004 per gallon, or an amount that is less than the cost of tap water in most areas.
The Ovation Purifier
Ovation has invested over $9 million developing technology that offers dramatic price and performance advantages over competing clean water technologies. Ovation has been intensely working on finalizing the development of Gamma - a residential scale appliance designed to generate 25 gallons of pure water per hour from a variety of dirty water input sources at a cost of approximately $0.004 per gallon, or about 1.2% of the cost of traditional home distillation methods.
To achieve this small size, low cost and high efficiency, Gamma incorporates patented new implementations of a proven distillation process called vapor compression. Ovation has been granted 11 patents for its technology and system, and has filed for an additional 5 patents to date.
Distillation is the " gold standard" for water purification in that it removes bacteria, viruses, heavy metals, suspended solids and almost all chemicals. It is the single most effective method for purifying water. Other processes such as ultra filtration and reverse osmosis do not produce perfect water quality, discharge several times more wastewater, degrade over time, and require replacement of filters and cartridges. Ovation's products provide a consistent high quality output and require no filter or cartridges.
Performance Testing
Ovation tested Gamma on November 17, 2005 and achieved targeted operating parameters in a series of progressive adjustments which increased the output flow of distilled water from 12 gallons per hour to 22 gallons per hour. These results demonstrate a higher output than Ovation previously achieved from earlier designs which were more than twice the size and weight.
Ovation expects to continue to refine Gamma's operation to achieve the 25 gallon per hour benchmark but the results of the Gamma testing were sufficient to justify releasing parts orders for a pilot run of 11 Gamma units. Ovation expects that those pilot units will be assembled during the first half of 2006, and may be available for testing by existing and prospective strategic partners in the second quarter of 2006.
" This is an important development for a extraordinary technology," said Kevin Kreisler, chairman and chief executive officer of GreenShift Corporation. " The Ovation Purifier is designed to seamlessly and cost-effectively integrate with the daily lives of residential consumers. We see this as critical given our view that truly transformational environmental benefits can occur by properly leveraging the incremental contributions of a great many people. We had intended the Ovation Purifier to become one of the cornerstone 'killer-app' green technologies in our portfolio. The Gamma test confirms our expectations and we have ordered one of the pilot Gamma units and plan to order somewhat more in the near term. We are thrilled with the results and the Ovation design team should be commended for their hard work and ingenuity."
GreenShift owns about 12% of Ovation, GreenShift Industrial Design Corporation, a wholly-owned GreenShift portfolio company, holds certain exclusive and non-exclusive license rights to the Ovation technology, and INSEQ Corporation (OTC Bulletin Board: INSQ), a 70% owned GreenShift portfolio company, holds right of first refusal manufacturing rights to the Ovation technology.
About GreenShift Corporation
GreenShift Corporation is a publicly traded business development company (BDC) whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and catalyze transformational environmental gains.
BDCs are regulated by the Investment Company Act of 1940 and are essentially publicly-traded equity funds where shareholders and financial institutions provide capital in a regulated environment for investment in a pool of long-term, small and middle-market companies through the use of senior debt, mezzanine financing, and equity funding.
GreenShift plans to use equity and debt capital to support and drive the value of its existing portfolio of companies and to make investments in a diversified mix of strategically compatible growth stage public and private businesses and technologies. GreenShift's current portfolio includes investments in the following environmentally proactive companies:
-- Veridium Corporation (OTC Bulletin Board: VRDM);
-- INSEQ Corporation (OTC Bulletin Board: INSQ);
-- GreenWorks Corporation;
-- GreenShift Industrial Design Corporation;
-- Ovation Products Corporation;
-- Tornado Trash Corporation;
-- Mean Green BioFuels Corporation;
-- Ethanol Oil Recovery Systems, LLC;
-- Sterling Planet, Inc.;
-- TerraPass, Inc.;
-- Aerogel Composite, Inc.;
-- Coriolis Energy Corporation;
-- Hugo International Telecom, Inc.; and,
-- TDS (Telemedicine), Inc.
Additional information regarding GreenShift Corporation is available online at www.greenshift.com.
Safe Harbor Statement
This press release contains statements, which may constitute " forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of GreenShift Corporation, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
SOURCE: GreenShift Corporation
CEOcast, Inc. for GreenShift Corporation Ed Lewis, 212-732-4300 or GreenShift Corporation Jim Grainer, 973-398-8183 Fax: 973-398-8037 investorrelations@greenshift.com www.greenshift.com
Copyright Business Wire 2005