Date: Thu, 20 Nov 1997 22:38:25 GMT Server: Stronghold/1.3.4 Ben-SSL/1.3 Apache/1.1.3 Content-type: text/html Content-length: 3314 Last-modified: Mon, 08 Sep 1997 19:22:19 GMT Untitled Normal Page

July 16, 1997

DEPARTMENT OF ENERGY ALLOCATES $5.46 MILLION GRANT TO METAL RECOVERY TECHNOLOGIES AFTER POSITIVE REVIEW OF ZINC RECOVERY PROCESS

--Monies To Be Used To Build New Facility--

Metal Recovery Technologies, Inc the world’s first commercial zinc recycler, announced today that after a performance review of its East Chicago steel-scrap dezincing facility, the Department of Energy (DOE) and Argonne National Laboratory have confirmed the availability of $5.46 million to be used towards developing a "commercial demonstration plant" and to further develop its zinc recovery process.

To date, the Department of Energy has granted $1.4 million to Metal Recovery for research and development efforts regarding its proprietary dezincing process.

In anticipation of the award, Metal Recovery Technologies has completed a detailed architectural and engineering schematic for the new facility and will entertain proposals from potential customers through the remainder of July to determine where the plant is to be built.

Among possible customers for the new facility is General Motors Corporation who requested a proposal for a 100,000-to250,000-ton per annum plant in February of this year.

"Our objective now is to sign a Letter of Intent with a customer before the end of August," stated Michael Lucas, chairman of Metal Recovery Technologies, Inc. "We anticipate that the grant monies coupled with our completed architectural drawings will speed our negotiations and expect to sign a contract with a customer before the end of October, 1997."

Metal Recovery Technologies utilizes a patent-pending process that removes zinc from galvanized steel scrap yielding two end products: 99.8 percent pure zinc, and the highest quality reusable scrap steel. The dezincing technology has been developed by Metal Recovery Technologies in partnership with the Argonne National Laboratory and the United States Department of Energy.

Home Page Press Releases