ORLANDO, Fla., March 23, 2004 (PRIMEZONE) -- ICR Systems, Inc. (Pink Sheets:ICRM) announced today that its Florida Bio-Compliance subsidiary has received an extension to its construction permit from the Florida Department of Environmental Protection. The permit for the construction of a medical waste incineration facility was set to expire August 31, 2004 and has now been extended to August 31, 2006.
According to Trey Meehan, CEO of both ICR Systems and Florida Bio-Compliance, "The extension of this permit was essential for the success of our Florida Bio-Compliance division. This extension will allow us to negotiate financing for the project at competitive rates and will provide time to develop the new facility that we are going to build. This extension gives us the ability to see the project through to completion."
He added, "In addition to the function of hazardous waste disposal, we are analyzing the value of byproducts generated by the system including steam production and potential electricity cogeneration. I believe, based on the projections that I have seen, that these two components have the potential to add significant value to the project. We are currently working with the land developer to locate a suitable tenant for another building on the property who requires large quantities of steam to operate their business. Once we reach our capacity, our facility should have ability to produce in excess of 15,000 pounds of steam per hour on a continuous basis. Selling steam directly to an end-user and using any excess steam for the cogeneration of electricity that will be put back on the power grid offers the potential for positive cash flow opportunities."
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