LAFAYETTE, Ind., Nov. 22, 2010 (GLOBE NEWSWIRE) -- Ultimate Sports, Inc. (Pink Sheets:USPS), a manufacturer and supplier to the recreational vehicle industry, announced today that the company is continuing a joint venture with EnSol, LLC to fund the Tire Converter Project.
The fully-operational converter is the size of a truck bed. Although the mobile unit will not be a full-sized production unit, it will, nonetheless, display its capabilities for various customers and will pay for itself in the process. The cost to fabricate and test a portable model is approximately $400,000. The oil generated from six months of operation is expected to provide $175,875 in revenue at $75.00/barrel. The solvent revenues are expected to be around $1.076 million at $20.00/gallon. The annual revenue from one mobile unit is expected to be in excess of two million dollars ($2,000,000).
The Converter is a closed loop system that can process any organic material into usable energy. The first unit will be designed specifically to process tire chips. The tire chips will produce gas, carbon black and solvent. The type of feedstock will dictate the end product recovered. The best feedstock is truck tires, although the process can convert any hydro-carbon. The converter is capable of turning waste streams into oil, gas and other beneficial products such as fertilizer and carbon black. It can also create carbon credits that can be sold to the many firms needing them.
A prototype unit was put to the test, showing that the converter yields more than 95% of usable product after it converts the materials put into it. The fully-operational converter is the size of a truck bed. However, the goal is to fabricate and test a portable unit that can be taken to remote sites for conversion and environmental cleanup jobs.
Robert Matthews of EnSol states, "We expect the tire converter to be one of our most lucrative development projects, and therefore, we have placed it at the top of our priority list. We have reviewed many types of processes and have found that our modular design solves many problems relating to cost, size, maintenance, and down time. The joint venture will allow us to bring together the necessary funding to build a modular unit and to begin demonstrating the efficiency of the system. We are eager to have the chance to work with USI on this project."
Kevin Metheny, President of Ultimate Sports, states, "Ultimate Sports is looking forward to working together with EnSol to bring the Tire Converter to realization."
About Ultimate Sports, Inc.:
Ultimate Sports specializes in every item, large and small, that snowmobilers need in order to enjoy the sport and improve their performance-especially snowmobile skis of all types. We have an extensive inventory of carbide studs, mount kits, wear bars, suspension parts, snow flaps, alignment bars, and so much more. Visit www.usi-skis.com for more information.
Forward Looking Statements: This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results.