Startech Environmental Signs Distributor Agreement With Mihama, Inc. to Sell Plasma Converters in Japan
WILTON, Conn., April 28 -- Startech Environmental Corp. , announced today that it has signed a distributor agreement with Mihama, Inc. for the sale of Startech products and services in Japan. As consideration for the distribution rights granted to Mihama a non-refundable deposit of two-hundred fifty thousand dollars ($250,000.00) was paid. Additionally, the Agreement requires the purchase of the first Plasma Converter System within sixty (60) days.
Mihama, Inc., headquartered in Nagano-Ken, Japan, is a well established manufacturer and seller of automotive parts and accessories that is now expanding into recycling of wastes, environmental technologies, development and sales of industrial machines and management of industrial plants. Mihama has annual sales exceeding $15,000,000 USD. Mihama customers include various international companies including Toyota Motor Corporation and General Motors in the automobile sector, NTN Corporation in the CVJ (Constant Velocity Joint) sector and trading companies including Toyota Tsusho, among others."
Mr. Mamoru Hama, President of Mihama said, "I am very excited to add the Startech Plasma Converter and associated engineering services to our company's expanding role in the Japanese recycling and waste management sector. I believe this is the beginning of a long and profitable relationship. In fact, we have already selected the site for our first sale and concluded preliminary negotiations with our initial customer."
Joseph S. Klimek, Startech's President & CEO said, "Mihama has the skill, foresight and financial capability to bring our products and services to market in Japan. I have been very impressed with Mihama's sales plan and management team. Mr. Hama has an excellent grasp of what is necessary to penetrate the Japanese market."
Safe Harbor for Forward-Looking Statements:
This press release contains forward-looking statements, including statements regarding the Company's plans and expectations regarding the development and commercialization of its Plasma Converter(TM) technology. All forward-looking statements are subject to risk and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation, general risks associated with product development, manufacturing, rapid technological change and competition as well as other risks set forth in the Company's filings with the Securities and Exchange Commission. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based.
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