MIRAMAR BEACH, Fla., Oct. 21 /PRNewswire/ -- NuEarth Corporation (Pinksheets: NUEC) ("NuEarth"), a manufacturer and marketer of "Clean & Green" products and technology, today announced that the company's Laboratory and Research Division "TerraSolv SA" has been relocated to the USA and reopened for business on 15 October 2010 after being certified for services by Internazionale Agricoltura, S/p/A ("LIA") of Italy.
The 75.00% controlled non-consolidated joint venture is a state-of-the-art research and development-testing lab that during the fiscal year end 30 June 2010 completed $12.73 Million in gross sales and employed 36 mid-level technology jobs. The relocation of the laboratory is based on reducing labor costs by 37% and non-labor related operating costs by 18%. The TerraSolv SA Laboratory has generated more than $32 Million over its 3-year existence – Mostly due to the Joint Venture with Laboratorio Internazionale Agricoltura, S/p/A. "We've seen incredible value from the lab, which has paid for itself several times over in its first year of operations." said Levi Modelevi –CEO of NuEarth Corporation the parent of TerraSolv SA.
The joint venture will continue to utilize the TerraSolv SA state-of-the-art development and testing lab now that it is relocated and reopened in the USA. This data center, which collects data from clients around the world to run projects ranging from usability, capacity, spread and weather modeling and performance testing. The heart of the laboratory is a 225-gigabyte database of environmental and agricultural project records running on six HP servers and two Novell servers storing the data and running the software being tested.
The addition of Marc Peterson, Sara Coffin, and Yeshiva Silverman to the NuEarth senior marketing and sales staff will focus their energies on new product development and services with the expansion of the TerraSolv SA Laboratory in the USA as NuEarth Corporation prepares to rapidly enter the US market with it's "Clean & Green" products and technology. "I am thrilled to have such a high level management team joining NuEarth at such an exciting and critical phase of the company's development," said Levi Modelevi, NuEarth's new President and CEO. "NuEarth's AquaSolv technology has the potential to revolutionize the water retention, dust control and drilling markets, and the AB Tech Cleaners and Strippers will bring a "Clean & Green" technology that will replace more hazardous solutions in various industry cleaning applications. With TerraSolv as our foundation and core to build from, NuEarth is posed to launch into the next 18 months with excitement and a renewed energy. I'm looking forward to working with Marc, Sara and Yashiva in taking NuEarth and TerraSolv into the next phase of its development."
NuEarth is a company dedicated to bringing to market "Clean Solutions to Complex Problems" by offering a wide range of biodegradable, environmentally friendly products and technologies that will substitute for many of the hazardous chemicals commonly used all over the world. For information about NuEarth and its product offerings visit us on the web at www.nuearthcorp.com
This press release contains forward-looking statements regarding NuEarth within the meaning of Section 27A of the Securities Act of 1933 as amended, as such, may involve risks and uncertainties. Such statements are based on management's current expectations and cannot be guaranteed. The forward-looking statements discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors affecting NuEarth. Forward-looking statements speak only as of the date on which they are made and NuEarth undertakes no obligation to publicly revise any forward-looking statement based on the result of new information, future events, or otherwise.
Alfon Rosalini - Investor relations
SOURCE NuEarth Corporation