Solucorp Industries Ltd. Reduces Debt, Announces Its Move to a New Office Location in Orangeburg, NY

ORANGEBURG, N.Y., Sept. 27 /PRNewswire-FirstCall/ -- Solucorp Industries, Ltd. (Pink Sheets: SLUP) is pleased to announce that it has now repaid substantially all of a promissory note for $1.5 million executed with Gemini Master Fund LLC. in 2007.  All of the $1.5 million and all accrued interest has now been paid or converted except for approximately $150,000 which is currently secured with public common stock other than Solucorp stock, owned by the Company.

In connection with the aforementioned repayment, Gemini's security interest in the Company's patents and intellectual property has been terminated.

Solucorp has also paid $75,000 to Gemini to purchase 5 million warrants in Solucorp common stock owned, but not exercised by Gemini pursuant to the agreement.

The Company recently completed its move to a newly renovated, professional office building located in Orangeburg, NY. The new office is located approximately 5 miles from the former location.

"We are extremely excited to be in our new offices. We were very fortunate to find a location so close to our previous office. We really wanted to limit the impact that relocation would have on our clients and our employees, recognizing the need to upscale our professional image, which our new location will certainly do. The payment of the Gemini loan and our new location are the first steps of many as our Company escalates its image in the energy and remediation market," said James Ryan, President of Solucorp Industries Ltd.  

The company began operating out of its new location as of September 3, 2010. The Company's new address is:

About Solucorp Industries Ltd.  

Solucorp Industries Ltd., www.solucorpltd.com is a developer and provider of cost effective, permanent technologies for the remediation and prevention of hazardous heavy metal (including lead, mercury, arsenic, chromium, copper, zinc, nickel, selenium and cadmium) contamination.  Solucorp is the owner of several patents and numerous additional patents that are pending.  Solucorp Industries Ltd. has three wholly owned subsidiaries: Solucorp Industries, Integrated Fixation System Company, Inc., and WITS, Inc.

The foregoing discussion contains forward-looking statements, which are based on current expectations.  Actual results, including the outcome of demonstration results, timing and amount of revenues recognized, contracts awarded and performed and net income may differ due to such factors as: delays in payment on contracts due to dealings with governmental and foreign entities; fluctuations in operating costs associated with changes in project specifications; economic and other conditions affecting the ability of prospective clients to finance projects; and other risks generally affecting the financing of projects. Investors are cautioned to perform a proper due diligence and consult-licensed professionals prior to making an investment decision.  

SOURCE Solucorp Industries Ltd.