8 weeks since March 8th, 2005 YesterdayBased on the NR of March 8th, 2005 (see below) we are entering the period when results should be known. To top it off we should be getting revenues associated to this initiative.
Looking forward to the next couple of weeks for some long awaited action.
Gates
March 8, 2005Thermal Energy Receives Letter of Intent from Johnson Controls
for Pulp and
Paper Heat Recovery ProjectOTTAWA, ONTARIO--(CCNMatthews - March 8, 2005) -
Thermal Energy International
Inc. (TSX VENTURE:TMG) (the "Company") https://www.thermalenergy.com is pleased
to announce it has received a signed Letter of Intent from Johnson Controls for
a Pulp and Paper customer in Eastern Canada.
The Letter of Intent follows the completion by Thermal of a preliminary study
of energy savings opportunities available through implementation of a
FLU-ACE(R) Heat Recovery System. Under the agreement, Thermal will be paid fees
amounting to approximately $80,000 for completing a more detailed engineering
evaluation of the opportunity to refine and confirm Thermal's previously
proposed costs and savings associated with project implementation. Under the
Letter of Intent, the successful confirmation of previously proposed project
costs and savings will culminate in the signing of a substantial contract for
Thermal Energy. Specific economic and technical details of the contract cannot
be disclosed at this time due to confidentiality. It is anticipated, that the
detailed engineering evaluation will take approximately 8 weeks. Thermal hopes
to announce more specific details about this project shortly thereafter,
pending review and approval of the proposed technical solution by Johnson
Controls and its customer.