International Automated Systems Inc. Lands Letter of Intent for $360 Million Solar Project...
Date: Tuesday, June 24 2003
SALEM, Utah--(BUSINESS WIRE)--June 24, 2003
International Automated Systems Inc. ("IAS") (IAUS.OB) is pleased to announce the signing of a letter of intent with Titanium Resources Corp. ("TRC"), Calgary, Alberta, Canada.
The letter of intent is to design, build, install and operate the world's first solar heat collection system, bladeless turbine and ancillary systems. TRC will own and operate the $360 million solar electric plant constructed by IAS. Neldon Johnson, president and CEO of IAS, has developed and patented this revolutionary power generation to take the sun's energy and convert it to electricity in an exciting new way. The plant will operate year round at a site in Arizona, and is expected to be placed in service by the end of 2004.
"This creates an exciting and new chapter in TRC," said Rob Cohoe, president of TRC. "It will position us as market leaders and innovators, create positive and sustainable cash flows, and position us well as we move forward. We intend to work closely with IAS to develop and perfect this new technology, and believe we can assist them in creating the market and acceptance of the technology. Discussions are underway to continue the relationship beyond this initial project and create additional value for our shareholders."
About International Automated Systems Inc. (www.iaus.com; IAUS.OB)
Founded in 1988, International Automated Systems Inc. develops high-technology products for diverse markets such as energy production, wireless communications, consumer purchasing and financial transactions. The company, founded by a former AT&T communications engineer, is based in Salem, Utah.
Note: Statements contained in this press release that are not strictly historical are forward-looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements are made based upon information available to the company at the time, and the company assumes no obligation to update or revise such forward-looking statements. Editors and investors are cautioned that such forward-looking statements invoke risk and uncertainties that may cause the company's actual results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to, demand for the company's product both domestically and abroad, the company's ability to continue to develop its market, general economic conditions, and other factors that may be more fully described in the company's literature and periodic filings with the Securities and Exchange Commission.