Jul 2 2010
NuEarth Corporation (Pink Sheets: 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 received final approval for Phase Three of their long term contract representing an additional $1,650,000 laboratory service contract with the Nigerian National Petroleum Corporation (NNPC) and their subsidiary the Integrated Data Services Limited (IDSL).
"The contract will expand on our scientists' 11 years of experience in organic chemistry and polymer development. With an expanded state-of-the-art facility to assist clients with research and development services in addition to our own internal R&D, TerraSolv will continue developing complex environmental models for ongoing reclamation projects over the next year for NNPC and IDSL. The petroleum remediation industry is estimated to be $360 billion in size of which $112 billion is estimated to be Design, Analysis, Engineering and Pre-remediation services," said Wolfgang Hunterbok, senior Analyst for TerraSolv. This continuation of the Five-year contract brings the total revenue from services under this collective contact at more than $9 Million gross sales to date with an additional $21 Million expected over the next Four years.
"Our state-of-the-art environmental modeling programs have given us access to this long-term relationship in order to provide our client real-world data in a real-world setting. As one of the world's largest production companies of petroleum products, our client needs a comprehensive analysis tool for their geoscientists and engineers to help optimize decision making, we are excited to have this opportunity for a long term agreement as our client begins to develop remediation and redevelopment strategies for the coming years," stated Antonio Mussino, General Manager of IT Services – TerraSolv.
TerraSolve/LIA is a state-of-the-art development and testing lab, which collects data from clients around the world to run projects simulations ranging from usability, capacity, spread and weather modeling testing. The heart of the laboratory is a 160-gigabyte database of environmental and agricultural project records running on six HP servers and two Novell servers storing the data and running the modeling software.
Source: http://www.nuearthcorp.com/