TORONTO, Dec. 5, 2011 (GLOBE NEWSWIRE) -- American Rare Earths & Materials (OTCQB:AREM), a leader in commercializing Rare Earth metals, announced today that it has signed an MOU with Eureka Technologies to licence their patented K061 processing technology.
AREM's focus is to expand its current proprietary processing technologies from Scandium to include other Rare Earths and commodity metals. K061 processing technology, creates solutions to substantial environmental problems associated with the steel mill producers and creates a resource of iron, zinc, lead. This process transforms a toxic "waste stream" into an environmentally safe "revenue stream" by recovering saleable metals (iron, zinc, lead, etc). Eureka Technology, LLC (Eureka), deals with solving environmental problems such as processing of industrial waste stream and/or tailings from the mining industry. Eureka has a full service metallurgical research and development laboratory as well as a metal fabrication facility. This allows Eureka to analyze a problem starting at the laboratory scale, all the way through to designing and building equipment and systems required for the successful completion of the project.
The technologies on which AREM is investigating to sign a license agreement is based on the following patents: Process Patent (US 6,666,903 – dated December 23, 2003) • Chemical Patent (US 6,669,814 – dated December 23, 2003) • Process Patent (US 6,852,237 – dated February 8, 2005) • Chemical Patent (US 6,908,570 – dated June 21, 2005). Moreover, the technology described in the patents will also be useful in reducing the cost of recovering rare earths from difficult ores.
About American Rare Earths & Materials
American Rare Earths & Materials (OTCQB:AREM) is a leader in commercializing Rare Earth metals and quickly delivering revolutionary new products to consumer and industrial markets. The company is focused on low-risk, high-return, high-demand industries that use Rare Earth metals including aerospace, alternative energy, automotive, power transmission, shipbuilding, and transportation as well as selected consumer markets (sporting goods equipment). The company also develops advanced chemicals and materials. American Rare Earths & Materials is committed to becoming American's best and most reliable source for Rare Earth metals and advanced chemicals and materials and to fully leverage the global mega-trends in these categories. For more information, visit www.americanrare.com.
Forward-Looking Information
The information set forth above includes "forward-looking statements" as outlined in the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Investors should not place undue reliance on forward-looking statements, and the Company undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements reflect the present expectation of future events of our management and are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements. These factors and risks include, but are not limited to the Cautionary Statements and Risk Factors, filed as Exhibit 99 and Section 1A to the Company's Annual Report on Form 10-K, incorporated herein by reference.