International Automated Systems, Inc. [IAUS.OB] is Extending the Deadline for the Letter of Intent for the $360 Million Dollar Solar Project Utilizing Its Breakthrough Patented and Patent-Pending Solar Technology
Date: Friday, August 15, 2003
SALEM, Utah--(BUSINESS WIRE)--August 15, 2003
SALEM, UTAH- International Automated Systems, Inc. ["IAS"] (IAUS.OB) has agreed to a thirty-day extension of the original deadline for the Letter of Intent with Titanium Resources Corporation ["TRC"], Calgary Alberta, Canada.
Negotiations continue between the two parties to contract for the world's first solar heat collection system, bladeless turbine and ancillary systems. TRC will own and operate the $360 million dollar 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.
"With a project of this size, it is not surprising that contract negotiations take some time. We are very excited about our technology and the opportunity to work with TRC," said Neldon Johnson, President of IAS. Mr. Johnson concluded by saying, "although we are concurrently moving forward with numerous separate negotiations in California, Texas and Nevada, we are confident that negotiations with TRC will be fruitful."
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.
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