TOX FREE SOLUTIONS LIMITED ABN 27 058 596 124 Operational Office: Registered Office: Lot 4, Mason Road Level 2, 45 Stirling Hwy Kwinana WA 6167 Nedlands WA 6009 Tel: (61 8) 9439 2362 Tel: (61 8) 9389 8799 Fax: (61 8) 9439 2363 Fax: (61 8) 9389 8327 Postal Address: Website: PO Box 108 www.toxfree.com.au Kwinana WA 6966 28 November 2005 AUSTRALIAN STOCK EXCHANGE LIMITED Electronic Lodgement Dear Sir / Madam Tox Free Solutions Ltd sells Automated Tank Cleaning Equipment Tox Free Solution Ltd (“TOX”) is pleased to announce the successful sale of its Automated Tank Cleaning Equipment. The sale is effective 30 November 2005. The Tank Cleaning Equipment was initially purchased in 2001 to fulfil a contract with Caltex Kurnell Refinery. The equipment is specialised for the automated cleaning of large crude oil and hydrocarbon storage vessels. The equipment performs to expectations, however, due to the niche market for this type of service and the fact that all its work is off site from the Company’s core businesses the revenues generated from this aspect of the business has been erratic and the board decided to sell the assets to focus on core revenue generating activities. TOX has negotiated attractive terms. The sale price for the equipment is $500,000.00 (AUD) plus a revenue sharing arrangement for work introduced by TOX and undertaken by the equipment over the next 3 years. There is also potential for work from the equipment to generate additional waste product for treatment at Port Hedland and Kwinana. Part of the sale proceeds will be used to pay the debt owing on the equipment of $301,000.00 with the remainder applied to future investments or new revenue raising initiatives. The debt reduction from the proceeds of the sale will also release to cash flow $33,800 per month currently being paid by way of lease payments in relation to the equipment. On behalf of the Board I J BURTON Director About Tox Free Solutions Ltd (ASX code: TOX) Tox Free Solutions Ltd is a leader in the management of industrial and hazardous wastes. The Company presently has two licensed waste management facilities. One is located in Kwinana in Perth’s Heavy Industrial area and the other in Port Hedland within the mining and oil and gas resource area of the Pilbara. The Company has unique licenses and best practice technologies that enable the treatment of a wide range of industrial and hazardous wastes. IJB.MP/TOXLTRS.145
TOX Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
