LAFAYETTE, Ind., Oct. 26, 2010 (GLOBE NEWSWIRE) -- Ultimate Sports, Inc. (Pink Sheets:USPS), a manufacturer and supplier to the recreational vehicle industry, announced today that the company is entering into a joint venture with EnSol, LLC to fund the Tire Converter Project.
The Tire Converter is a unit that will transform tires into carbon black, oil, gas and petroleum solvents. Three-hundred million tires are discarded annually. The average tire weighs 22.5 pounds. In small quantities, the truck tire feed stock cost is about $300/ton "chipped" and each ton produces 1.3 bbl of solvent. The same ton also produces 900 lb of carbon black. Carbon black sells for approximately $0.46 per pound, consequently paying for itself and generating the solvent as a "bonus."
EnSol's converter will also generate solvent and enough natural gas to operate in remote sites without additional power. The proposed unit is capable of processing approximately 6.25 lbs of product per minute. At 6.25 lbs per minute, 3,000 lbs per work day can be generated and transformed into approximately 7 gallons of solvent which sells for approximately $40/gallon, generating $7885.60 in revenue per day, which can lead to $157,712 per month. Solvent can be used to dissolve paraffins and to reduce the viscosity of heavy oils.
A prototype unit was put to the test, showing that the converter yields more than 95% of usable product after it converts the materials put into it. The fully-operational converter is the size of a truck bed. However, the goal is to fabricate and test a portable unit that can be taken to remote sites for conversion and environmental cleanup jobs.
Robert Matthews of EnSol states, "The joint venture with Ultimate Sports will be a significant step towards funding and building the Tire Converter. We are eager to have the chance to work with USI on this project."
Kevin Metheny, President of Ultimate Sports, states, "We are pleased to enter into this joint venture with EnSol. Ultimate Sports is looking forward to working together with EnSol to bring the Tire Converter to realization."
About Ultimate Sports, Inc.:
Ultimate Sports specializes in every item, large and small, that snowmobilers need in order to enjoy the sport and improve their performance—especially snowmobile skis of all types. We have an extensive inventory of carbide studs, mount kits, wear bars, suspension parts, snow flaps, alignment bars, and so much more. Visit for more information.
Forward Looking Statements: This press release contains certain forward looking statements. Investors are cautioned that certain statements in this release are "forward looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results.
CONTACT: Ultimate Sports Investor Relations 410-242-0763