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First American Scientific Corp (FASC - OTCBB) awarded 5 year income tax exemption to manufacture KDS Systems by the Ministry of International Trade & Industry in Malaysia
calendar22-07-2008 | linkMarket Watch | Share This Post:

21/07/2008 (Market Watch), Kuala Lumpur - Mr. Neo Tek Siong, President of FASC Malaysia Sdn Bhd and Brian Nichols, President of First American Scientific Corp ( FASC.OB ) are pleased to jointly announce that the Ministry of International Trade And Industry for Malaysia has approved the Company's application for Pioneer Status and granted an income tax exemption for five years on profits earned from "the manufacture of KDS Micronex Systems, Modules and parts thereof" in Malaysia.

According to Mr. Neo, "this award goes hand in hand with FASC's recent submission to obtain approval of Malaysian Patent Application No PI 20042831 " the recovery of fuel from biomass" using the KDS equipment to process palm waste locally known as EFB (Empty Fruit Bunch) With the tax free status approved and the patent pending in place, we are now ready to fulfill the orders we have on the books and have commenced fabrication of KDS Model MF 777s units to meet our customers delivery schedule this fall. Further, we now are making plans to expand our production capacity to accommodate an anticipated increase in demand from both the Malaysian and Indonesian palm oil industry.

According to C Kantonen, FASC's Chairman "the recognition and financial support we are receiving from the Malaysian Ministry of International Trade & Industry is a clear indication that we are welcome to do business in Malaysia. Malaysia has a thriving English speaking business community and will be our gateway to South East Asia where there is a critical need for our waste management solutions. Our relationship with our partners in Malaysia has been exemplary and we look forward to expanding our business interests in a region where there are over 600 palm oil mills.

First American Scientific Corp owns 50 % of First American Scientific Corp (Malaysia) Sdn. Bhd. and holds two of the four seats on its Board of Directors. In addition, FASC owns all KDS patents to be registered worldwide and will receive royalties wherever the technology is used. FASCM is our licensed agent in Thailand, Malaysia, Singapore and Indonesia who combined supply over 80 % of the world's palm oil industry.