DENVER, Dec 7, 2000 (BUSINESS WIRE) à‚– Pegasus Technologies, Inc., a subsidiary of KFx Inc. (AMEX: KFx) announced today that it has signed a licensing agreement granting BITCO Enterprises, Inc., Ashburn, VA, exclusive use in China of its NeuSIGHT technology, which optimizes fuel combustion in coal-burning power plants.
Pegasus will receive an initial license fee plus additional fees for a minimum of installations annually.
BITCO Enterprises’ Chinese subsidiary, Gateway International based in Hangzhou, will assume the contracts that Pegasus Technology previously negotiated to upgrade coal-burning plants throughout the country. Though ultimately controlled by the government, the Chinese power generation industry benefits from an open market that permits competition and foreign investment to drive improvements in the largely coal-based infrastructure.
BITCO Enterprises will establish Pegasus China as part of Gateway International to coordinate continuing sales and implementation of NeuSIGHT throughout China. As part of the agreement, Pegasus Technology will provide initial training and technical support to the BITCO Enterprises’ team of Chinese engineers. BITCO Enterprises currently employees more than 900 people in China, 100 of them specifically dedicated to information technology solutions for the power industry.
“Our technical people have done extensive research on the capabilities offered by the Pegasus product, and the market potential for the product in China,” said BITCO Enterprises President Jim Bitonti. “To say that we are excited about the growth potential of Pegasus China would not fully express our level of confidence and commitment to this project.”
The Pegasus NeuSIGHT technology, which will be installed in existing power plants in China, is based upon neural-network technology from Computer Associates that “learns” how to generate the most heat from the least amount of fuel and burn it most cleanly. The software monitors and measures up to 500 input variables, models current operations and makes the adjustments necessary to achieve an ideal balance between efficiency and performance. NeuSIGHT improves heat rate, and also has a significant effect on NOx reduction.
Gary Nicholson, CEO of Pegasus Technologies, said, “We are very excited by this opportunity to work in China with such a well known and established company as BITCO Enterprises. Our NeuSIGHT technology can greatly improve China’s energy efficiency and reduce its air pollution at the same time. BITCO’s experience and expertise give us confidence that this agreement will work well for all concerned.”
About KFx and Pegasus
KFx Inc., Denver, CO, is an environmental energy company that develops and delivers air-pollution solutions to the electric power generation industry to facilitate compliance with the Clean Air Act and other air emission standards.
KFx acquired 68 percent of Pegasus Technologies, Inc., in 1998 to complement its K-Fuelà‚® technology, a revolutionary clean-coal invention that uses heat and pressure to convert high moisture, low energy coal into a high energy, low moisture, clean fuel product. It minimizes emissions of nitrogen oxides, sulfur dioxide and mercury at a cost per ton that is cheaper than high quality East Coast coal.
Pegasus Technologies is the industry leader in neural network applications to optimize utility boiler operations resulting in a reduction in harmful emissions, reduced power generation costs, and increased efficiency for the power generation industry. For more information, visit www.pegasustec.com and www.kfx.com.
About BITCO Enterprises
BITCO Enterprises, Inc. is a leading IT solutions provider to VARs, dealers, system builders, as well as public – and private-sector integrators worldwide. BITCO Enterprises serves as the “one-stop-shop” for complete IT solutions, offering its channel partners state-of-the-art software, services, systems, and component solutions. Headquartered in Ashburn, Virginia, BITCO Enterprises serves as the parent company of Decision SupportSystems (DSS), ITSS, V-Squared, BITCO International, Mirrors International, Supersoft, Neu-Bitco, Prime Tech, New Sphere and Gateway Capital Corporation. For more information on BITCO Enterprises, please visit www.bitcoenterprises.com.