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Press Releases 06-22-99 Bethlehem Corporation

 

THE BETHLEHEM CORPORATION ANNOUNCES WORLDWIDE REPRESENTATION AGREEMENT FOR THE TREATMENT OF DRILLING WASTES

EASTON, PA--June 22, 1999 -- The Bethlehem Corporation (AMEX-BET), manufacturer of the Bethlehem Thermal-D System, and the Oiltools International Group. ("Oiltools"), the technology leader in the field of solids control and drilling and production waste management services, announced the completion of a worldwide representation agreement for the application of Bethlehem thermal systems for the treatment of oil and gas well drilling wastes.

The agreement establishes Oiltools as the exclusive representative of Bethlehem Corporation's thermal desorption systems for the treatment of oil and gas drilling wastes in all areas of the world except for North and South America. In those two areas, Oiltools representation of Bethlehem's systems will be non-exclusive.

The agreement provides that Oiltools will take delivery of a minimum of three Bethlehem Thermal-D Systems within the next twelve months. Oiltools will use the systems to treat oil and gas well drilling wastes throughout the world. The agreement concludes a several year technology search and evaluation by Oiltools for a system to thermally treat drilling wastes and recover and recycle valuable drill fluid components. "We consider the Bethlehem Thermal-D System with its Porcupine Processor to be the next generation of thermal treatment systems to be used for thermally treating drilling wastes," said Oiltools spokesman Alan Steedman, Senior Vice President. The Bethlehem Corporation has been manufacturing the Porcupine Processor thermal dryer for over 30 years with hundreds of units in operation around the world in chemical, petrochemical, food and waste applications. "Utilizing the Porcupine Processor for oil and gas drilling waste is a natural extension of this technology and our process expertise and we are pleased to team up with Oiltools to provide a solution for this problem on a worldwide basis" said Alan Silverstein, CEO of The Bethlehem Corporation.

Drilled cuttings are generated by every oil and gas-drilling rig as part of the drilling process. The Bethlehem Thermal-D system thermally treats oil contaminated drill cuttings to produce non-hazardous solids in order to meet new environmental regulations. The regulations banning the disposal of contaminated drill cuttings back into the sea were first imposed on North Sea drilling production. Those standards have since been adopted elsewhere and by the major oil exploration companies on an informal worldwide basis. "This solution will give Oiltools entry into the growing thermal treatment market and allow us to move ahead with our strategic development plans as we continue to expand our solids control and drilling waste management services" said Steedman.

Oiltools International Group, has regional offices in, Houston TX, Aberdeen UK, Singapore and Dubai and operates at over fifty locations on six continents dedicated to servicing the oil and gas well drilling industry. Oiltools core businesses includes Solids Control, Drilling and Production Waste Services, Air and Underbalanced Drilling Services, STRATAPAC Sand Control Systems, and Oilfield Tubular Repair and Manufacturing Services. Oiltools International is privately held. Oiltools shareholders include Derrick Corporation, Pall Corporation and 3i Group Plc.

Located in Easton, PA, The Bethlehem Corporation is in the business of providing thermal and filtration process solutions, equipment, systems and technology. A subsidiary, Bethlehem Advanced Materials of Knoxville, TN, designs and manufactures high-temperature furnaces for sale and for its own use in the processing of specialty carbon, graphite and ceramic materials primarily for semiconductor and aerospace applications.

This press release includes statements, which may constitute forward- looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. This information may involve risks and uncertainties, including without limitation, risk relating to the financial outcomes of the planned business and growth strategies that could cause actual results to differ materially from the forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risk and uncertainties that could cause actual results to differ materially from those projected.


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The Bethlehem Corporation
25th and Lennox Streets
Easton, Pennsylvania 18045
(610) 258-7111
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