Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact: Tootie Larios
914-336-7700, Extension 162
BESICORP - EMPIRE EXPRESSES REGRET
IN ANNOUNCING DECISION TO LEAVE ULSTER COUNTY
KINGSTON, New York, April 4, 2000 - After two years of development, Besicorp -
Empire Development Company, LLC has halted development activity in Ulster
County. The Company has been actively evaluating alternative sites in response
to contractual and technical issues involving TechCity, as well as the lack of
political support in the Town of Ulster.
We have been gratified at the support we received from the economic development
and business communities in Ulster County. Most notably, we want to thank Gerry
Davidson and the Ulster County Development Corp. In particular, we want to thank
Abel Garraghan, who supported this project so enthusiastically and publicly.
Also, we want to thank the Ulster County Chamber of Commerce, whose Board
unanimously voted to support this project. And to those courageous elected
officials and many individuals that came out publicly for the project, we
express our thanks and our regrets. And to our friends in the labor movement,
thank you as well.
The project continues to be very viable, and it is our intention to bring this
project to completion. Leading companies in the field of engineering,
construction, paper manufacturing, environmental permitting, finance and law
have committed their resources to bringing this project to fruition. The
development team remains confident that this project will improve the quality of
life of its host community, bringing tax base, stable employment, clean energy,
and conservation of air and water resources.
Fortuitously, we have received numerous invitations from other communities to
consider sites within their jurisdictions, and we are confident that in the near
future we will select a site that meets our technical qualifications and has the
political support this project needs.
We do regret that Ulster County will not benefit from the economic boost this
project would have brought. The world would have had Ulster County in its
sights, with one of the most advanced industrial infrastructure projects in the
world being developed in our community. Ulster County will lose not only the
employment and taxes that this project could have brought, but spin-off business
and the attention of the many companies that would have considered this area for
their expansion as a result of this project.
We are in a different era in terms of environmental awareness and protection. It
remains our commitment that this clean industrial and power project will set
standards in the world for how well such a project should be executed.
As a developer of technologies to SOLVE environmental problems, we accept the
fact that blazing new trails can be difficult. Our relentless efforts to site
this project in Ulster County came from a deeply held belief that this project
would not only be compatible with the community and not at all harmful to the
environment, but would be an enormous economic boon to this community. We had
many opportunities to leave Ulster County on previous occasions, but remained
convinced that the vast majority of people would overwhelmingly support it once
the project was presented in full detail, free of rhetoric. We still hold that
belief, but we must bow to financial and political realities. This project is
too important and requires too much high risk capital to depend upon a shaky
foundation and the risk that zoning and approvals will not be granted for the
wrong reasons.
We also want to state that we totally respect the concerns of area residents who
raised legitimate issues with the project and its proposed location. We
recognize the relief that our decision to move on will bring to them, even if we
think their concerns were misplaced.
We deeply regret that we will not be able to be part of the solution to the
economic dilemma that we face in Ulster County and wish the best for all
concerned.
# # #
2