May 3, 2010 (FinancialWire) — NuEarth Corporation (OTC: NUEC) said that it has received final approval on the first large scale contract for AquaSolv for a minimum of $650,000 in first year sales with Jasper Agro Development of Bolivia for the usage of the company’s all-natural AquaSolv product line as a pesticide carrier and adjuvant.

Alfon Rosalini, Senior Vice President of NuEarth, said, "This agreement is the first follow-on contract after the successful completion of the onsite laboratory and live field testing for the use of the all natural and biodegradable AquaSolv in the Americas as a pesticide carrier and adjuvant.”

He said that the contract with Jasper Agro Development has a minimum first year sales volume of $650,000 with subsequent four years having a similar minimum order with inflation and operational cost increases built into the agreement.

According to Rosalini, the total contract value is worth $3.25 million over five years.

The company, citing USDA figures, said that the market for carrier oils and adjuvants in pesticide formulations is estimated to be in excess of $160 million in the U.S. and more than $528 million worldwide.

The use of carrier oils includes mineral oil, diesel oil and vegetable oils. The use of diesel oil and mineral oils, even at the relatively low levels used in agricultural applications, is a source of environmental and public concern.

In agricultural use, AquaSolv is readily biodegradable and low in toxicity to both humans and non-targeted wildlife, according to the company.

Florida-based NuEarth offers a range of biodegradable products and technologies meant to substitute for many of the hazardous chemicals commonly used all over the world.  

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