GRAND FORKS, N.D., Oct. 30 /PRNewswire-FirstCall/ -- Driver Passport Inc. (OTC Bulletin Board: DPSS) announced today that it has entered into an agreement to acquire the world-wide patent for the proprietary interlocking Inca Block Construction System(TM) ("IBCS"). The IBCS is a unique low-cost interlocking block construction system designed to meet growing global demand for low-cost housing. Under the terms of the Agreement, Incablock International, LLC. assigned the exclusive rights, title, and interest in and to United States Patent No. 7,305,803 to Driver Passport Inc. The company also reported that Dr. Daniel D. Correa, inventor of the IBCS, was appointed to the board of directors and named interim President. Dr. Correa has extensive international business experience in manufacturing, construction and real estate development. In addition, Dr. Correa has developed prior patents for several innovative products including, The Steam Machine and the Seismic Sensor Device.
"With today's challenging global economic conditions, we believe the demand for low-cost housing on a world-wide basis will only accelerate. We now have a competitive advantage with a unique low-cost construction system that uses unskilled labor and has readily available materials throughout the world," stated Driver Passport Inc. CEO Randy Brown. Inventor of the Inca Block Construction System and newly appointed President, Dr. Daniel D. Correa, commented, "I am absolutely thrilled to have the opportunity to launch the Inca Block System. We are currently negotiating contracts in under-developed countries with government sponsored housing programs that will support rapid rollout."
The Inca Block Construction System is a revolutionary pre-fabricated complete "kit" for houses and buildings with all necessary modules, including blocks with self contained electrical and plumbing outlets, window molding and sills, cornices, dentils and roofing structures. The concrete Inca blocks, which can also be made from other materials like adobe or concrete with added fibers, have interlocking capabilities on all contact faces. The blocks forms a dilatation joint in each contact face, increasing flexibility to resist earthquakes and high winds. The IBCS requires no mortar to set the blocks as the self aligning design includes interlocking tongue and groove. Without mortar, the system achieves structural strength to meet various building codes by incorporating rebar and concrete within the cells of the block. As a result, the system is Low Skill Labor rated, resulting in a lower construction time of 3 minutes per square meter compared to 39 minutes per conventional block construction. The "green rated" IBCS also addresses heightened international environmental concerns over depleting resources associated with traditional construction materials.
According to the United Nations, approximately 1.6 billion people live in substandard housing and 100 million are homeless. The Inter-American Development Bank reports that 10 to 15 million households in Latin America live in substandard housing conditions. Representative of the extent of worldwide poverty is the enormous demand for low and middle-cost housing worldwide. The global construction industry trying to address this housing shortfall is faced with depleting resources, heightened environmental concerns, high costs and deteriorating product quality. Conventional and traditional construction industries are unable to adequately address the growing demand for low-cost housing.
Safe Harbor
This news release may include comments that do not refer strictly to historical results or actions and may be deemed to be forward-looking within the meaning of the safe harbor provisions of the U.S. federal securities laws. These include, among others things, statements about expectations of future business, revenues, cash flows and capital requirements. Forward-looking statements are subject to risks and uncertainties that may cause the company's results to differ materially from expectations. These risks include the company's ability to further develop its business, the company's ability to generate revenues, develop appropriate strategic alliances and successful development and implementation of technology, acceptance of the company's services, competitive factors, new products and technological changes, and other such risks as the company may identify and discuss from time to time, including those risks disclosed in the company's periodic reports filed with the Securities and Exchange Commission. Accordingly, there is no certainty that the company's plans will be achieved.
Contact:
Driver Passport Inc. 1-800-743-1824
dcorrea@incablock.com
www.incablock.com
SOURCE Driver Passport Inc.
For further information: Driver Passport Inc., +1-800-743-1824, dcorrea@incablock.com
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