Deriving new works from an application using Eclipse Public License v1.0

[Chris Melikian]

Hi,

I want to create a software product that I can sell. The software is
quite complicated but there is another piece of software that performs
the same set of tasks but for a different technology.

My question is, can I take the source code as a starting point, rip
out what I don't need, add my own code and sell the product 100% as my
own?

What would I need to include in my software if anything  in terms of
license information or anything?

Any help appreciated. I've read through the license and feel I'm in
the clear but also have a nagging feeling I'm wrong.

Best regards, Chris.