This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:CCR Technologies sets up overseas joint venture 2009-09-10 17:59 ET - News Release Mr. Marcel Kessler reports
CCR TECHNOLOGIES LTD. ANNOUNCES MIDDLE EAST AND AFRICA JOINT VENTURE
CCR Technologies Ltd. has entered into an overseas joint venture with a privately owned third party for the expansion of services and capital projects using the corporation's proven proprietary and patented technologies for the reclamation of amines and glycols in certain countries in the Middle East and in all of Africa. The jointly owned corporation will primarily offer fee-based services that will enable the reclamation, purification and reuse of process chemicals (primarily amines and glycols) and permanent glycol and amine reclaimers and related services. Initially, CCR will own approximately 83 per cent of the issued and outstanding equity in the joint venture corporation which will gradually be reduced over a three-year period to no interest. In connection with the joint venture, the corporation will sell to the jointly owned offshore corporation two mobile reclaiming units and an existing service contract in the territory, as well as grant to the joint venture offshore corporation an exclusive technology licence to use CCR's technology in the territory, for total deemed consideration of $6,625,000 (U.S.). In consideration therefore, the corporation has acquired 50 per cent of the ordinary voting shares of the joint venture corporation for a period of three years and 6,625,000 redeemable non-voting preferred shares having a redemption value of $1.00 (U.S.) per preferred share, such preferred shares to be redeemed by the joint venture corporation on a pro-rata, quarterly basis, over a three-year period commencing on Oct. 1, 2009. The licence agreement also provides that the corporation will receive a licence fee equal to 10 per cent of the gross revenues for service reclamation projects and for renting or leasing equipment to third parties within the territory, excluding those revenues generated from the existing service contract in the territory for a period of three years and 10 per cent of net revenues for permanent reclaimers sold to third parties. The remainder is available to Stockwatch subscribers.
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