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:Sonic to sell Terra-Kleen to EIG for $1.5-million 2009-11-26 15:24 ET - News Release Mr. Richard Wadsworth reports SONIC ANNOUNCES SALE OF TERRA-KLEEN PROCESS FOR $1.5M
Sonic Technology Solutions Inc. has entered into an agreement with Energy Invest Group Ltd. (EIG) to sell its Terra-Kleen system and process for $1.5-million plus future royalties.
Under the agreement EIG will purchase the company's assets related to the Terra-Kleen process to extract persistent organic pollutants such as PCB from soils and other wastes. The purchase price payable by EIG will be $1.5-million with $500,000 paid immediately and the remainder payable within 24 months. In addition, EIG will pay royalties to Sonic for each tonne processed using the Terra-Kleen system after payment of the purchase price is complete. The royalty rate will be $10 to $25 per processed tonne.
In addition, Sonic has agreed to grant EIG a one-year exclusive option to license its PCB Sonoprocess with possible extensions based on project growth generation. Financial terms for this will be a function of the commercial terms acquired with each project to be based on a license fee and continuing royalty interests.
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