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Jourdan, Autris and Process Research Ortech to Sign Joint Venture Agreement to Develop Techonlogy for on Demand Ammonia Production
Jourdan, Autris and Process Research Ortech to Sign Joint Venture Agreement to Develop Techonl...
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[{"type":"text","content":"Jourdan, Autris and Process Research Ortech to Sign Joint Venture Agreement to Develop Techonlogy for on Demand Ammonia ProductionJourdan, Autris and Process Research Ortech to Sign Joint Venture Agreement to Develop Techonlogy for on Demand Ammonia Production\n\n \n\n* Plan to develop a new process for creating ammonia \n\n* Ammonia and phosphoric acid are key inputs to DAP, the most widely manufactured global phosphate fertilizer\n\n* Testing and technology development to be conducted by Process Research Ortech using Nitroheat Technology\n\nToronto, Ontario CANADA, April 14, 2014 /FSC/ - Jourdan Resources Inc. (JOR - TSX Venture),(\"JOURDAN\" or the \"Company\") (www.jourdan.ca), AUTRIS (OTC: AUTR) (\"AUTRIS\") (www.autris.com) and PROCESS RESEARCH ORTECH ((\"PRO\") (www.processortech.com); together with Jourdan and Autris, the (\"Parties\")) are pleased to announce the signing of a Joint Venture Term Sheet Agreement with respect to the formation of a joint venture by the Parties to investigate, develop and commercialize a patentable technology required for the production of on demand ammonia for the fertilizer industry.\n\nUnder the Term Sheet Agreement, Jourdan agrees to make an initial contribution of  $1 million (or such lower amount as may be required to develop the ammonia generation technology) to the joint venture in consideration for a 34% initial participating interest in the joint venture. PRO agrees to provide its services to investigate and develop the nitrogen generation technology in consideration for a 33% initial participating interest in the joint venture.  In consideration for the remaining 33% initial participating interest in the joint venture, Autris agrees to contribute one of its nitrogen generators to be installed at PRO's testing facility located in Mississauga, Ontario and to contribute sufficient amount of its on demand 98% pure Nitrogen to the joint venture as may be required by PRO for the purpose of developing the ammonia generation technology.  Autris further agrees to the use of its patented technology associated with its nitrogen generators by the joint venture for the purpose of developing the ammonia generation technology.  The technology, when and if, successfully developed, shall form the property of the joint venture.  Upon completion of t...