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Newport Gold Inc. Delivers Initial Payment to Eco-Orex Technologies for World-Wide Licensing Rights to Develop and Commercialize New Rock Disintegration Technology
Newport Gold Inc. Delivers Initial Payment to Eco-Orex Technologies for World-Wide Licensing Rights to Develop and Commercialize New Rock Disintegration Technology.
About this update from Newport Gold, Inc.
[{"type":"text","content":"TORONTO, ON / ACCESSWIRE / August 17, 2017 / Newport Gold Inc. (\"Newport\" or the \"Company\") (OTC PINK: NWPG) announced today that it has delivered an initial payment of $75,000 to Eco-Orex Technologies (\"Eco-Orex\"), pursuant to the previously announced World-Wide Licensing Agreement (\"licensing agreement\" or \"agreement\").Newport in accordance with the licensing agreement has obtained global rights to develop and commercialize a transformational ore disintegration technology in partnership with Eco-Orex for use in the global mining industry.Under the terms and conditions of the licensing agreement, Eco-Orex has applied and received a filing receipt from the United States Patent and Trademark Office for a patent pending (Method And Apparatus For Rock Disintegration) relating to its proprietary ore disintegration technology.Subject to the receipt of the patent pending, Newport will issue 25 million shares of common stock to Eco-Orex and will also be entitled to earn ownership rights in Eco-Orex, based on amounts paid to Eco-Orex, pursuant to terms and conditions in the agreement. In addition to the initial payment, Newport will also make periodic payments over 36 months as well as royalties on sales of product after development of a prototype and commercial machines.Newport intends to finance and manufacture, under certain agreed upon protocols with Eco-Orex a working prototype machine for beta and field testing. In accordance with its license agreement, Eco-Orex Technologies has developed and completed a set of the project documentation (blueprints), including drawings for a main component, the gist of a semi-industrial, mined ore disintegration unit.Based on that documentation and by means of a 3D printing technology, a scaled down model of the component has been created to aid in presentation of process concepts. Furthermore, the Eco-Orex R&D team has respectively conducted essential computations and technological analyses asserting feasibilities of actual scaling up of the equipment along with increases in productivity, while retaining all the technological regimes in accordance with terms of the project documentation.Derek Bartlett, President and CEO of Newport Gold, commented, \"At the same time, design and development on the rest of the project advances, so that upon completion, the developed documentation may ...