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China Manufacturer Agrees to Pay $1 Million for Rights to Joint Venture with OriginClear Hong Kong
China Manufacturer Agrees to Pay $1 Million for Rights to Joint Venture with OriginClear Hong Kong.
About this update from Originclear, Inc.
[{"type":"text","content":"\n \n OriginClear \n Inc. (OTC/QB: OOIL), \n a leading provider of water treatment solutions, and its master licensee \n for China, OriginClear Hong Kong (OCHK), today announced that OCHK \n recently signed a binding Memorandum of Understanding (MOU) to launch a \n sales joint venture (JV) in the People’s Republic of China and the \n Republic of China (Taiwan). The JV partner is Mr. Ming Xu, an inventor \n and owner of a ceramic materials factory in mainland China.\n \n \n Under the MOU, Mr. Xu committed to payments totaling $1 million over two \n months to purchase the rights to the JV, and has already completed the \n first payment to OCHK of $150,000.\n \n \n “I am very happy with the speed of commercialization in China,” said Riggs \n Eckelberry, OriginClear CEO. “Mr. Xu’s commitment to our JV, as well \n as his strict timeline to launch the manufacturing plant, demonstrate to \n us that the technology is really in demand. My congratulations to the \n whole OriginClear \n Technologies™ team for this achievement!”\n \n \n Under the MOU, Mr. Xu and OCHK plan to form a joint venture in China, \n intended to be a licensee of OCHK. The JV will sell equipment using \n OriginClear technology for People’s Republic of China and Taiwan \n markets. The partners intend to name the company OriginClear (China) and \n the MOU calls for Xu Ming to transfer 25 percent of its ownership and \n profit share to OCHK, in addition to meeting a royalty schedule. \n Finally, the JV will continue the development of the China-based \n manufacturing capability.\n \n \n “While we continue to set up the manufacturing operation, we are \n demonstrating Electro Water Separation™ throughout China for specialty \n waste water treatment and algae harvesting,” said ‘JL’ \n Kindler, President of OriginClear Technologies, and Managing \n Director of OriginClear (Hong Kong). “We believe China is ripe for \n advanced water solutions, as it has reportedly \n budgeted $330 billion to address the problem, and Mr. Xu’s commitment to \n OriginClear will help us reach this fast-growing demand.”\n \n \n To enable Mr. Xu’s participation, OCHK agreed to release the previously-announced \n Chinese precision manufacturer’s binding investment schedule in OCHK and \n to ...