Business
Sonic announces sale of Terra-Kleen Process for $1.5M
Sonic announces sale of Terra-Kleen Process for $1.5M
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"\n\n\n\nNov. 26, 2009 (Canada NewsWire Group) -- VANCOUVER, Nov. 26 /CNW/ -- SONIC Technology Solutions Inc. (\"SONIC\" or \"the Company\") today announced that it has entered into an agreement (the \"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 $0.5 million 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-$25 per processed tonne.In addition, Sonic has agreed to grant EIG a 1 year exclusive option to license its PCB Sonoprocess(TM) 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 on-going royalty interests.Richard Wadsworth, Sonic President and CEO, stated, \"This Agreement provides Sonic with an immediate return on its environmental assets and shifts its focus to the near term development and commercialization of the PetroSonic heavy oil upgrading business. With EIG's international environmental project contact base and its other environmental technologies they will be in a much better position to capture projects and generate revenue to which Sonic will receive an ongoing percentage.\" The Agreement remains subject to the acceptance of the TSX Venture Exchange.Nigel Harper, Energy Invest Founder and CEO, commented \"The acquisition of Terra-Kleen, combined with the exclusive licensing option on the PCB Sonoprocess will enable EIG to provide a unique solution to difficult remediation problems, particularly those involving Persistant Organic Pollutants. EIG has a number of large projects in the pipeline which will enable us to capitalize on this opportunity.\"About Energy Invest GroupThe Energy Invest Group markets and finances projects based on its access to proprietary technologies. Energy Invest Group also partners in the development of promising technologies related to environmental...