Sonoro divests remaining interest in Sonicator technology

About this update from Sonoro Energy Ltd.

[{"type":"text","content":"Sonoro divests remaining interest in Sonicator technology(via Thenewswire.ca)\n \n \nCalgary, Alberta - / TNW-ACCESSWIRE / September 16 2014 / Sonoro Energy Ltd. (\"Sonoro\" or \"the Company\") (TSX-V: SNV) hereby announces that it has entered into an Asset Purchase Agreement (\"APA\"), with an arms length private third party (\"Purchaser\"), for the sale of its remaining rights of its Sonicator technology and assets (the \"Technology\"), excluding solvent de-asphalting of heavy oils as previously sold to Petrosonic Energy in July 2012. \n\n \n \nThe following are the key terms under the APA:\n\n \n \n\n\n-USD$200,000 to be paid in two equal installments before Dec.31, 2014 and Sept.15, 2015.\n\n\n\n-All Company assets at the Richmond B.C. site will become the property of Purchaser.\n\n\n\n-All Company patents and applications related to the Technology have been sold to Purchaser. \n\n\n\n-The shares of SonoAsh LLC (a wholly owned subsidiary of the Company) have been sold to Purchaser.\n\n\n\n-All staff at the Richmond B.C. site have agreed to be transferred to Purchaser with no remaining obligations to the Company.\n\n\n\n-Purchaser will pay royalties of 1% of revenues on the Technology for the earlier of ten years or of 8 years from first commissioning of a Sonicator\n\n\n\n-Purchaser will pay royalties of USD$10,000 for each Sonicator commissioned with the first to be pre-paid upon closing.\n\n\n\n-Purchaser has the option to buy-out all royalty obligations for USD$1 million prior to Dec 31, 2015, or USD$2 million prior to Dec 31, 2016.\n\n\n\n-The Petrosonic Agreement remains with the Company\n\n\n\n \n \nThe APA contains other customary covenants, representations, warrants and indemnities.\n\n \n \nThe Company's decision to sell its remaining technology assets is consistent with the Company's focus on international unconventional resource exploration and to minimize its expenditures outside of its core focus. The Company believes that with third party expertise and focus on technology development, the sonic platform of technologies may be developed more rapidly and create revenue earlier than would otherwise be possible. If this occurs, the Company would be able benefit from a future royalty stream. \n\n \n \nAbout Sonoro\n\n \n \nSonoro is an international unconventional resource exploration and development company. Our cu...

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