Business
TVI's Amazon Bay Iron Sands Joint Venture Partner to Enter into Deal for Plastics to Fuel Conversion Technology
TSX: TVI  OTCQX: TVIPF CALGARY , Nov. 11, 2014 /CNW/ - TVI Pacific Inc. (...
About this update from Tvi Pacific Inc.
[{"type":"text","content":"\n\nTSX: TVI  OTCQX: TVIPF\n\n\n\nCALGARY, Nov. 11, 2014 /CNW/ - TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF) (TVI or the Company) announces that Foyson Resources Limited (\"Foyson\"), a company in which TVI holds a 20.04% equity interest and is TVI's joint venture partner on the Amazon Bay Iron Sands Project in Papua New Guinea, has entered into an agreement with Integrated Green Energy Limited (\"IGE\") to acquire exclusive licenses to commercialize initially IGE's plastics to fuel technology and then its biomass to both fuel and energy conversion technologies.  As announced by Foyson, this agreement reflects their strategy of acquiring a cash flow project to assist in funding development activities at the Amazon Bay Project.\n\nClifford James, President and Chief Executive Officer of TVI, stated: \"Given that TVI holds a significant stake in Foyson, we are pleased to see their intention to enter into a potential cash flowing business with IGE, which could increase the value of our investment and represent a potential source of funding for our Amazon Bay Iron Sands joint venture project.\"\n\nIGE is an Australian company with a focus on the development of its waste conversion technologies to produce sustainable energy resources.  The technologies are applicable to both processing non-recyclable and waste plastics-to-fuels and for power generation in remote locations by processing a hybrid biomass.   IGE currently operates a semi-commercial demonstration plant producing industry standard diesel suitable for use in conventional diesel engines.\n\nAs set out in the non-binding term sheet signed between Foyson and IGE in September 2014, Foyson intends to acquire exclusive licenses to use IGE's waste conversion technology in Australia, New Zealand, China, North America, India, South East Asia, Papua New Guinea and Fiji.  Secondly, Foyson intends to acquire non-exclusive licenses to use IGE's technology in other jurisdictions globally, with IGE to grant no more than three licenses to any party in any jurisdiction.  Thirdly, Foyson intends to acquire IGE's existing pilot-scale plastics to fuel conversion plant at Berkeley Vale on New South Wales' central coast.  The intention of the term sheet is that Foyson will be required to construct and operate new plants based on the existing Berkeley ...