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Ultra Power Systems Pty Ltd Executes Second Payment According to the Patent Option Agreement for the Vanadiumcorp-Electrochem Processing Technology in Australia
VANCOUVER, May 23, 2019 /CNW/ - VanadiumCorp Resource Inc. (TSX-V: "VRB") (the "Company") and Electrochem Technologies & Materials Inc. ("Electrochem") have bot
About this update from Vanadiumcorp Resource Inc
[{"type":"text","content":" VANCOUVER, May 23, 2019 /CNW/ - VanadiumCorp Resource Inc. (TSX-V: \"VRB\") (the \"Company\") and Electrochem Technologies & Materials Inc. (\"Electrochem\") have both received the second scheduled payment from Ultra Power Systems Pty Ltd (\"Ultra\") as specified in the Patent Option Agreement (\"POA\" ,\"Option\") to purchase an exclusive license for the jurisdiction of Australia signed by all parties November 23, 2018. Within the next 30 days, Ultra Power Systems Pty Ltd (\"Ultra\") will make the last payment enabling the right to finalize the terms of license within the next six months. Ultra plans to utilize the Australian license of VanadiumCorp-Electrochem Processing Technology (\"VEPT\") to expedite construction of the world's first dedicated vanadium processing facility. Ultra's core objective is to directly integrate low cost battery grade vanadium electrolyte into vanadium redox batteries from virtually any source in a fraction of the time and capital requirements of current vanadium extraction processes. The VEPT dramatically reduces emissions associated with vanadium extraction as well as substantially offsetting the operating cost of the vanadium precursors used to manufacture electrolyte through the production of valuable by-products. The resultant vanadium electrolyte therefore has a lower carbon footprint as well. Additionally, the electrolyte offers an exceedingly long usage life (effectively perpetual reuse), which provides an excellent basis for long-term leasing of this unique non-depreciating product. Key aspects of the signed POA signed May 23, 2018 include the following terms with all financial considerations split evenly between VRB and Electrochem: USD $500,000 USD total payment completes exercise of the Option. Non-reimbursable down payment received upon signing the Patent Option Agreement. Option to acquire the exclusive license of VEPT for the jurisdiction of Australia Territory. Definitive license terms exercisable in the POA includes a minimum annual payment, financing fees and a gross royalty due upon production, applicable to all vanadium products, ferrous sulfate heptahydrate (copperas), titanium products and other by-products for a project duration of 25 years. Adriaan Bakker, CEO of VanadiumCorp states, \"Ultra Power will soon have the unique and exclusive license to produc...