Abtech Holdings, Inc. (OTCMKTS:ABHD) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.
On September 26, 2018, Abtech Holdings, Inc., (“we” or the “Company”), through its wholly owned subsidiary AbTech Industries Inc., accepted a Purchase Order (the “Purchase Order”) from Hugo Neu Realty Management, LLC (“Buyer”), to design, manufacture and supply four stormwater outfall pipes at the Kearny Point Industrial Park redevelopment project in northern New Jersey, for an aggregate purchase price of $318,240.00 (the “Purchase Price”). Hugo Neu Realty Management, LLC is a wholly owned subsidiary of Hugo Neu Corporation, which is a “related party” because it has a beneficial ownership interest in the Company of approximately 13%.
Under the terms of the Purchase Order, Buyer shall remit 10% of the Purchase Price upon acceptance of the Purchase Order; 20% of the Purchase Price four weeks after acceptance of the Purchase Order; 20% of the Purchase Price upon the release of the component to manufacturing; 40% of the Purchase Price upon shipment; and 10% of the Purchase Price upon completion of commissioning, not to exceed 120 days from delivery.
The foregoing description of the Purchase Order is qualified in its entirety by reference to the full text of the Purchase Order, including the Terms and Conditions and other attachments, attached hereto as Exhibit 10.1 and incorporated herein by reference.
On September 27, 2018, the Company issued a press release announcing the Purchase Order and that the Company received registration from the California Department of Pesticide Regulation (CDPR) for its Smart Sponge® Plus as an antimicrobial product that reduces coliform bacteria found in stormwater, industrial wastewater and municipal water. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
Abtech Holdings, Inc. ExhibitEX-10.1 2 tv503782_ex10-1.htm EXHIBIT 10.1 EXHIBIT 10.1 Purchase Order #MS-66,…To view the full exhibit click here
About Abtech Holdings, Inc. (OTCMKTS:ABHD)
Abtech Holdings, Inc., through its subsidiary, AbTech Industries, Inc. (AbTech Industries), provides solutions to water contamination issues that are caused by stormwater runoff, industrial processes, water produced in the extractive industries, such as oil and gas drilling, and spills of oil-based fluids in marine environments. The Company operates through the filtration and treatment of polluted water segment. It provides services for the design and selection of water treatment systems, products sales of filtration and treatment systems, installation of the treatment technologies and maintenance of the installed systems. These activities are provided through subcontractors and on some projects the Company may act as a subcontractor to other entities. AbTech Industries has developed a range of products that leverage its cornerstone filtration media technology called Smart Sponge. The technology can be used as a filtration media to remove hydrocarbons and other pollutants from water.
