ENVIRO VORAXIAL TECHNOLOGY, INC. (OTCMKTS:EVTN) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
Precision Aerospace, Inc., the Enviro Voraxial Technology’s
wholly owned subsidiary (collectively, the “Company”), entered
into a Technology Purchase Agreement (the “Agreement”) with
Schlumberger Technology Corporation, a Texas corporation,
Schlumberger Canada Limited, a Canadian entity, and Schlumberger
B.V., an entity organized under the laws of the Netherlands
(collectively, the “Purchasers”).
Company shall sell its intellectual property (the “Intellectual
Property”), substantially consisting of its Voraxial patents,
marks, software and copyrights, to the Purchasers in
consideration of up to four million dollars ($4,000,000), of
which three million dollars ($3,000,000) is payable at closing
and one million dollars ($1,000,000) payable upon the completion
of both 1) the complete transfer of the Intellectually Property
to Purchasers and 2) the provision by the Company of transition
information, assets and services to Purchasers, which is
estimated to be approximately 12 months from the closing date. In
addition, following the closing the Company shall receive a
worldwide, royalty-free license from the Purchasers, to make,
use, sell, offer for sale, and import products and processes
embodying the Intellectual Property outside the oil-and-gas
market. In addition, the Company and the Purchasers, upon the
closing of the Agreement, shall enter into a supply agreement for
certain manufacturing rights.
of the parties customary for a transaction of this type. Each
party’s obligation to consummate the transaction is subject to
customary closing conditions and the condition that all
representations and warranties, including a representation that
no material adverse change has occurred, are true and correct on
the date of closing as if made on such date. The Agreement is
subject to customary termination provisions and, in addition, may
be terminated by the Company or the Purchasers if specified
closing conditions have not been fulfilled by May 30, 2017,
unless the terminating party has failed to comply with or perform
its covenants and obligations in the Agreement at the time of
such termination.
complete and is qualified in its entirety by reference to the
Agreement, which is filed as an exhibit to this Current Report on
Form 8-K.
|
Exhibit
Number
|
Description
|
|
|
10.1
|
Technology Purchase Agreement dated March 13, 2017.
|
About ENVIRO VORAXIAL TECHNOLOGY, INC. (OTCMKTS:EVTN)
EnviroVoraxial Technology Inc. provides environmental and industrial separation technology. The Company develops and manufactures Voraxial Separator, a technology that separates liquid/liquid, liquid/solids or liquid/liquid/solids fluid mixtures with specific gravities. The Voraxial is capable of processing volumes of approximately three gallons per minute, as well as volumes of over 5,000 gallons per minute. It has also developed a system that can be utilized in multiple applications in the oil industry, including produced water, deck water drainage, slopwater, floating, production, storage and offloading, and refinery markets. The system integrates the Voraxial Separator as a bulk separator, coalescers to increase the droplet size of the dispersed oil and filters for the secondary process for polishing. Its commercial applications and markets include oil exploration and production, oil refineries, oil spill, mining, manufacturing, waste-to-energy and food processing industry. ENVIRO VORAXIAL TECHNOLOGY, INC. (OTCMKTS:EVTN) Recent Trading Information
ENVIRO VORAXIAL TECHNOLOGY, INC. (OTCMKTS:EVTN) closed its last trading session down -0.0039 at 0.0161 with 4,125 shares trading hands.
