MOUNT ARLINGTON, NJ, Aug. 31, 2005 (BUSINESS WIRE) -- GreenShift Corp. announced the execution by its wholly-owned subsidiary, GreenShift Industrial Design Corp. (GIDC), of an exclusive license agreement with Vortex Dehydration Technology LLC (VDT), for certain applications of VDT's patented and patent-pending Windhexe technology.
The technology accelerates compressed air to supersonic speeds in a closed cyclonic chamber where the air is powerful enough to almost instantly grind, flash desiccate and atomize solid and liquid wastes and other materials into micron sized powders.
Invented by Kansas based farmer and inventor, Frank Polifka, the Technology is robust and cost-efficient enough to process most conventional wastes at both centralized disposal facilities and decentralized point-sources. The Technology is also capable of direct implementation in manufacturing, mining, and refining processes.
Under the terms of the license agreement, GIDC has been granted certain exclusive rights in return for the payment to VDT of a one-time license fee of 1,000,000 shares of restricted GreenShift common stock, and royalty fees equal to 3% of all gross revenue GIDC generates from the Technology.
"GreenShift's goal is to make it easy and cost-effective for people and businesses to reduce waste and recycle more. This concept is the basis of many of our development plans, and it is the reason why we formed GreenShift Industrial Design," said Kevin Kreisler, GreenShift's chairman and chief executive officer.
"I am fascinated by the Vortex technology," added Kreisler. "I have personally extensively researched a great many green technologies and I believe that this technology has staggering application potential because it is robust, it can process a very broad spectrum of materials, it is cost-effective to operate, and it is very scalable - which is extremely important."
GIDC is a pre-revenue company that focuses on the engineering and marketing of green innovations and processes that enhance manufacturing efficiencies, improve resource utilization and minimize waste. GIDC plans to deliver consumer oriented Natural Solutions™ based on an array of green technologies and applied engineering expertise that reduce waste at the source and make it easier for people and businesses to recycle and reuse resources.
"Our view is that the Tornado Generator is another 'killer-app' green technology," added Kreisler. "It is capable of reducing the volume of trash by upwards of 90%. It separates petroleum hydrocarbons and other organics from contaminated soils in a nearly instantaneous process that returns clean dirt to the land and allows the organic wastes to be recovered conventionally. And, it flash desiccates and reduces the volume of septic, industrial and hazardous sludges by as much as 80%. While there are many other examples, GIDC will be focusing on a few specific processes that we feel are likely to result in cash flows."
GIDC initially plans to target key waste and other industrial processing facilities for rapid deployment of specific applications of the Tornado Generator bundled with GIDC's other licensed technologies, such as Ovation Products Corp.'s patented water purification technology.
GIDC also plans to rely on the design and manufacturing services of fellow GreenShift portfolio company, INSEQ Corp. to manufacture the equipment necessary to implement the initially targeted applications Technology. GIDC expects that the first systems that will be sold to waste and other industrial processing facilities will be moderately large systems that will sell for about $800,000 per system.
Under the terms of the license agreement, and subject to certain exclusions, GIDC has been granted exclusive rights for certain applications of the technology relating to the GreenShift applications, or any and all use of the technology relating to the following:
GreenShift wastes and by-products:
-- Wastes that are hazardous or otherwise harmful to human and animal health and the environment;
-- Wastes that are water and/or wastewater (including sedimentary and/or septic material);
-- Wastes that are partially used or discarded metals, chemicals, fuels, plastics, composites, glass, paper, food products and electronics; and
-- Wastes that are or derive from mining waste tailings.
Mining Processes
-- The extraction, processing, separation and/or refining of Wastes and/or Commodities that are solids, liquids and gases.
Industrial Design Services
-- All applications relating to the use of the Technology in the provision of design and engineering or other services relating to the use of the Technology.
GreenShift Corp. (www.greenshift.com) is a publicly traded business development company (BDC) whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and catalyze transformational environmental gains.
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