EarthFirst Technologies signs Canadian agreement
EarthFirst Technologies Inc. has signed a letter of intent with ECE EarthClean Energy (ECE) to license territories in Canada and for the sale of a Catalytic Activated Vacuum Distillation (CAVD) plant...
TAMPA, FL, Oct. 14, 2004 (BUSINESS WIRE) -- EarthFirst Technologies Inc. has signed a letter of intent with ECE EarthClean Energy (ECE) to license territories in Canada and for the sale of a Catalytic Activated Vacuum Distillation (CAVD) plant.
The agreement with ECE, based in Calgary, Alberta, is a license for three provinces in Canada: Ontario, Quebec and Alberta. A nonrefundable license fee of US$1 million will be paid to EarthFirst as part of the agreement.
It includes an initial deposit of $200,000 and $300,000 paid upon signing of the formal license contract. The balance of the $500,000 will be paid upon the first occurrence of: a) one year from the date of the signed letter of intent, or b) when ECE builds a plant in a second of the listed provinces.
At the signing of the contract, a 10% deposit for the purchase of the first plant will be made with the balance secured by a letter of credit, which can be drawn down as the plant is completed. The performance requirement of the license calls for one plant in the first year and a total of three plants in three years. The license is renewable for an additional seven years with at least one plant per year required. ECE will own 100% of the plants and EFTI will receive royalties for continued services during the contract period.
EarthFirst Technologies Inc. (www.earthfirsttech.com) and its subsidiaries are dedicated to producing environmentally superior products from carbon-rich solid and liquid materials currently considered wastes. The company has conducted more than five years of extensive development on advanced technologies to achieve this goal. Through its subsidiary Electric Machinery Enterprises, Inc., the company provides electrical contracting services both as a prime contractor and as a subcontractor, electrical support for industrial and commercial buildings, power generation stations, and water and sewage plants in the United States and abroad.