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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Vert-Eco | VRT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | - |
| Open Price | Low Price | High Price | Close Price | Previous Close |
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| Top Posts |
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Posted at 01/12/2004 06:33 by sagem HYDRODEC NOW OWNED BY VERT-ECOABOUT THE TECHNOLOGY The HydroDec Technology has a number of key advantages; in particular, it is able to: > Recycle and re-refine used and contaminated transformer oils; and > Destroy a wide range of POPs (e.g. PCB, DDT, PCP, HCB and dioxins) which are considered to be hazardous. A significant benefit of the process is that it makes the formation of dioxins totally impossible and there is virtually no consequential environmental damage as the POPs are harmlessly dissipated. To date, the HydroDec Technology has been used principally to treat contaminated transformer oil, but Virotec considers that there are many wide reaching further applications. BACKGROUND TO HYDRODEC HydroDec was incorporated in 2000 as a wholly owned subsidiary of Virotec International Ltd upon the Directors decision to commercialise the HydroDec Technology, which is an oil re-refining process designed to remove harmful contaminants, such as PCBs. The HydroDec Technology is based on intellectual property comprising protected patents in Australia and certain other jurisdictions, and was developed by the Commonwealth Scientific and Industrial Research Organisation of Australia. HydroDec has entered into an exclusive global licence with CSIRO for the marketing and distribution of the HydroDec Technology. At the current time, HydroDec operates one small plant in Australia under the Joint Venture Agreement with Oil Treatment Services Pty Ltd. ABOUT THE HYDRODEC SALE On 25 November 2004, Virotec announced that the Company had entered into an Agreement for the sale of its HydroDec Technology. The agreement is conditional on the purchaser, Vert-Eco Group plc ("VRT" London Stock Exchange), receiving shareholder approval for the purchase. The key aspects of the agreement are: Consideration of approximately $18 Million (£7.0 Million) to be satisfied by: (a) The issue of 60,000,000 shares in VRT to Virotec at 10 pence per share, (which will represent approximately 38% of the expanded capital of VRT). The shares will be issued upon completion of the Transaction (b) The payment of $1.26 Million (£0.5 Million) in cash to Virotec,and (c) The payment of $1.26 Million (£0.5Million) in cash to Virotec for the monies invested to date in HydroDec technology, which is the current book value of the asset |
Posted at 23/11/2004 10:48 by eibbor VTI get a 5% royalty.perhaps VRT should buy the rest of VTI. They may be better at comercialising the technology and not just paying themselves wedge like VTI's directors do. from RNS... " Following completion, a 5% royalty will be paid to Virotec on turnover derived by Vert-eco from the HydroDecTM technology and a further 5% will be paid to CSIRO (Commonwealth Scientific & Industrial Research Organisation, Australia)." |
Posted at 23/11/2004 09:45 by jdhurry Sagem... got some yesterday at just under 11p. If you're interested in what VRT do, take a look at Compact Power (CPO). Well worth watching IMO. If they secure funding, 2005 should be a good year. |
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