Solucorp Industries (CE) (USOTC:SLUP)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Solucorp Industries (CE) Charts. Click Here for more Solucorp Industries (CE) Charts.](/p.php?pid=staticchart&s=NO%5ESLUP&p=8&t=15)
Solucorp Industries Ltd. (OTC: SLUP) announced that it has signed an
exclusive worldwide licensing agreement for its IFS-2C mercury emission
control technology with CoaLogix Inc., a company 85% owned by Acorn
Energy, Inc. (NASDAQ: ACFN) Acorn Energy is focused on providing cutting
edge services to coal-fired power generating facilities to reduce their
environmental footprint through technology, optimization and efficiency
improvements. CoaLogix will be responsible for marketing, selling and
installation of Solucorp’s IFS-2C technology
to these power generating stations.
Solucorp has received a one time licensing fee of $2 million. The
agreement requires that CoaLogix pay Solucorp cost plus an agreed mark
up on all IFS-2C reagents and Solucorp will also receive a percentage of
net sale proceeds based on certain sales parameters. In addition,
Solucorp will be paid a percentage of any royalties received by CoaLogix
for the use of the IFS-2C system usually billed to clients at the time
of system installation. CoaLogix will market the product under the brand
name MetalliFix Hg, and has the right to sublicense the technology. The
term of the licensing agreement is for ten years with an additional
five-year renewal. During the first five years of this agreement,
CoaLogix has targeted minimum revenues in excess of $70 million. In
addition, CoaLogix has made a $500,000 prepayment for the first order of
the IFS-2C reagent.
CoaLogix intends to spend up to $3 million on the marketing, sales,
customer training, product installation and support of the IFS-2C
technology. This program is expected to rapidly build industry awareness
of the newest proven technology to effectively reduce mercury emissions
in coal fired furnace facilities.
Under the terms of this agreement Environmental Energy Services, Inc.
(EES) shall maintain its existing right to market the IFS-2C technology
in North America to its qualified clients and will report and coordinate
all marketing and sales activities through CoaLogix. Solucorp’s
license rights with regard to EES are now held by CoaLogix under this
agreement. Solucorp’s patent pending IFS-2C
mercury emission control technology has already been successfully
demonstrated in a live coal fired furnace facility in Litchfield,
Michigan, as announced on January 23, 2008. The technology is unique in
its ability to remediate mixed heavy metal contaminants, including
elemental mercury, contained within the wastewater and fly ash residue.
Solucorp has received one purchase order and one Notice to Proceed from
coal fired facilities and is scheduled to demonstrate the IFS-2C’s
technology the week of June 9, 2008 at one of those facilities.
Preparations are underway for the third plant demonstration, which is
targeted for July 2008.
“We are looking forward to a long and
prosperous relationship with CoaLogix. Our new partners bring to us
tremendous experience, credibility and know-how in the industry which we
believe will be the key to the successful marketing and sales of our
IFS-2C technology,” stated Noel E. Spindler,
President of Solucorp’s Integrated Fixation
System subsidiary.
Spindler added, “Mercury emissions are a major
issue facing today’s power industry. New,
stringent discharge regulations are leading operators of coal-fired
power plants to search for cost effective and permanent solutions to
address these emissions, and we believe our IFS technology meets their
needs.”
Bill McMahon, President and CEO of CoaLogix, commented; “MetalliFix
is a perfect addition to our portfolio of products and services to
reduce the environmental footprint of coal fired generation. Mercury
legislation in the US is imminent and mercury is an issue at coal fired
units around the world, this technology not only removes the mercury but
also takes care of the disposal issues inherent with other technologies.
We are delighted to have this important technology and also to have
Solucorp as our partners in this important market.”
About Acorn Energy, Inc.
Acorn Energy is a publicly traded holding company focused on improving
the efficiency of the energy grid and reducing the environmental impact
of the energy sector. Acorn Energy's operating companies leverage
advanced technologies to transform the existing energy infrastructure.
Acorn's strategy is to take primarily controlling positions and/or
create strategic alliances in companies led by great entrepreneurs and
add value by supporting those companies with marketing, strategy, and
business development. Acorn Energy is a global company with equity
interests in Comverge, CoaLogix, DSIT, Gridsense, Local Power and
Paketeria. For more information visit www.acornenergyinc.com.
About Solucorp Industries Ltd.
Solucorp Industries Ltd., www.solucorpltd.com
is a developer and provider of cost effective, permanent technologies
for the remediation and prevention of hazardous heavy metal (including
lead, mercury, arsenic, chromium, copper, zinc, nickel, selenium and
cadmium) contamination. Solucorp is the owner of several patents and
numerous additional patents that are pending. Solucorp Industries Ltd.
has three wholly owned subsidiaries: Solucorp Industries, Integrated
Fixation System Company, Inc., and WITS, Inc.
The foregoing discussion contains forward-looking statements, which are
based on current expectations. Actual results, including the outcome of
demonstration results, timing and amount of revenues recognized,
contracts awarded and performed and net income may differ due to such
factors as: delays in payment on contracts due to dealings with
governmental and foreign entities; fluctuations in operating costs
associated with changes in project specifications; economic and other
conditions affecting the ability of prospective clients to finance
projects; and other risks generally affecting the financing of projects.
Investors are cautioned to perform a proper due diligence and
consult-licensed professionals prior to making an investment decision.