Scorpex Provides Additional Details of $30 Million Equipment Agreement
28 July 2011 - 9:05PM
Marketwired
Scorpex, Inc. (PINKSHEETS: SRPX) (the "Company"), an emerging
leader of industrial, hazardous and toxic waste disposal services
in the Baja Mexico/California region, today provides further
details of its recently announced major equipment contract signed
with International Environmental Technologies, Inc. ("IET") for the
acquisition and installation of waste gasification/thermal
oxidation equipment as well as a license to use the technology.
Scorpex has agreed to a total purchase price of USD$30,000,000.
As terms of the agreement, the purchase price will be paid in four
payments as follows: USD$9,000,000 upon the release of funds from
the lender; USD$9,000,000 upon IET's delivery to Scorpex of a
certification that the shop drawings and other engineering work for
the installation of the Equipment has been completed; USD$9,000,000
upon IET's delivery to Scorpex of a certification that the erection
of the steel framework for all two units has been completed; and
USD$3,000,000 upon the final check out, testing of the unit and
commissioning.
IET will install the equipment, train supervisory personnel to
operate and maintain the equipment, provide a set of spare parts
and issue certificates of completion. IET has also agreed to
provide a warranty for the equipment installed, ensuring that the
equipment will be free from defects in materials and workmanship.
If malfunction is reported within the warranty period, IET will
repair or replace the defective or non-conforming part at no charge
to Scorpex.
In addition to the numerous advantages presented by IET's
proprietary technology, some of which were detailed in an earlier
press release, the system features a lower capital investment than
competition as well as lower operating costs. With an average
construction time of only six to twelve months, Scorpex anticipates
commencing full operations before the previously projected time
frame.
Chief Executive Officer Joseph Caywood commented, "As I said
previously, we have made remarkable progress and are very excited
to be moving forward so quickly with our business strategy. Signing
such a major equipment contract at the dawn of establishing our
first waste disposal and processing plant is yet another strong
vote of confidence by others who have chosen to join our initiative
to address Mexico's growing demand for industrial, hazardous and
toxic waste management."
About Scorpex, Inc.
Scorpex, Inc. is taking the necessary steps to own and operate a
full service waste disposal and recycling company, capable of
storing and disposing all types of waste, including those
classified as industrial, toxic, and hazardous. The location chosen
for the first Scorpex plant is strategically positioned to
accommodate the vast region of Baja California, Mexico.
For more information, visit www.scorpex.com
About MissionIR
MissionIR is committed to connecting the investment community
with companies that have great potential and a strong dedication to
building shareholder value. Through a full suite of investor
relations and consultancy services, we help public companies
develop and execute a strategic investor awareness plan as we've
done for hundreds of others. Whether it is capital raising,
increasing awareness among the financial community, or enhancing
corporate communications, we offer a variety of solutions to meet
the objectives of our clients.
For more information on Scorpex, Inc., visit
http://SRPX.MissionIR.com
This press release may contain certain forward-looking
statements regarding future circumstances. These forward-looking
statements are based upon the Company's current expectations and
assumptions and are subject to various risks and uncertainties that
could cause actual results to differ materially from those
contemplated in such forward-looking statements. Actual results,
events, and performance may differ. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as to the date hereof. The Company undertakes no
obligation to release publicly any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. The inclusion of any statement in this
release does not constitute an admission by the Company or any
other person that the events or circumstances described in such
statements are material.
Contact: Investor Relations J.R. Munoz 310-891-1838
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