TSX Venture Exchange Symbol: SNV
VANCOUVER, Nov. 26 /CNW/ - SONIC Technology Solutions Inc. ("SONIC" or "the Company") today announced that it has entered into an agreement (the "Agreement") with Energy Invest Group Ltd. ("EIG") to sell its Terra-Kleen system and process for $1.5 million plus future royalties.
Under the Agreement EIG will purchase the Company's assets related to the Terra-Kleen process to extract persistent organic pollutants such as PCB from soils and other wastes. The purchase price payable by EIG will be $1.5 million with $0.5 million paid immediately and the remainder payable within 24 months. In addition, EIG will pay royalties to Sonic for each tonne processed using the Terra-Kleen system after payment of the purchase price is complete. The royalty rate will be $10-$25 per processed tonne.
In addition, Sonic has agreed to grant EIG a 1 year exclusive option to license its PCB Sonoprocess(TM) with possible extensions based on project growth generation. Financial terms for this will be a function of the commercial terms acquired with each project to be based on a license fee and on-going royalty interests.
Richard Wadsworth, Sonic President and CEO, stated, "This Agreement provides Sonic with an immediate return on its environmental assets and shifts its focus to the near term development and commercialization of the PetroSonic heavy oil upgrading business. With EIG's international environmental project contact base and its other environmental technologies they will be in a much better position to capture projects and generate revenue to which Sonic will receive an ongoing percentage." The Agreement remains subject to the acceptance of the TSX Venture Exchange.
Nigel Harper, Energy Invest Founder and CEO, commented "The acquisition of Terra-Kleen, combined with the exclusive licensing option on the PCB Sonoprocess will enable EIG to provide a unique solution to difficult remediation problems, particularly those involving Persistant Organic Pollutants. EIG has a number of large projects in the pipeline which will enable us to capitalize on this opportunity."
About Energy Invest Group
The Energy Invest Group markets and finances projects based on its access to proprietary technologies. Energy Invest Group also partners in the development of promising technologies related to environmental treatment, bio- and synthetic fuels, gas processing, crude oil cracking, tidal power, and enhanced oil recovery. Energy Invest focuses on industrial applications in Europe, Middle-East & Africa and is located in London, England with research affiliates in UK, USA and Russia/CIS.
SONIC develops and commercializes improved processes based on its sonic reactor technology. The company's main commercial focus is its PetroSonic heavy oil upgrading process. SONIC collaborates on additional applications such as oil sands processing with Shell Canada and the beneficiation of fly ash with Nalco-Mobotec.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement except in compliance with applicable securities laws.
SOURCE Sonoro Energy Ltd.
For further information: For further information: please contact Chief Executive Officer, Richard Wadsworth at: Tel: (604) 736-2552, Email: info@SONICTSI.com, www.SONICTSI.com