Scorpex Signs $90 Million Equipment Contract
December 13 2011 - 6:37PM
Business Wire
Scorpex, Inc. (Pinksheets: SRPX) (the "Company"), an emerging
leader of industrial, hazardous and toxic waste disposal services
in the Baja Mexico/California region, signed a contract with
International Environmental Technologies, Inc. (“IET”) for the
acquisition and installation of waste gasification/thermal
oxidation equipment and licenses for a purchase price of USD
$90,000,000.
Scorpex has agreed to a total purchase price of USD $90,000,000.
As the terms of the agreement, the purchase price will be paid in
four payments as follows: USD $27,000,000 upon release of funds
from the lender; USD $27,000,000 upon IET’s delivery of a
certification that the shop drawings and other engineering work for
the installation of the equipment has been completed; USD
$27,000,000 upon IET’s delivery of a certification that the
erection of the steel framework for all units has been completed,
and USD $9,000,000 upon the final check-out, testing of the unit,
and commissioning.
Chief Executive Officer Joseph Caywood stated, “We are very
anxious to start installing this equipment and continuing our
infrastructure construction. I expect to have debt financing
finalized for this larger contract prior to January 1, 2012, and
construction in progress during Q1 2012.”
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.
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.
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