ReleaseBR announces sale of $1,000,000 Master License in Malaysia
Monday July 17, 9:30 am ET
VANCOUVER, July 17 /CNW/ - International Bio Recovery Corporation ("IBR") (TSX-V: IBR - News) a biotech company with a proprietary technology (EATAD) to convert organic waste into environmentally progressive soil fertility products, announced today that it has reached an agreement to grant to Asean Technology International Ltd., Singapore a Master License Agreement (MLA) for the construction and operation of IBR plants in Malaysia. Asean has paid a deposit of US$250,000 to IBR for the first Plant License within the MLA and upon the payment of $250,000 in August 2006 and the balance of $500,000 upon issuance of the first plant license agreement (or transfer of technology) Asean will be granted the Master License Agreement for Malaysia giving Asean the right to build a minimum of 5 plants every two years (license fee payable to IBR for each plant to be at the then current rate per tonne of plant capacity).
Upon receipt of payment of the $500,000 IBR will issue a Plant License for an IBR EATAD plant having a digesting capacity of 400 tonne per day of organic waste at 8% solid content to be built in Malaysia. The plant license agreement will also provide for the purchase of IBR proprietary equipment and payment by Asean of royalties to IBR for a period of 40 years.