Post by
Flexy6 on Sep 12, 2006 4:54am
Press Release
IBR announces receipt of full payment for Malaysian Master License
Monday September 11, 2:47 pm ET
VANCOUVER, Sept. 11 /CNW/ - International Bio Recovery Corporation ("IBR") (TSX-V: IBR - News) www.ibrcorp.com an environmental biotech company with a proprietary technology (EATAD) to convert organic waste into environmentally progressive soil fertility products, announced today that it has received payment of US$435,000 from Asean Technology International Ltd. (Asean), Singapore as the third and final payment due under the previously announced sale of a Master License Agreement (MLA) for the construction and operation of IBR plants in Malaysia.
Asean is currently negotiating the sale of sub-license agreements for plants to be built in Malaysia. All plant license agreements issued under this Master License will require the payment of plant license fees to IBR and will also provide for the purchase of IBR proprietary equipment and payment by Asean of royalties to IBR for a period of 40 years.