ReleaseIBR announces receipt of second payment under sale of license in Malaysia
Friday August 11, 9:30 am ET
VANCOUVER, Aug. 11 /CNW/ - International Bio Recovery Corporation ("IBR") (TSX-V: IBR - News) 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$224,000 from Asean Technology International Ltd. (Asean), Singapore as the second payment due under the previously announced sale of a Master License Agreement (MLA) for the construction and operation of IBR plants in Malaysia. Asean had previously paid a deposit of US$250,000 to IBR in July 2006 for the first Plant License within the MLA and the balance of $500,000 will be paid upon issuance of the first plant license agreement (or transfer of technology). Asean will at that time be granted the Master License Agreement for Malaysia giving Asean the right to build a minimum of 5 plants over a maximum 10 year period (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.