Scorpex has agreed to a total purchase price of $30,000,000. As terms of the agreement, the purchase price will be paid in four payments as follows: $9,000,000 upon the release of funds from the lender; $9,000,000 upon IET's delivery to Scorpex of a certification that the shop drawings and other engineering work for the installation of the Equipment has been completed; $9,000,000 upon IET's delivery to Scorpex of a certification that the erection of the steel framework for all two units has been completed; and $3,000,000 upon the final check out, testing of the unit and commissioning.
IET will install the equipment, train supervisory personnel to operate and maintain the equipment, provide a set of spare parts and issue certificates of completion. IET has also agreed to provide a warranty for the equipment installed, ensuring that the equipment will be free from defects in materials and workmanship. If malfunction is reported within the warranty period, IET will repair or replace the defective or non-conforming part at no charge to Scorpex.
Chief Executive Officer Joseph Caywood commented, "As I said previously, we have made remarkable progress and are very excited to be moving forward so quickly with our business strategy. Signing such a major equipment contract at the dawn of establishing our first waste disposal and processing plant is yet another strong vote of confidence by others who have chosen to join our initiative to address Mexico's growing demand for industrial, hazardous and toxic waste management."
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