Shawshank, VA 7/28/2011 (PennyPayDay) -- Scorpex, Inc. (PINK:SRPX) announced yesterday, in a press release, further details of its recently announced major equipment contract signed with International Environmental Technologies, Inc. ("IET") for the acquisition and installation of waste gasification/thermal oxidation equipment as well as a license to use the technology. SRPX was also under an e-mail promotion campaign yesterday initiated by a third party investor.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."
PennyPayday Free Stock Quotes and Approach to the Stock Market
PennyPayday focuses on bringing penny stocks and small-cap companies from all exchanges, such as (SRPX), into the spotlight for investors seeking early development opportunities. PennyPayday has quickly become a recognized penny stock site and a top source for investors seeking information and research on today's emerging hot stocks. PennyPayday provides the investing public with stock market daily news, free real-time stock quotes, free stock charts, research for investing, as well as economic stories, videos, and market briefs from a staff of experienced and dedicated financial journalists.
Sign up for our Free Newsletter today, and join the thousands already getting our emails on the hottest stocks to watch.
Disclaimer: Neither www.PennyPayday.com nor its officers, directors, partners, employees or anyone involved in the publication of this website or newsletters is a registered investment adviser or licensed broker-dealer in any jurisdiction whatsoever. PennyPayday may or may not have been compensated by mentioned companies: (SRPX). For full disclaimer/disclosure please read PennyPayday's disclaimer.
No comments:
Post a Comment