Wolf Energy Services Inc (WOEN)

[alien42]

EVTN Completes Purchase Agreement With Schlumberger

FORT LAUDERDALE, Fla., June 12, 2017 /PRNewswire/ -- Enviro Voraxial Technology, Inc. (OTC: EVTN) announced today that it has completed a comprehensive agreement with Schlumberger, the world's leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. The agreement was overwhelmingly approved with over 99% of the votes at the EVTN shareholder meeting on May 31, 2017.

Under the terms of the agreement EVTN sold its intellectual property, substantially consisting of its Voraxial Separator patents and trademarks to Schlumberger in consideration of up to $4,000,000, of which $3,000,000 was paid at closing and $1,000,000 payable upon the completion of the transfer of certain assets and services to Schlumberger, which is estimated to be approximately 12 months from the closing date. In addition, EVTN received a worldwide, royalty-free license to use the underlying patents to market, manufacture and sell the Voraxial Separator for all industries outside of the oil-and-gas market. Further, EVTN entered into a supply agreement for certain manufacturing rights.

"We are excited to have finalized this agreement and enter into the next stage of the relationship with Schlumberger. We look forward to building a strong, long-lasting relationship with Schlumberger," stated John DiBella, CEO of EVTN. "We believe this transaction could provide EVTN significant growth potential by expanding the unit sales into the oil and gas market while providing us the opportunity to pursue other markets that can utilize the Voraxial Separator such as mining, sewage and wastewater management."

The Agreement contains representations, warranties and covenants customary for this type of transaction.