Core Lithium Corp. (fka CORX)

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Now look at the Recent financials from WCRM.


On December 12, 2009, Green EnviroTech entered into an (i) equipment purchase and installation agreement (the “Purchase Agreement”) with Agilyx (formally Plas2Fuel) Corporation (“Agilyx (formally Plas2Fuel)”), (ii) oil marketing and distribution agreement with Agilyx (formally Plas2Fuel) (the “Oil Marketing Agreement”), and (iii) license agreement with Agilyx (formally Plas2Fuel) (the “License Agreement”). Plas2Fuel Corporation changed its name to Agilyx Corporation effective June 8, 2010. All agreements and contracts negotiated as Plas2Fuel Corporation are still in full force and will be honored by Agilyx Corporation.

Pursuant to the Purchase Agreement, Green EnviroTech agreed to purchase, and Agilyx (formally Plas2Fuel) agreed to sell and install, a twelve vessel waste plastic to oil recycling system (the “System”), for a purchase price of $5,595,645. Green EnviroTech agreed to pay the purchase price over five installments. On December 31, 2009, Agilyx (formally Plas2Fuel) issued a waiver to Green EnviroTech leaving it to the discretion of Green EnviroTech to implement the first installment due date before the equipment would be shipped. As of December 31, 2010, the first installment date had not been determined. The waiver issued to the Company by Agilyx is still in place and recognized by Agilyx. The Company expects to place its first order to Agilyx for its Riverbank, CA plant by the end of April 2011. The Riverbank Plant is expected to be in production by the end of August or September 2011.


Pursuant to the Oil Marketing Agreement, Green EnviroTech agreed to provide to Agilyx (formally Plas2Fuel), on an exclusive basis, the sweet crude oil generated by the System, meeting the specifications set forth in the Oil Marketing Agreement, and Agilyx (formally Plas2Fuel) agreed to broker the oil for sale to third parties, for a commission of 10%. The Oil Marketing Agreement has a term of five years commencing on December 12, 2009, which will renew automatically for successive one year terms unless either party provides written notice at least 90 days prior to such renewal.


Pursuant to the License Agreement, Agilyx (formally Plas2Fuel) agreed to grant Green EnviroTech a limited license to use Agilyx (formally Plas2Fuel)’s proprietary technology and information in connection with operation of the System at Green EnviroTech’s facilities, for a license fee of 10% of Net Oil Revenue. On May 18, 2010, the License Agreement was amended to give Green EnviroTech an exclusive provisional right to the Auto Shredder Residue (“ASR”) market within North America. The right expires on January 1, 2021. Agilyx (formally Plas2Fuel) excluded producers they are servicing on Exhibit A which indicated “none”. The exclusive right is contingent upon the Company purchasing from Agilyx (formally Plas2Fuel) and paying in full for Plastic Reclamation Units on a prearranged schedule as follows:

a) Twelve (12) Plastic Reclamation Units (“ PRU’s ”) between January 1, 2010 and December 31, 2010; (as of December 31, 2010, no units had been ordered. Even though no units have been ordered as set forth in the agreement, Agilyx still recognizes Green EnviroTech as having exclusive rights with no liability to Agilyx until the first order. The Company expects to order its first units by the end of April 2011)

b) Twenty (20) PRU’s between January 1, 2011 and December 31, 2011; and

c) Forty (40) PRU’s between January 1, 2012 and December 31, 2012; and

d) Forty (40) PRU’s between January 1, 2013 and December 31, 2013; and

e) Forty (40) PRU’s between January 1, 2014 and December 31, 2014; and

f) Forty (40) PRU’s between January 1, 2015 and December 31, 2015; and

g) Forty (40) PRU’s between January 1, 2016 and December 31, 2016; and

h) Forty (40) PRU’s between January 1, 2017 and December 31, 2017; and

i) Forty (40) PRU’s between January 1, 2018 and December 31, 2018; and

j) Forty (40) PRU’s between January 1, 2019 and December 31, 2019; and

k) Forty (40) PRU’s between January 1, 2020 and December 31, 2020.

10K http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=7842126