Veridium Executes License for GreenShift's Tornado Generator
Wednesday October 12, 10:00 am ET
MOUNT ARLINGTON, N.J.--(BUSINESS WIRE)--Oct. 12, 2005--Veridium Corporation (OTC Bulletin Board: VRDM - News) today announced its execution of a license agreement with GreenShift Industrial Design Corporation ("GIDC"), a wholly-owned portfolio company of GreenShift Corporation (OTCBB: GSHF - News) for the rights to GIDC's proprietary Tornado Generator(TM) for applications involving the processing of industrial wastes.
ADVERTISEMENT
The Tornado Generator(TM) accelerates compressed air to supersonic speeds in a closed cyclonic chamber where the air is powerful enough to almost instantly grind, flash desiccate and atomize solid and liquid wastes and other materials into micron sized powders.
"I am fascinated by the Tornado Generator(TM) technology," said Kevin Kreisler, Veridium's chairman and chief executive officer. "I have personally extensively researched a great many green technologies and I believe that this technology has staggering application potential because it is robust, it can process a very broad spectrum of materials, it is cost-effective to operate, and it is very scalable - which is extremely important."
"The Tornado Generator(TM) is one of several key technologies that Veridium intends to acquire as it builds its portfolio of green technology holdings," added Kreisler. "One of the remarkable operating properties of this technology is that it makes the in-line processing of qualified industrial wastes possible - this basically means that several capital intensive and otherwise expensive steps in conventional industrial waste treatment can be entirely by-passed for qualified waste streams. This can have significant positive impacts on the operating costs of industrial waste generators if successfully implemented, and we are extremely excited by this possibility."
GIDC is currently refining the design of a skid-mounted industrial waste processing system for Veridium based on the Tornado Generator(TM) technology.
Under the terms of the license agreement, Veridium agreed to pay GIDC royalties equal to 3% of all service and product revenue generated by Veridium from the use of the Tornado Generator(TM) technology.
About Veridium Corporation
Veridium is an environmental management company providing a variety of services to a broad client base in both the private and public sectors with a specialization in the recycling and reuse of industrial hazardous wastes. Veridium's services include collection and transportation of industrial wastes, site remediation, and recycling of metal-bearing and chemical wastes. Veridium's focus is to provide our clients with value-added, environmentally conscious and cost-effective hazardous waste management services based on our efficient managing of wastes and use of green technologies. Additional information on Veridium and its business model is available online at www.veridium.com.
