DDS Technologies USA, Inc. Announces Exclusive Licensing Agreement With Knoll Ventures for Extraction of Metals and Minerals From Waste Products of Tar Sand Mining in Alberta, Canada - PLANS TO SHIP FIRST MACHINE TO SULFUR SOLUTIONS INC. FOR THE SEPARATION OF IMPURITIES FROM SULFUR MINING WASTE AND OTHER PROCESS RESIDUES -
Thursday July 7, 9:13 am ET
BOCA RATON, Fla., July 7 /PRNewswire-FirstCall/ -- DDS Technologies USA, Inc. (OTC Bulletin Board: DDSU - News), http://www.ddstechusa.com, today announced an Exclusive Licensing Agreement with Knoll Ventures Inc. (KVI) of Calgary, Canada to process the extraction of metals and other minerals from the waste, or tailings, of tar sand mining in Alberta, Canada.
Tar sands are impregnated sands, 20% of which consists of heavy liquid hydrocarbons that are extracted by open cast mining and further downstream processing. The other 80% of the contents of Tar sands consists of minerals and metals such as Nickel and Vanadium, which remain behind in the mine residue, or tailings, after the hydrocarbons have been extracted.
Knoll Ventures will buy machines from DDS with machine sales expected to commence in three to four months subject to onsite validation testing. Knoll Ventures has also agreed to pay DDS royalties on gross revenue generated by the utilization of DDS machines to process mine waste or tailings for the extraction of metals and other materials.
Spencer Sterling, President and CEO of DDS Technologies USA Inc. said, "This agreement lends further credence to the broad applications of the Patented DDS Technology. The application of the Patented DDS Technology to the field of inorganic materials is complementary to the research we are doing in conjunction with potential customers in the field of organic materials. We continue to make significant progress in the commercialization of DDS' technology, which we are confident will be a growing source of revenue."
In February 2005, DDS announced an Exclusive License Agreement between DDS Technologies USA Inc. and Sulfur Solutions Inc. (SSI) of Calgary, Canada for the separation of impurities from Sulfur mining waste and other process residues. Subsequently, tests were conducted on an experimental DDS machine and results were extremely positive. SSI also placed an order for a machine from DDS, which the company is now fulfilling and expects to ship to SSI within the next two months.
SSI will pay DDS USA a purchase price that has been negotiated by the parties and negotiate contracts for the processing of sulfur waste with third parties. If SSI successfully negotiates such contracts, it may place additional orders for machines with DDS USA at a substantially higher purchase price that has been negotiated by the parties. In addition SSI has agreed to pay a royalty to DDS USA on revenue generated, dependent upon whether the sulfur is processed by SSI or a third party.
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