US$3 million was paid at the closing of the deal and US$1 million will be payable on the completion of the transfer of certain assets and services to Schlumberger, which is expected to take place around 12 months from the closing date.
Enviro Voraxial Technology has also received a worldwide, royalty-free licence to use the underlying patents to market, manufacture and sell the Voraxial Separator for all industries outside of the oil-and-gas market. The company has also entered into a supply agreement for certain manufacturing rights.
Enviro Voraxial Technology signed a purchase agreement with Schlumberger earlier this year.
“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,” said John DiBella, CEO of Enviro Voraxial Technology. “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 Voraxial Separator is a unique, patented, in-line turbo-separator that separates large volumes of solids and liquids with different specific gravities and without the need of a pressure drop.