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Integrated Environmental Technologies Ltd Announces Asset Purchase Agreement


Tuesday, 18 Jun 2013 02:37pm EDT 

Integrated Environmental Technologies Ltd announced that it entered into an Asset Purchase Agreement with Benchmark Performance Group, Inc. (Benchmark) to purchase nineteen EcaFlo machines owned by Benchmark as well as the rights to the Excelyte trademark and certain other intangible assets. The Company acquired the EcaFlo machines in order to support the anticipated customer demand for Excelyte in the oil and gas market. The Company believes that Excelyte is both an effective and an environmentally responsible biocide to treat production water generated by oil and gas wells and to treat the amount of bacteria and hydrogen sulfide present in production wells. The Company is currently working with five customers to develop the appropriate treatment protocol in order to eliminate bacteria and hydrogen sulfide present in the produced water and in production wells. The purchase price for the nineteen EcaFlo machines, the Excelyte trademark and other intangible assets is $190,000. The Company paid $38,000 in conjunction with the closing of the asset purchase and has issued a promissory note with a principal balance of $152,000. The promissory note bears interest at a rate of 7% per annum and requires the Company to make twenty-four monthly payments of $6,805 commencing August 1, 2013. The promissory note is secured by the nineteen EcaFlo machines. 

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30 Mar 2015