Four Rivers BioEnergy establishes licensure for Spinning Tube in a Tube assets
In the UK, Four Rivers BioEnergy announced that it has entered into a series of transactions in relation to the STT (Spinning Tube in a Tube) assets that it acquired from Kreido Biofuels, Inc. in March 2009 with newly incorporated companies formed by Mr. Jack Dunigan, founder of Four Rivers and he owns 2.9% of our common stock.
Four Rivers has granted a five year exclusive US license to use, sell and manufacture the STT technology for an annual royalty of 10%. Aggregate royalties in the initial five year term must amount to $500,000 for the license to automatically renew and then $200,000 per year thereafter. Four Rivers retains ownership of all IP, process designs, and the United States and international patents, including all rights associated with the STT reactor based biodiesel process technology.
Category: Fuels
