MT. LAUREL, N.J.--(BUSINESS WIRE)--Global Resource Corporation (Other OTC:GBRC) (“GBRC”), a developer of a patent-pending microwave technology, today announced the company has entered into an agreement for the sale of a 1-ton prototype unit and the grant of a worldwide exclusive license agreement (“License Agreement”) with Universal Alternative Fuels, Inc. (the “Licensee”).
Under the terms and conditions of the License Agreement and Purchase Order, the Licensee is to purchase a 1-ton prototype unit for oil shale processing applications, to be developed and engineered by GBRC. The agreement calls for a total price of $3.5 million to be paid to GBRC for the unit, subject to the Purchase Order terms and conditions. Additionally, the Licensee's interests are secured by a charge over the specific technology rights related to the licensed Field of Use, oil shale and coal, and GBRC's existing development prototype unit.
GBRC will also be the exclusive manufacturer for any further units developed and commercialized by Universal Alternative Fuels, Inc. under the License Agreement. A separate announcement concerning the License Agreement has already been issued.
“We are pleased to have sold our first 1-ton prototype unit for oil shale applications,” says Peter Worthington, Chief Executive of Global Resource Corporation.
