COVOL Technologies Inc. announces it has signed agreement to license its patented technology with four project companies of Pace Carbon Fuels L.L.C.LEHI, Utah--(BUSINESS WIRE)--Jan. 16, 1997--Covol Technologies Inc., (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CVOL CVOL Control Volume ), Thursday Thursday: see week. announced that it has signed four agreements for licensing Covol's patented technology for converting coal fines into a solid synthetic fuel Synthetic fuel or synfuel is any liquid fuel obtained from coal, natural gas, or biomass. It can sometimes refer to fuels derived from other solids such as oil shale, tar sand, waste plastics, or from the fermentation of biomatter. with four project companies of Pace Carbon Fuels L.L.C. In aggregate, these facilities are licensed by Covol to produce approximately 2 million tons per year of solid synthetic fuel. Pace Carbon is a joint venture between C.C. Pace Resources and Carbon Resources of Florida. C.C. Pace Resources is an independent energy consulting, management and development company headquartered in Fairfax, Va. C.C. Pace provides comprehensive energy strategies to large users and producers of energy in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and abroad, including major industrial concerns and independent power producers. Carbon Resources of Florida is a coal marketing company, organized to represent coal producers of the United States and other countries. Total sales by Carbon Resources of Florida affiliate companies totaled nearly 1.5 million tons for 1996. Carbon Resources of Florida works under cooperative agreements with its coal company clients, providing marketing and other ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. services, including import clearance assistance, financing, deep water transportation, inland transportation and other such services that accommodate the sale of coal into the various countries into which it sells coal. "One of the greatest benefits of the 2 million ton Pace contract in addition to the six projects announced earlier with PacifiCorp Synfuels, is that it allows Covol to expand its resources in this important market," stated Brent Brent, outer borough (1991 pop. 226,100) of Greater London, SE England. The area is a rail and industrial center. Its manufactures include automobile parts, clocks and watches, and electrical equipment. Cook, Covol's president and chief executive officer. "Pace Resources will be developing its projects utilizing their personnel and Covol's design. "The agreement with Pace Carbon is very similar to our license agreement with PacifiCorp. This will allow Covol to focus our resources on additional projects which we are developing on our own. Covol will receive several revenue streams from the Pace and PacifiCorp licensing and royalty agreements. Under the Pace agreement, Covol will receive an advance license fee of $1.39 per ton of rated capacity. "In addition, the plants will generate significant royalty fees based on the level of production and sales of each plant. And as in all of the projects utilizing Covol's patented technology, Covol will receive a percentage of all binder binder: see combine. An earlier Microsoft Office workbook file that let users combine related documents from different Office applications. The documents could be viewed, saved, opened, e-mailed and printed as a group. sales to these facilities." Covol Technologies Inc. is a technology development company focused on recycling recycling, the process of recovering and reusing waste products—from household use, manufacturing, agriculture, and business—and thereby reducing their burden on the environment. yesterday's waste into tomorrow's resources. -0- Forward looking statements in this release involve a number of risks and uncertainties including, but not limited to, product demand, market acceptance, changing economic conditions, risks in product and technology development, the effect of the company's accounting policies and other risk factors detailed in the company's SEC filings. CONTACT: Covol Technologies Inc., Lehi Alan Ayers, 801/768-4481 fax 801/768-4483 |
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