Covol Technologies Inc. Announces a $500,000 License Fee to be Paid by Birmingham Syn Fuel L.L.C.LEHI, Utah--(BUSINESS WIRE)--Aug. 26, 1997-- Birmingham Syn Fuel L.L.C. to Use Covol's Proprietary 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. Technology Covol Technologies Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CVOL CVOL Control Volume ) Tuesday announced that its Alabama project licensee, Birmingham Syn Fuel L.L.C., has received a Private Letter Ruling ("PLR PLR pupillary light reflex. ") from the Internal Revenue Service. The receipt of the PLR triggers the first payment of the $500,000 license fee from Birmingham Syn Fuel which is payable in two equal installments, for the right to use Covol's patented technology at the Alabama synthetic fuel processing facility. The second installment will be payable upon completion of the plant construction. Birmingham Syn Fuel L.L.C. is a wholly-owned subsidiary of PacifiCorp Financial Services Inc. The PLR delineates the IRS's concurrence CONCURRENCE, French law. The equality of rights, or privilege which several persons-have over the same thing; as, for example, the right which two judgment creditors, Whose judgments were rendered at the same time, have to be paid out of the proceeds of real estate bound by them. Dict. de Jur. h.t. with respect to the proposed tax treatment of the purchase of the facility from Alabama Synfuel syn·fu·el n. A liquid or gaseous fuel derived from coal, shale, or tar sand, or obtained by fermentation of certain substances, such as grain. [syn(thetic) + fuel.] No. 1. The Alabama facility is anticipated to be in commercial operation before the first of the year. Covol's patented process converts coal fines (small particles of coal ranging from dust to 1/4 inches in diameter) into a solid synthetic fuel which qualifies for a tax credit under Section 29. Covol Technologies Inc., is a technology development company focused on recycling yesterday's waste into tomorrow's resources. -0- NOTE TO EDITORS: 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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