Orbit announces letter of agreementwith Chinese investment firm.RANCHO SANTA FE Santa Fe, city, Argentina Santa Fe, city (1991 pop. 341,000), capital of Santa Fe prov., NE Argentina, a river port near the Paraná, with which it is connected by canal. , Calif.--(BUSINESS WIRE)--March 14, 1995--Orbit Technologies Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :OBTI) announced the signing of a letter of agreement to enter into a joint venture with Yulin District Economics and Trade Development Corp., located in the Guangxi Province, Peoples Republic of China, to build, supply and market the Orbit process for titanium refining. The agreement represents a turn key operation that includes training, equipment design and fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. , equipment maintenance and spare parts Spare parts, also referred to as Service Parts is a term used to indicate extra parts available and in proximity to the mechanical item, such as a automobile, boat, engine, for which they might be used. Spare parts are also called “spares. . It is anticipated that if the terms of the expected agreement are fully consummated, the value of the work would be in excess of $65,000,000.00. The initial phase of the Orbit/Guangxi Joint Venture is expected to be approximately $12 million; of this amount, 50 percent will be paid upon execution of the final joint venture agreement and the remainder will be confirmed by a stand-by letter of credit with a U.S. institution. The formal joint venture agreement is expected to be finalized in approximately 45 days. Guangxi Province Interested in Creating Industry and Market for Their Ilmenite ilmenite (ĭl`mĕnīt), black mineral, iron titanium oxide, FeTiO3, crystallizing in the hexagonal system. It is sometimes found as tabular hexagonal crystals but occurs more commonly as small grains in igneous and metamorphic Deposits There are currently large undeveloped deposits of titanium ore located in the Guangxi province which can be developed for many worldwide uses. Orbit Technologies, a technology holding and development company, holds pending patents for a unique continuous vacuum plasma titanium refining process for producing titanium dioxide, titanium ingot ingot Mass of metal cast into a size and shape such as a bar, plate, or sheet convenient to store, transport, and work into a semifinished or finished product. The term also refers to a mold in which metal is so cast. , or titanium alloys. The initial phase of the agreement calls for Orbit to establish two mini processing lines capable of producing one ton of end product per shift. The process will alter the present market structure and pricing of titanium by changing the way it is refined. Under the anticipated agreement, Orbit Technologies will also receive a 15 percent royalty and will be committed to market the titanium ingot exclusively for the joint venture. The process does not require toxic chemicals, or produce toxic waste toxic waste is waste material, often in chemical form, that can cause death or injury to living creatures. It usually is the product of industry or commerce, but comes also from residential use, agriculture, the military, medical facilities, radioactive sources, and . It consumes a relatively low amount of energy during the refining process. -0- NOTE TO EDITORS: Disclaimer: The application of new and revolutionary technologies is frequently subject to industrial acceptance and governmental regulations and there is no guarantee products will attain market recognition. CONTACT: Ian C. Gent, 716/592-2688 716/592-2576 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion