Enviro Voraxial Technology (EVTN) has entered into an agreement with Schlumberger to sell its intellectual property, substantially consisting of its Voraxial Separator patents and trademarks.
In addition, following the closing, EVTN will receive a worldwide, royalty-free license to use the underlying patents to market, manufacture and sell the Voraxial Separator for all industries outside of the oil-and-gas market. Further, EVTN will receive certain manufacturing rights to manufacture the Voraxial Separator for Schlumberger for a period of 3 years.
“We are very excited about the future potential of this relationship with Schlumberger,” stated John A. DiBella, CEO of EVTN. “This agreement provides EVTN with a path to manufacture and sell the Voraxial into the oil and gas market through Schlumberger and to potentially leverage this success into additional growth opportunities in other industries where the Voraxial can have significant benefits in treating and cleaning wastewater, such as mining, sewage and industrial wastewater.”
The agreement is expected to be completed within the next 3 months.