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Gold/Mining/Energy : Energy Biosystem Corp NASDAQ-ENBC
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To: C E D who wrote (293)2/9/2000 12:10:00 PM
From: Pluvia   of 336
 
YA GOTTA BE KIDDING - HERE'S A 3rd 7 YEAR FAILED JV

TEXACO GROUP, INC. In July 1993, EBC signed an agreement with Texaco Group, Inc. ("Texaco") for the development of a BDS process for crude oil. Under the terms of the alliance, EBC primarily is responsible for improving the performance of the biocatalyst used in the BDS process. Texaco primarily is responsible for field operations, analytical chemistry work, and selecting and providing the target crude oil stream as well as testing desulfurized product quality. ***HUH? what a bunch of BS***

***ROFL!!! Look at the responsibilities in this JV - more meaningless mumbo jumbo that requires no responsibility by Texaco - the only value to ENBC is for PR... Note once again the JV partner never puts up money and has never in 7 years attempted to invest in the flailing ENBC***

Process engineering is conducted jointly by the parties. EBC and Texaco each bear their own costs and expenses incurred in connection with the collaboration. In the event EBC sub-licenses Texaco's intellectual property and proprietary information, licensed by Texaco to EBC, EBC has agreed to pay Texaco an amount equal to 10 percent of the desulfurization processing fee charged to Texaco until such time as EBC has paid Texaco an aggregate amount equal to two and one-half times the aggregate amount of Texaco's direct costs and expenses incurred in connection with the collaboration. EBC expects that the development alliance with Texaco will facilitate commercialization of EBC's BDS technology for crude oil applications.

Texaco is one of the largest oil companies in the world with operations in crude oil production, refining and marketing. Texaco has annual revenues in excess of $46 billion.

PROSPECTIVE ADDITIONAL CUSTOMER ALLIANCES. EBC is also pursuing additional alliances with potential customers, particularly for its organosulfur compounds with companies in the area of industrial chemicals.
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