Texas Pioneers Way For Scrap Tire Solution
Wednesday September 5, 8:00 am ET
ALBUQUERQUE, N.M., Sept. 5 /PRNewswire-FirstCall/ -- Titan Technologies, Inc. (OTC Bulletin Board: TITT - News) is happy to announce that the State of Texas Commission on Environmental Quality has issued an Air Quality Permit ("Permit") authorizing Neofuels U.S.A. LLC ("Neofuels") of Port Arthur, Texas to construct and operate a tire recycling facility in Port Arthur, Texas.
Neofuels, is a wholly owned subsidiary of Ally Investments, LLP ("Ally"), which holds a license with Titan Technologies, Inc. ("Titan") to construct a tire recycling facility in Port Arthur, Texas capable of processing approximately 300 tons of scrap tires per day utilizing Titan's patented thermolysis recycling process. At full capacity the proposed facility will process approximately 30,000 scrap automobile tires per day that will recover approximately 1000 barrels (approximately 42,000 gallons) of fuel grade oil, 90 tons of carbon black and 30 tons of steel per day.
Neofuels' proposed facility will be located within the Port of Port Arthur with water, rail and highway accessibility for delivery of raw materials and shipment of the generated marketable products.
The License Agreement between Ally Investments and Titan also provides for exclusive territories for additional 300 ton per day tire recycling plant to be built by Ally using Titan's technology in Texas, Oklahoma and Mississippi, if certain conditions are met.
Among other terms, the License Agreement provides for Ally to pay to Titan a licensing fee of $1.6 million for each plant and a royalty equal to one and one-half (1.5%) percent of gross revenue from sales of all the marketable products generated by the plant(s).
Titan President, Ronald Wilder, stated, "Titan commends Dr. Ally and his staff at Neofuels, as well as the staff of the engineering firm of CH2M Hill and Titan's engineering staff, for their long and arduous effort and significant financial commitment spent in qualifying Neofuels for the Permit."
Also, Ally Investments has stated that it recently received from Process Engineering a third party feasibility evaluation company, of Oakridge, Tennessee an Evaluation and Feasibility Study that reported a positive evaluation and the economic feasibility of Neofuels' proposed Port Arthur facility. Neofuels is now engaged in the final stages of its financing of the Plant.
Titan has recently applied for three additional utility patents, which will be made available for use in the Neofuels plant in Port Arthur, Texas, that modernize and replace the facility's feeder system, filter system and process array.
Statements which are forward looking and not historical facts involve risks and uncertainties which could cause Titan Technologies, Inc.'s operations and results to differ materially from those in any forward-looking statements, including statements of objectives or projections. These risks include market and economic conditions, fluctuations in commodities prices, changes in governmental regulations or policies, accuracy of estimates, inability to obtain financing or venture partners and other risks generally associated with the industry. The Company undertakes no obligation and has no intention of updating forward-looking statements.
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Source: Titan Technologies, Inc. |
