DREV News --- SANFORD, Fla., May 25 /PRNewswire/ -- Dragon Environmental Corporation
(OTC Bulletin Board: DREV) has successfully closed its previously
announced licensing agreement, granting the licensee the exclusive
right to utilize its Sand Dragon(R) and Mud Puppy technologies in the
United Kingdom and the Republic of Ireland, it was announced here
today. Pursuant to this agreement Aquatek (UK) Limited (OTC Bulletin
Board: AQUK), the new licensee, has paid to Dragon 2,500,000 shares of
its restricted common stock, and in addition to other consideration is
required to make additional cash payments to Dragon over the next
several years.
"This is the first definitive step in Dragon's international expansion
plans," stated Basil J. Meecham, the company's chairman and CEO.
"We're looking forward to working closely with John Hedges, Aquatek's
chairman and CEO, and his management team to place several Sand Dragon
and Mud Puppy systems into full operation in the United Kingdom at the
earliest possible date." Mr. Hedges commenced ten days of consultation
and planning at Dragon's Florida headquarters on Monday, May 17th.
Asked about the potential of the UK market, Loren Howard, Dragon's
Executive Vice President and Chief Operating Officer, replied, "Before
executing this landmark agreement with us, Aquatek's management team
made a detailed study of the population of water and sewage treatment
plants in England, Ireland, Scotland and Wales, the methods that they
presently employ in order to maintain clean, free-flowing operations,
and the government regulations that apply in each of those
jurisdictions. Their research confirms our belief that these markets
represent a major opportunity to put Dragon's technology to work."
|
