Sonic signs remediation technology lease, licensing agreement with Quantum Murray
VANCOUVER, BC-Sonic Technology Solutions and Quantum Murray LP, in Toronto, have signed an agreement allowing Quantum Murray to deploy Sonic's mobile treatment system to clean up PCB-contaminated soils within Canada. Under the agreement's lease, acquisition and licensing terms, Quantum Murray, an operating partnership of Newport Partners Income Fund, will lease the mobile treatment system from Sonic and will acquire the exclusive Canadian rights to deploy the technology for PCB-contaminated soil remediation. Quantum Murray will pay Sonic an initial licensing fee of $500,000 (contingent upon the former securing its first PCB remediation contract) and will make capital lease payments of $2.5 million for the purchase of the system. The lease payments will be based on 25% of the net proceeds earned from the use of the System. The licence fee structure will split the net proceeds from Quantum Murray's deployment of the technology in Canada equally between the two companies. Closing of the deal is subject to approval of the TSX Venture Exchange. Quantum Murray was formed in December 2006 by the merger of Quantum Environmental and Murray Demolition. The firm specializes in hazardous materials abatement, decommissioning and remediation of industrial and commercial sites, and the treatment of soil, water and other waste materials. Sonic's proprietary Sonoprocess technologies are based on the company's core sonic generator technology. Having commercialized the large-scale use of sonic energy for soil remediation, Sonic is investigating is application to energy and other industrial processes such as oil upgrading and improved oil sands processing.