Titan Technologies, Inc. has announced a License Agreement and has received $100,000 from Ally Investment, LLP, for the exclusive right to build tire recycling facilities in Texas, Oklahoma, Mississippi and Louisiana.
Each recycling facility will produce from 900 to 1000 barrels of oil, approximately 30 tons of scrap steel and about 90 tons of carbon black per day after the plant reaches full capacity, according to Titan estimates.
Construction on the first plant will commence on or before March 1, 2007 and is slated to be completed by March 2008, in Port Arthur, TX or in Philadelphia, MS.Titan will receive a License Fee of $1,600,000 payable in full upon the date that Ally Investments, a Texas Limited Partnership based in Port Arthur, Texas, designates a new location for construction of a recycling plant in the Territory and has financing in place to build the facility.
Ally Investments is planning the building of two plants in Texas, one plant in Oklahoma, and one plant in Mississippi, with construction beginning every 12 months.
The agreement also provides that Licensee will pay Titan royalty payments equal to l.5 percent of total sales of all by-products produced with Titan's technology.