As Saudi Binladin Group has first investment say on debt and credit.
What happened to these and why don't they sell them to PE that deals with SAR is they are not using them?
CORRE has purchased exclusive licenses to use two innovative oil recovery
and remediation technologies that work in tandem to fully rehabilitate oil
contaminated sites while simultaneously recovering the oil, namely the APEX
and OS technologies.
The exclusive license to the APEX technology was purchased by CORRE from
M.G. Engineering, a division of Tzipa Enterprises Ltd., pursuant to a Specific
Equipment Purchase and Exclusive Use Agreement dated October 1, 2007. CORRE
agreed to pay M.G. Engineering US$3,400,000 for the exclusive license and
related equipment capable of treating 20 tons per hour of sludge and drill
cuttings, of which US$850,000 has been paid to date, the balance of the
purchase price expected to be paid upon completion of manufacture of the Apex
Equipment and site commissioning.
CORRE acquired the exclusive, world-wide license for the use and
manufacture of the OS technology under an Asset Sale and Purchase Agreement
dated June 6, 2007, entered into among CORRE, United Gulf Environmental
Service Company, WLL ("UGESCO") and Saudi International Establishment. CORRE
agreed to pay UGESCO the total sum of $5,400,000 for the OS exclusive license
and related equipment under manufacture, which sum has been entirely paid.
CORRE has established strategic relationships with parties in the Middle
East, built and will be shipping (upon completion) to Kuwait its proprietary
process equipment that utilize its two licensed technologies, and has started
the pre-qualification process to become an approved supplier to designated
customers in the Gulf States.
The primary objective of CORRE is to deliver oil recovery and remediation
services to its main customers, namely, oil companies worldwide. CORRE intends
to direct its Middle East and North African operations from a subsidiary
company, namely, CORRE MENA, with offices in Jebel Ali Free Zone, an area
located in the Jebel Ali area of the emirate of Dubai, in the United Arab
Emirates. It offers an economic zone with tax incentives to corporations.
The second objective of CORRE is to negotiate an expansion of its license
to use the OS Technology to enable CORRE to build a pilot facility that will
be used for unconventional oil production, including the deployment of
proprietary advanced oil separation and recovery equipment systems employing
the OS Technology to clean the substratum of sludge pits, oil-contaminated
sites and oil lakes. If that license is expanded, the OS Technology will be
able to be used to produce oil from tar sands outside Canada. Once the first
objective of CORRE starts progressing successfully and CORRE starts generating
profitable revenue from its environmental operations, management will then
direct their attention toward the implementation of CORRE's second objective
of unconventional oil production.