MAHWAH, N.J., Jan. 27, 2020 (GLOBE NEWSWIRE) -- Drosrite International LLC, a private waste management technologies company based in New Jersey, USA, (the "Company", the “Corporation” or "Drosrite International"), further to recently announced press releases, provides today an update of its backlog.
Drosrite International had previously entered into a mutually exclusive arrangement with Radian to provide DROSRITE™ systems to Radian in their competitive bid for a major Aluminum Dross Processing project.
The Company will manufacture, under a limited exclusive arrangement to sell DROSRITE™ systems, five (5) DROSRITE™ 5,000 TPY systems, plus two (2) 10,000 TPY systems to treat 30,000 to 40,000 tons per year of white and black aluminum dross. In addition, the Company will also supply spare parts over a 20-year period and, separately, benefit from an annual royalty stream.
“Given recent inquiries from the public, we wish to confirm the following: (i) the contract is a fully signed contract with Radian, (ii) that the previously mentioned letter of credit is not dependent on our financials, and more importantly (iii) work has already begun under this contract with Radian,” said Mr. Alex Pascali, CEO of Drosrite International. “The perceived delays are entirely normal for a contract of this type wherein there are multiple players, on different continents and in different time zones with translation requirements. This, combined with the Christmas holiday in North America and spring break in the Client’s country, clearly underscores the reasonableness of these perceived delays. The only change to date, with respect to information announced in our previous press releases relates to the $4.6M down payment, which has been, for paperwork and logistical reasons, divided into four equal payments, each closely timed for a new total of approx. $8M. By closely timed, I mean that, given the work to date, invoicing can be done immediately subsequent to the receipt of the first payment.”
“It is important to note”, added Mr. Pascali, “that although we are a private company, we adhere to the highest standards of disclosure and, as such, should there be any material change to the contract previously press released, we will disclose that change immediately.”
DROSRITE™ is a patented, proven, salt-free, cost-effective, sustainable process for maximizing metal recovery from dross (a waste generated in the metallurgical industry) which avoids costly loss of metal, while reducing a smelter’s carbon footprint and energy consumption, thus providing a high return on investment. The system has been designed to process and recover valuable metals such as aluminum, zinc and copper from dross.
Radian is a private Saudi Arabian company providing technologies that help customers conserve energy, operate more efficiently through a broad range of solutions while saving fuel, water / electricity & reducing CO2 emissions.
About Drosrite International LLC
Drosrite International LLC, is a US based private company duly constituted and existing under the laws of the State of Delaware, providing state-of-the-art waste management technologies to the aluminum industry. The Company is duly licensed and has the right to manufacture, market, sell and distribute DROSRITE™ systems and technology. All DROSRITE™ systems supplied by Drosrite International are manufactured in the USA.
The Company’s core business is to promote, under a limited exclusive arrangement, the trademarked DROSRITE™ systems and technology; a revolutionary salt-free rotary tilting furnace for maximizing the recovery of non-ferrous metals from dross.
Drosrite International’s focus is to supply DROSRITE™ systems, together with complete plant and accessories, required for the recovery of aluminum dross. Drosrite International LLC is in discussion with other smelters to provide this type of service on a direct/indirect basis.
This press release contains certain forward-looking statements, including, without limitation, statements containing the words "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "in the process" and other similar expressions which constitute "forward- looking information" within the meaning of applicable securities laws. Forward-looking statements reflect the Corporation's current expectation and assumptions and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Corporation with respect to future events and are subject to certain risks and uncertainties and other risks.
Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward- looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.
SOURCE Drosrite International LLC
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