(MENAFN- ProactiveInvestors) () a technology company that converts liquid waste into a hydrogen-based fuel signed an equipment purchase and distribution agreement with Afnetco Recycling of South Africa. Shares edged higher.
Afnetco has paid an initial deposit of $10000 and plans to complete the payment of a first system on or before June 2015 Tempa Florida-based said in a statement today.
Under the terms of a memorandum of understanding Afnetco has 180 days to complete the purchase of a 100 kilowatt recycler and during that time has a first right of refusal for other opportunities in the region.
Afnetco has started plans to expand its business development in South Africa to include green projects with a heavy focus on Infrastructure based technologies. has been selected to be part of this program according to the statement.
“Having a company like Afnetco endorse and bring us into their region of the world further solidifies our expansion strategy into this region" Ermanno Santilli chief executive officer of said in the statement. "I am excited that has been selected to participate in Afnetco's growth strategy for South Africa.”
Shares were up 0.1 percent at $0.706 at 1:30 p.m. in New York today.
currently sells into the metal working market as a replacement to acetylene. It is also selling equipment for the sterilization of bio-contaminated liquid waste for various industrial and agricultural markets. In addition the Company is developing a variety of ancillary uses for fuels utilizing its high flame temperature for co-combustion of hydrocarbon fuels and other advanced applications.
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