Drosrite International LLC Signs US$17M Contract with Radian Oil & Gas Services Company

November 13, 2019 08:05 ET | Source: DROSRITE International LLC

MAHWAH, N.J., Nov. 13, 2019 (GLOBE NEWSWIRE) -- Drosrite International LLC, a private waste management technologies company based in New Jersey, USA, (the "Company", the “Corporation” or "Drosrite International"), today announced that, further to its press release dated October 9th, 2019, it has signed a 20 years contract consisting of ~US$17 million in first year revenues, in addition to (i) future spare parts, and (ii) annual royalty payments (the “Contract”), with Radian Oil & Gas Services Company (“Radian” or the “Client”). Under this Contract, Drosrite International will provide innovative environmental services aimed at treating aluminum dross (“Aluminum Dross Processing”), using the DROSRITE™ technology. All DROSRITE™ systems will be manufactured in the United States.

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.

“Drosrite International is proud to be supplying the DROSRITE™ technology to such a discerning Client,” said Mr. Alex Pascali, CEO of Drosrite International. “First payments under this Contract are expected shortly.”

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. Radian is owned by the HAKA Group, an established conglomerate business founded in 1967 which is also based in the Kingdom of Saudi Arabia. The group is operating in a diverse range of business sectors from logistics to food and drink and from construction to real estate, owning a flourishing mix of brands under its umbrella.

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.

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.

SOURCE Drosrite International LLC

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