W2 Energy Inc. (W2 Energy) has purchased Parcon, a waste destruction system and associated intellectual property, from Blue Vista Technologies, Inc. (Blue Vista). The Parcon is a transportable waste treatment facility that converts PCBs, CFCs, chemical weapons and explosives into more easily storable and in some cases saleable salts and liquids. The company plans to modify the Parcon to convert the hazardous waste into syngas for producing liquid hydrocarbon fuels and electricity.
For the Parcon mobile waste treatment plant and its associated intellectual property, the company paid Blue Vista $50,000, payable in the form of convertible debenture with a term of 24 months, convertible at discretion of Blue Vista into common stock of the company at a price of $0.05 per share. The company will also pay the cost linked with repairing the asphalt under the area where the Parcon unit is stored.
Blue Vista granted the company with the Parcon intellectual property for all the territories and countries worldwide, excluding Australia and the Mexico. In addition to other payments made to Blue Vista, the company will pay Blue Vista an annual license fee of $10,000 for each of these two countries if it utilizes the Parcon technology in those countries.
We are thrilled to bring the Parcon technology into the W2 Energy family of technologies, says Mike McLaren, chief executive officer of W2 Energy. In addition to our core business of creating electricity and liquid hydrocarbon fuels from biomass feedstocks, W2 Energy will now be able to remediate, and in the future, make fuel and electricity from, almost any kind of hazardous waste. This acquisition makes W2 Energy a stronger company.