Drosrite International LLC Announces that its Mutually Exclusive Partner, Radian Oil & Gas Services Company, Has Signed a Major DROSRITE™ Contract with Ma’aden Aluminum
/EIN News/ -- MAHWAH, N.J., Oct. 09, 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 its mutually exclusive partner, Radian Oil & Gas Services Company (“Radian” or the “Client”), has signed a major contract1 with Ma’aden Aluminum (“Ma’aden” or the “Smelter”) to provide innovative environmental services aimed at treating aluminum dross (“Aluminum Dross Processing”), on the basis of a BOOT (Build–Own–Operate–Transfer) Contract for 20 years, using the DROSRITE™ technology.
Drosrite International had previously entered into a mutually exclusive arrangement with Radian to provide DROSRITE™ systems to Radian in their competitive bid for Aluminum Dross Processing at Ma’aden’s Ras Al-Khair aluminum smelter facility.
Drosrite International is currently finalizing contract details to supply Radian with the necessary DROSRITE™ systems. All DROSRITE™ systems will be manufactured in the United States. All terms and conditions have been agreed upon. The formal signing is expected to take place within the next two (2) weeks, with a down payment to be received shortly thereafter.
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 oversee the installation of the systems at Ma’aden’s Ras Al-Khair facility. The Company will also supply spare parts over a 20-year period and benefit from an annual royalty stream. The Contract is for approx. US$15 million in first year revenue, in addition to (i) future spare parts, and (ii) annual royalty payments.
“Drosrite International is proud to be supplying the DROSRITE™ technology to such a discerning Client and Smelter,” said Mr. Alex Pascali, CEO of Drosrite International. “It is even more satisfying given the highly competitive nature of the bidding process.”
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.
Ma’aden is a diversified multi-billion-dollar mining company, and was formed as a Saudi joint stock company in 1997. Since 2009, Alcoa, the world's eighth largest producer of aluminum, and Ma’aden have formed a joint venture that has created the world’s largest, lowest cost, and fully integrated aluminum facility in Ras Al-Khair. Ma’aden is the largest mining company in the Kingdom of Saudi Arabia, and one of the world’s most cutting-edge company in their industry.
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.
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
For further information please contact: Media Relations, Phone: (201) 512-8701, E-mail: media@drosrite-international.com
RELATED LINK: www.drosrite-international.com
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1 https://www.maaden.com.sa/ar/news_details/435 & https://twitter.com/MaadenKSA/status/1179318439766351872
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