SOURCE: Scorpex, Inc.

July 28, 2011 07:05 ET

Scorpex Provides Additional Details of $30 Million Equipment Agreement

LAS VEGAS, NV--(Marketwire - Jul 28, 2011) - Scorpex, Inc. (PINKSHEETS: SRPX) (the "Company"), an emerging leader of industrial, hazardous and toxic waste disposal services in the Baja Mexico/California region, today provides further details of its recently announced major equipment contract signed with International Environmental Technologies, Inc. ("IET") for the acquisition and installation of waste gasification/thermal oxidation equipment as well as a license to use the technology.

Scorpex has agreed to a total purchase price of USD$30,000,000. As terms of the agreement, the purchase price will be paid in four payments as follows: USD$9,000,000 upon the release of funds from the lender; USD$9,000,000 upon IET's delivery to Scorpex of a certification that the shop drawings and other engineering work for the installation of the Equipment has been completed; USD$9,000,000 upon IET's delivery to Scorpex of a certification that the erection of the steel framework for all two units has been completed; and USD$3,000,000 upon the final check out, testing of the unit and commissioning.

IET will install the equipment, train supervisory personnel to operate and maintain the equipment, provide a set of spare parts and issue certificates of completion. IET has also agreed to provide a warranty for the equipment installed, ensuring that the equipment will be free from defects in materials and workmanship. If malfunction is reported within the warranty period, IET will repair or replace the defective or non-conforming part at no charge to Scorpex.

In addition to the numerous advantages presented by IET's proprietary technology, some of which were detailed in an earlier press release, the system features a lower capital investment than competition as well as lower operating costs. With an average construction time of only six to twelve months, Scorpex anticipates commencing full operations before the previously projected time frame.

Chief Executive Officer Joseph Caywood commented, "As I said previously, we have made remarkable progress and are very excited to be moving forward so quickly with our business strategy. Signing such a major equipment contract at the dawn of establishing our first waste disposal and processing plant is yet another strong vote of confidence by others who have chosen to join our initiative to address Mexico's growing demand for industrial, hazardous and toxic waste management."

About Scorpex, Inc.

Scorpex, Inc. is taking the necessary steps to own and operate a full service waste disposal and recycling company, capable of storing and disposing all types of waste, including those classified as industrial, toxic, and hazardous. The location chosen for the first Scorpex plant is strategically positioned to accommodate the vast region of Baja California, Mexico.

For more information, visit www.scorpex.com

About MissionIR

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For more information on Scorpex, Inc., visit http://SRPX.MissionIR.com

This press release may contain certain forward-looking statements regarding future circumstances. These forward-looking statements are based upon the Company's current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements. Actual results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the events or circumstances described in such statements are material.

Contact Information

  • Contact:

    Investor Relations
    J.R. Munoz
    310-891-1838