Irvine, Calif.-based Advanced Recycling Sciences Inc. (ARS), a manufacturer of products and technologies for the tire and rubber recycling industry, has announced that company President Keith Fryer has signed a joing-venture agreement in Riyadh, Saudi Arabian, with Rashid Saad Al-Rashid & Sons Co. Ltd., represented by Rashid S. Al-Rashid Group Chairman and Yousef R. Al-Rashid Industry Division Manager.
Al-Rashid & Sons is a Saudi Arabian industrial group, with local operations spanning architectural design and engineering, construction, real estate, farming and local manufacturing, with operations in
The JV agreement calls for a direct equity investment by the Al-Rashid Group in the ARS subsidiary Revultec Inc, based in California, which is presently researching and developing a new liquid rubber material, suitable for incorporation into rubber industrial products and possibly in new tire manufacturing. Al-Rashid Group has the option to increase its stake in the venture as key milestones are met by the company.
ARS will use the funds to determine the "Proof of Concept" as well as towards company overhead.
The development program will be undertaken in collaboration with the ARS technical partner Applied Power Concepts Inc., Anaheim, Calif., and led by President and CEO Dr. William A. Farone, whose firm will undertake the material development program and will assist ARS in all technical matters related to the project.
The first samples of Tires2Tire liquid rubber are expected to be available for evaluation by the rubber and tire industry within 90 days. The overall Tires2Tire/liquid rubber material development program is expected to be completed within six months.
More information on Advanced Recycling Sciences is available at www.arsciences.com.