Titan Technologies, Inc. recently announced that it executed a licensing agreement with PPT Holdings, Ltd., a Texas Corp., for an exclusive license to build Titan's rubber recycling plants in Mexico.
The first Mexican plant is expected to be located in Nuevo Laredo, Mexico, and will be operated by a Mexican subsidiary. The cost to build the first plant will be around $20 million.
The agreement requires PPT to commence construction of the 1st facility by Sept. 15, 2006, a second facility by Sept. 15, 2007 and a 3rd facility by September 15, 2008.
The agreement also calls for payments of the balance of $900,000 for each of the first 3 plants in Mexico, a franchise fee of $1 million for all subsequent plants and a royalty of $4/ton of tire input.
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