On September 22, 2006 the Company acquired the assets and development stage business of Carbon Recovery Corporation. Since, the Company has continued the plan of operations developed by Carbon Recovery Corporation and in effect at the time of that acquisition.
Essentially, this involves finding commercial applications for the various uses and applications of the variable microwave technology to recover hydrocarbons either from waste products (E.G., waste tires and non-metallic components of junked and wrecked vehicles) or from sources such as oil shale, oil drilling cuttings, capped wells with appropriate geological characteristics, etc.
The company also has plans to implement a strategy called dredging. Dredging of harbors and waterways creates piles of muck and debris contaminated with various wastes, including especially hydrocarbons. The Company is developing the machinery and plant required for the application of its microwave technology to the handling of such dredging sludge, removing the moisture and extracting the hydrocarbons so as to permit the residue to be put in landfills or to be used for fill purposes.
Under a plan currently under discussion, the Company would install such a plant in conjunction with the dredging operations of the Army Corps of Engineers to process the sludge as it is delivered onshore. The Company’s proposal would also construct a waste tire facility adjoining the sludge treatment plant for the purpose of recovering sufficient hydrocarbons from the tires to provide the energy to operate the sludge treatment plant. The proposed plant is expected to dispose of approximately 6,000,000 tires per year.
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