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CVF Technologies Corporation's holding BIOREM is pleased to announce that it has entered into an exclusive license agreement with Ecovation, Inc., Victor, N.Y. to use BIOREM's biofilter odor control technology in the food & beverage market in the United States and Mexico.
Under the terms of the license agreement, BIOREM will receive royalties, which are payable over the five year term of the agreement, plus continuing revenues generated from the sale of BIOSORBENS(TM) filter media used in the licensed applications.
Ecovation manufactures the patented Mobilized Film Technology (MFT(SM))anaerobic wastewater treatment system for industrial manufacturers and the BIOREM technology will complement the Ecovation technology. Ecovation will focus primarily on the food & beverage industry and has multiple facilities installed and operating for major Fortune 500 companies. Ecovation's unique business model assumes responsibility of installation and operation of on-site wastewater treatment for the client, providing reduced operating costs. The decrease in effluent loadings on municipal wastewater treatment plants permits increased plant production and provides improved compliance status.
"Ecovation's dedicated, specialized sales force provides us with distribution to the entire food & beverage industry that we would otherwise be unable to cover in a comprehensive manner," said Brian Herner, president and CEO of BIOREM. "Odor control will be used on both wastewater treatment emissions and on the treatment of air emissions from plant operations. There are millions of dollars of sales opportunities that are untapped in this industry and working with Ecovation will provide us both additional revenue streams that would otherwise be missed."
"Ecovation chose to license BIOREM's technology after careful evaluation of the alternatives available for odor control," said Ms. Diane C. Creel, chairman and CEO of Ecovation. "Their technology is one that fits in well with our business strategy and provides a product that will generate additional market opportunities. The license approach allows us to provide our customers with immediate access to BIOREM's established, leading biological odor control product."