MAHWAH, N. J., May 18, 2023 (GLOBE NEWSWIRE) -- Drosrite International LLC, a private waste management technologies company based in New Jersey, USA, (the “Company” or “Drosrite International”), is pleased to announce that, a payment of $1.5 million was received as part of the $17 million DROSRITE™ contract with Radian Oil & Gas Services Company (“Radian”) in which Drosrite International was contracted by Radian for an initial order of 7 DROSRITE™ systems, the first three of which have passed site acceptance testing and have been fully commissioned, with the remaining four already manufactured and ready for deployment subject to a renewed payment schedule.
“The payment announced today was made in accordance with a continuously revised payment schedule geared to better align the pressures on the end-user’s operating cash flows created by increased business opportunities,” said Mr. Alex Pascali, CEO of Drosrite International. “These delays were disclosed to the Company in advance, and the Company is in full agreement with the general strategy being implemented. Drosrite International considers that this relationship could have a significant impact on near-term revenues as we attempt to cross sell downstream and upstream products. Discussions in this regard have, and continue, to take place, with the client. While we expect to receive future payments based on a revised schedule, we fully expect periodic delays, due to unforeseen circumstances beyond our control. Notwithstanding that, given the information we have, we consider this project to be a springboard for significant future revenues.”
The DROSRITE™ technology is helping to service the Ma’aden plant in Ras Al-Khair, a joint venture corporation with Alcoa that is the largest and most efficient vertically integrated aluminum complex in the world and includes one of the world’s largest smelters. At Ma’aden, the first three DROSRITE™ systems passed site acceptance testing and were fully commissioned, with the remaining four already manufactured and ready for deployment subject to a renewed payment schedule.
DROSRITE™ is a patented, proven, salt-free, cost-effective, sustainable process for maximizing metal recovery from dross (a waste generated in the metallurgical industry) which avoids costly loss of metal, while reducing a smelter’s carbon footprint and energy consumption, thus providing a high return on investment. The system has been designed to process and recover valuable metals such as aluminum, zinc and copper from dross.
About Radian Oil & Gas Services Company
Radian is a private Saudi Arabian company providing technologies that help customers conserve energy, operate more efficiently through a broad range of solutions while saving fuel, water / electricity & reducing CO2 emissions. Radian is owned by the HAKA Group, an established conglomerate business founded in 1967 which is also based in the Kingdom of Saudi Arabia. The group is operating in a diverse range of business sectors from logistics to food and drink and from construction to real estate, owning a flourishing mix of brands under its umbrella.
About Ma’aden
Ma’aden is a diversified multi-billion-dollar mining company, and was formed as a Saudi joint stock company in 1997. Since 2009, Alcoa, the world's eighth largest producer of aluminum, and Ma’aden have formed a joint venture that has created the world’s largest, lowest cost, and fully integrated aluminum facility in Ras Al-Khair. Ma’aden is the largest mining company in the Kingdom of Saudi Arabia, and one of the world’s most cutting-edge companies in their industry.
About Drosrite International LLC
Drosrite International LLC, is a US-based private company, duly constituted and existing under the laws of the State of Delaware, providing state-of-the-art waste management technologies to the aluminum industry. The Company is duly licensed and has the right to manufacture, market, sell and distribute DROSRITE™ systems and technology. All DROSRITE™ systems supplied by Drosrite International are manufactured in the USA.
The Company’s core business is to promote, under a limited exclusive arrangement, the DROSRITE™ systems and technology; a revolutionary salt-free rotary tilting furnace for maximizing the recovery of non-ferrous metals from dross.
This press release contains certain forward-looking statements, including, without limitation, statements containing the words "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "in the process" and other similar expressions which constitute "forward- looking information" within the meaning of applicable securities laws. Forward-looking statements reflect the Corporation's current expectation and assumptions and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Corporation with respect to future events and are subject to certain risks and uncertainties and other risks.
Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward- looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.
SOURCE Drosrite International LLC
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