Cavitation Technologies, Inc. and Desmet Belgium S.A Sign Agreement That Will Allow CTi to Monetize Parts of Its IP Portfolio While Retaining Worldwide Exclusive Licenses in Its Primary Business Lines
CHATSWORTH, Calif., Oct. 14, 2024 (GLOBE NEWSWIRE) -- Cavitation Technologies, Inc. ("CTi" or the "Company") (OTCQB:CVAT), a leading ESG company designing and manufacturing innovative flow-through nano-technology systems for fluid processing applications worldwide, has entered into an agreement with Desmet Belgium S.A. (formerly Desmet Group S.A.) (“Desmet”) that, once the transaction is completed, will monetize for the Company certain of its U.S. and non-U.S. patents and related intellectual property that for several years have been licensed to Desmet for its use on a global basis in vegetable oil, fats and oleo applications.
Under the agreement signed today, the Company will assign and transfer to Desmet several U.S. and non-U.S. patents and associated technical information that are currently licensed to Desmet (the “Assigned Patents”). The Company will also assign to Desmet ownership of two U.S. trademark registrations that CTi holds for its Nano Neutralization® and Nano Reactor® marks, respectively (the “Assigned Marks”).
Under the agreement, with the patent assignment to Desmet, the Company will reserve to itself, and will receive a license back, of a worldwide, exclusive, transferable and royalty-free license and right to practice and use the Assigned Patents and associated technical information in businesses, activities, projects, uses and applications (1) in the field of water and wastewater processing, recovery, recycling and purification (including oilfield wastewater), and/or (2) the field of the manufacture, distillation, brewing, enhancements, sale and marketing of alcoholic beverages (the “Licensed Fields”). Under the reserved and grant-back licenses retained and received by the Company under the agreement, the Company will have a worldwide, exclusive, transferable and royalty-free license and right to design, build, use, export, improve, sell and market Nano Reactor® devices and Nano Reactor® devices and systems (and products) that incorporate or utilize Nano Reactor® devices, in each case within the Licensed Fields, and to continue to use the Nano Reactor® trademark in connection with its business, systems and products within the Licensed Fields.
Commenting favorably on the transaction, Neil Voloshin, CTi’s CEO, offered the following:
“Once completed, this transaction will enable the Company to monetize the value of the IP rights already under license to Desmet, while at the same time retaining a full range of exclusive licenses and rights required by the Company to continue the development of business partnerships, projects and opportunities in our primary lines of business. It will also generate substantial capital for the Company, providing support for our current business plans, without any dilution of our shareholders.”
The transaction will be concluded upon the Company’s delivery of assignment instruments and related documents to Desmet, which we anticipate will be completed within the next ten days.
About Desmet
Desmet is a leading global provider of custom-engineered plants and equipment for the food, feed and biofuels industries. Our reliable and innovative technologies transform oilseeds, grains and tropical oils into protein feed/food, edible oils/fats, oleochemicals and biofuel. Desmet owns proprietary technologies in many areas of the oils and fats industry and offers unique skills and experience in the design and supply of technologies for plants covering all stages of production: preparation and pressing of seeds, extraction of oil and oil refining and fat modification. Desmet possesses a great worldwide reputation, thanks to over 75 years of experience, a significant R&D capacity and the most extensive customer base in the industry. The company has sales and engineering offices in 15 countries.
Founded in 2007, the company designs and manufactures innovative flow-through devices and systems, as well as developing processing technologies for use in edible oil refining, renewable fuel production, water treatment, and alcoholic beverage enhancement. The Company's patented Nano Reactor® systems and various technologies have over 40 patents issued and filed both domestically and abroad. https://www.cvatinfo.com.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by terminology such as ''may,'' ''should,'' ''potential,'' ''continue,'' ''expects,'' ''anticipates,'' ''intends,'' ''plans,'' ''believes,'' ''estimates,'' and similar expressions. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties, certain of which are beyond the Company's control. Actual results could differ materially from these forward-looking statements as a result of a variety of factors including, among others, our ability to perform the installation as anticipated, the state of the economy, the competitive environment and other factors described in our most recent Form 10-K and our other filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. In light of these risks and uncertainties there can be no assurances that the forward-looking statements contained in this press release will in fact transpire or prove to be accurate. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
