Genesis Technology Group, Inc. has signed a contract with Enviro Voraxial Technology, Inc., of Fort Lauderdale, Florida to market its patented water treatment technology to China. Based on its experience with introducing Western technology to the Chinese market, GTEC forecasts potential contract revenues for EVTN exceeding $20 million from its China initiative in the areas of wastewater treatment and water filtration during its first two years. GTEC will benefit from two levels of contract rewards: success fees based on cash flow and an equity position in any Sino-EVTN operations.
"Water is the foremost environmental concern among the Chinese populace," said GTEC CEO Gary Wolfson. "We have negotiated in earnest with EVTN since our September seminar in Orlando to secure its patented technology for China. At that gathering, with a large delegation from Beijing and eight U.S. companies, we were greatly impressed by the EVTN demonstration of its water treatment and separation technology. The 90-day negotiation process to sign this contract was worth the effort."
John A. DiBella, Director of Business Development for EVTN stated, "While EVTN technology has been in use in Europe and the United States, we have been cautious to enter into the Chinese market without an accomplished representative. Based on our due diligence and experience with Genesis to date, Genesis seems well qualified to place our technology in China. We have signed a one-year, renewable agreement with GTEC to underscore our confidence."