CAMBRIDGE, Mass.--(BUSINESS WIRE)--Dec. 4, 1995--BioSafe International Inc. (NASDAQ:BSFE) announced today that it has entered into a licensing and royalty agreement with ScotSafe Limited for the exclusive rights to use BioSafe's patented Continuous Feed Autoclave (CFA) medical waste processing technology in the British Isles and Ireland.
ScotSafe is a Glasgow, Scotland-based company whose major shareholders are "III" and the Royal Bank of Scotland.
Under the terms of the agreement, BioSafe has received approximately $600,000 in licensing fees relating to the first ScotSafe medical waste processing plant in Abroth, Scotland. The licensing agreement contemplates that ScotSafe will establish as many as nine CFA plants, each of which would result in additional licensing fees to BioSafe. In accordance with the agreement, BioSafe will provide technical assistance in connection with these facilities including facility design, installation, testing and training. In addition to royalty payments for each plant, ScotSafe will pay BioSafe for consulting and other services, and will reimburse the company for its out-of-pocket expenses and disbursements in connection with these services.
BioSafe International Inc. is a fast growing, innovative solid waste management company. The company is a world leader in "landfill remodeling" -- a patented process that BioSafe developed for recycling existing landfills. BioSafe is also evaluating additional opportunities to apply its patented materials and size reduction technologies, including tire and rubber waste recycling, medical waste treatment, dredged spoils remediation and industrial sludge disposal.
CONTACT: BioSafe International
Emily Peterson, 617/497-4500
or
Liviakis Financial Communications Inc.
Robert Prag, 916/448-6084
