Terms call for Eden to obtain exclusive rights to utilize New Generation’s proprietary blending technology to produce and market biofuels in the Canadian provinces of Labrador, New Brunswick, Newfoundland, Nova Scotia and Prince Edward Island.
Eden will pay New Generation a licensing fee of $0.10 a gallon of biofuel produced and sold. These terms are subject to product testing and manufacturing milestones which include final completion and commissioning of a manufacturing facility of at least 20 million gallons of annual production capacity,
Eden is expected to generate minimum annual sales of 5 million gallons in the first year, 7 million gallons in the second year and 10 million gallons in the third year following the completion.
