Triton Emission Solutions Inc. has announced that it has agreed to amend the terms of its sales and purchase agreement with
LMS Shipmanagement, Inc.
Under the amended terms of the agreement, LMS will now have until December 31, 2015 to exercise its option to purchase up to 40 additional
DSOX-15 fuel purification systems from Triton.
The amended agreement, filed with the Securities and Exchange Commission (SEC) on January 26, states: "LMS shall have the option to purchase up to forty (40) additional DSOX-15 Scrubbers for the purchase price, and upon the payment terms, for each DSOX-15 Scrubber as specified in the Confidential Price Summary. Such option shall remain available to LMS until ninety (90) days following the date of Certification of the DSOX-15 Scrubbers for the Vessels, but in no event later than December 31, 2015. This option to purchase shall be exercised in accordance with the Option Terms as provided in Article 5 of this Agreement. LMS shall designate a vessel for each DSOX-15 Scrubber at the time such option is exercised. Each DSOX-15 Scrubber shall be used on each such vessel for such vessel's fuel requirements and for no other use or application."
Commenting on the news,
Rasmus Norling, chief executive officer and president of Triton, said: "We appreciate the continued support from LMS and are happy to accept their request for an extension to the original Sales and Purchase Agreement dated July 18, 2013. We highly value their trust and confidence in our technology."
Triton claims that its DSOX scrubber series is "the world's most advanced fuel purification system". In addition to the DSOX-15, the company has also developed the
DSOX-20 fuel scrubber, which it describes as "a pre-combustion desulfurization system, which utilizes our proprietary and proven technology as its foundation".
"By integrating this proven platform with additional new proprietary technologies, which react and release the sulfur in the fuel, our DSOX-20 system is able to scrub and wash the sulfur from the fuel," Triton says on its website.
In order to view additional information on the amended terms of the agreement with LMS Shipmanagement, please click on the link below to view an eight-page document filed with the Securities and Exchange Commission (SEC).
http://filings.irdirect.net/data/1143238/000139390515000034/dsox_8k.pdf
