17 December 2004
17 December 2004
Envirokare Tech Inc. has entered into a Memorandum of Understanding with NOVA Chemicals Inc to form a joint venture for the purpose of commercializing new Thermoplastic Flow forming (TPF) technology.
The news follows a merger in October this year where Envirokare completed a Memorandum of Understanding with Thermoplastic Composite Designs and Dr. Dale Polk, inventor of the Thermoplastic Flowforming (TPF) technology, concerning conditions to accelerate the merger of Envirokare Tech Inc. and TCD.
Envirokare is the marketer of TPF composite technology, a process which features an automated low-pressure material delivery system, providing high long strand survivability rates in part forming of long-fibre reinforced large structural parts.
The TPF process also enables the moulding of very large, long fibre reinforced plastic composite parts with enhanced engineering properties such as increased stiffness and rigidity. Parts weighing hundreds of pounds and as long as 20 feet can be cost effectively moulded using this proprietary process.
""We are very pleased with the progress of discussions between Envirokare Tech, Inc. and NOVA Chemicals, directed towards the formation of a joint venture company that will quickly accelerate the commercialization of the TPF technology,"" said Dr. John Verbicky, President and CEO of Envirokare. ""The Memorandum of Understanding with NOVA Chemicals represents a significant milestone regarding our efforts to move forward the TPF technology in an expansive range of applications in global and domestic markets. This agreement will give NOVA Chemicals a significant stake in a promising, proprietary technology.""
Envirokare's exclusive license provides for use of the TPF technology to develop, produce, sub-license and market a wide array of products. Envirokare holds an irrevocable option to cause its ECC subsidiary to merge with TCD, pursuant to a merger agreement entered into by the parties.