CALGARY, ALBERTA--(Marketwire - Feb. 2, 2010) - EcoMax Energy Services Ltd. (TSX VENTURE:EES) ("EcoMax" or the "Company") is pleased to announce that it has closed the sale of the rights to the technology related to the EcoMax Chemical Pump to LEWA GMBH ("Lewa"), a pump manufacturer based in Germany. The purchase price for the technology was 100,000 euro (approximately $150,000). As part of the agreement, the Company also sold equipment related to the EcoMax Pump business for 8,000 euro, which was approximately equal to its book value at the time of the sale.
As part of the agreement Lewa has retained the services of the Company's engineer (and primary inventor of the Pump). Lewa has also agreed to provide maintenance and repair services to our Pump customers. The Company has retained the right to sell any existing Pump inventory for a period of time.
Proceeds of the sale were used to reduce the Company's bank operating line from $500,000 to $300,000 in accordance with an agreement with the bank. The remaining amount of the line is to be eliminated by March 31, 2010.
About EcoMax Energy Services Ltd.:
EcoMax Energy Services Ltd. is an oilfield services company whose product offering includes BOP sales and service solutions to the drilling and well servicing industries primarily in Western Canada.The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.