VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/26/12 -- BioteQ Environmental Technologies, Inc. (TSX: BQE), a leader in the treatment of industrial wastewater, announces that the Company has agreed to settle its legal action against NWM Mining (NWM) for unpaid lease payments relating to a treatment plant built at NWM's Mexican mine site.
Under the terms of the settlement agreement, NWM will pay BioteQ $1.3 million in cash over the next two years; BioteQ will retain ownership of the treatment plant and will demobilize it from NWM's site. The first $200,000 payment from NWM has been received. A second payment of $400,000 is due April 30, 2013. The final $700,000 is due April 30, 2014. In the event that NWM is sold, or sells or transfers its assets, the payments become due immediately. If NWM fails to make the specified payments, BioteQ has been provided with a $2 million Consent to Judgement that it can enforce against NWM. The $2 million figure remains in place until the final payment has been made to BioteQ.
BioteQ and NWM have agreed to work together to facilitate demobilization of the plant. BioteQ is presently reviewing the alternative uses for the plant.
Jonathan Wilkinson, BioteQ's Chief Executive Officer, stated, 'We believe the settlement agreement is fair and reasonable. The agreement enables both BioteQ and NWM to avoid a potentially expensive and time consuming legal process, and provides certainty to the shareholders of both companies.'
BioteQ Corporate Profile
BioteQ is an innovative clean technology leader in global industrial water treatment. The company's proven technologies have been applied at sites around the world to recover dissolved metals and remove sulphate, producing clean water and eliminating residual waste. BioteQ is headquartered in Vancouver, Canada and trades on the TSX under the symbol BQE. Please visit our website at www.bioteq.ca for additional information.
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