Enviro Voraxial Technology sells IP to Schlumberger for $4 million

Enviro Voraxial Technology finalized a purchase agreement with Schlumberger, selling intellectual property for $4 million. $3 million was paid at closing, and $1 million is payable upon completion of asset and service transfer within about 12 months. EVTN received a royalty-free license to use patents outside oil and gas.

“We are excited to have finalized this agreement and enter into the next stage of the relationship with Schlumberger.”filtsep.com

• 1 source
• filtsep.comEnviro Voraxial Technology seals IP sale with Schlumberger - Filtration and SeparationNewsJun 14, 2017

Summarized from public sources; check the original articles before acting on it.