TAMPA, Fla. (May 18)—EarthFirst Technologies Inc. said it has signed a contract worth more than $20 million with Irish firm Midwest Transport Ltd.
Under the agreement, Midwest will pay EarthFirst $700,000 for a five-year license for Midwest to market EarthFirst's proprietary Catalytic Activated Vacuum Distillation technology in Ireland and the United Kingdom, and also will build one CAVD plant in Ireland and two in the U.K. Each facility will cost $6.5 million to build and process a minimum of 48 tons of tires daily, according to an EarthFirst release.
Also, EarthFirst has signed an agreement with carpet and synthetic turf technology firm Universal Textile Technologies Inc. The Dalton, Ga.-based UTT agreed to buy a minimum of 3 million pounds of EarthFirst's CP-200 carbon, a by-product of the CAVD technology, EarthFirst said.
EarthFirst reported income of $524,000 on sales of $8.2 million for its first quarter ended March 31, compared with losses of $2 million on sales of $15,000 for the same period a year ago. The company's purchase of Electric Machinery Enterprises Inc., an electrical contracting firm, was the main reason for the increase, according to Leon Toups, EarthFirst president and CEO.