StockMarketWire.com - Quadrise Fuels said it had signed a non-binding agreement with Dubai-based bitumen group Bitumina Industries.

The memorandum of understanding would see the pair explore the use of Quadrise's MSAR alternative fuel technology.

The companies would work together on an exclusive basis to seek to progress selected MSAR project opportunities in countries including Russia, Poland, Romania and Vietnam.

Any commercial agreements would be structured so that Quadrise and Bitumina would share profits of any project delivered, on the basis of the IP, resources and financial inputs of each party utilising shared assets and infrastructure.

The term of the agreement was 24 months, after which time it would expire unless mutually extended by the parties or superseded by another agreement.





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