Eden will also issue company founder Glen McIntosh 300,000 options in the company over a three year period, as wll as giving him a royalty on 3 per cent of all production generated revenues.
The full text of a company announcement is pasted belowEden, through its wholly owned US subsidiary, Eden Cryogenics LLC, which operates a cryogenic design and fabrication facility in Columbus Ohio, USA, manufacturing cryogenic valves, jackets and other components, has completed the purchase of the assets and intellectual property of Cryogenic Technical Services ("CTS"), a company of which Dr. Glen E. McIntosh is President and founder.
Cryogenic storage capability of hydrogen is important to Eden
as it completes its technology package related to the production, storage and use of hydrogen.Dr. McIntosh established CTS more than 28 years ago as a world-leading cryogenic design and consulting company and, at the request of NASA, expanded it into specialty fabrication. Dr. McIntosh
is a world renowned authority on cryogenic engineering with more than 50 years experience in the design of a vast range of cryogenic equipment and management of low temperature technology.His
work has covered many areas, including thermal and mechanical design of cryogenic dewars, thermodynamic and physical design of process equipment, cryogenic heat exchangers, mechanical and thermal design of superconducting magnet cryostats, research apparatus and other equipment. Dr. McIntosh
has authored or co-authored approximately 75 publications and been granted 7 patents involving a variety of cryogenic innovations covering multilayer insulation, storage and transport dewars and hydrogen liquefaction. In 2005 Dr. McIntosh was only the twelfth person to receive the prestigious Samuel C. Collins Award, which was established in 1965 by the Cryogenic Engineering Conference in America, in honour of the late Samuel C. Collins, Professor of Mechanical Engineering at MIT whose most notable invention was the modern helium liquefier.Dr. McIntosh, whose other notable achievements include having served as President of the Cryogenic Society of America, will continue to work for CTS as its Chief Technology Officer.
In addition to Dr. McIntosh
, the acquisition of the assets of CTS
also brings with it the services of Mr Ken Leonard, another world expert on cryogenic engineering.
The total cost for the acquisition of the assets of CTS
was US$200,000 plus the commitment to issue to Dr. McIntosh
, over a three year period, 300,000 options to acquire shares in Eden Energy Ltd
, pursuant to the Eden Energy Employee Share Option Plan. Dr. McIntosh
will also receive a royalty of 3% of the production generated revenues to be derived from the commercialisation of the various designs and inventions made by Dr. McIntosh