Exhibit 99.1
GREENSHIFT EXECUTES LICENSE FOR NEW CLEAN WATER TECHNOLOGY
Company's Industrial Design Group to Focus on Cleaning
Water by Increasing Profit
MOUNT ARLINGTON, N.J., August 10, 2005 - GreenShift Corporation (OTC
Bulletin Board: GSHF) today announced the execution by its wholly-owned
subsidiary, GreenShift Industrial Design Corporation ("GIDC"), of a
License Agreement with Ovation Productions Corporation ("Ovation") for
certain of applications of Ovation's new patented and patent-pending vapor
compression water purification technology and its new Clean Water
Appliance (collectively, the "Technology").
Under the terms of the license agreement, GIDC has been granted certain
non-exclusive and exclusive rights in return for the payment to Ovation of
royalty fees equal to 1% of any service or product revenue, or 20% of all
licensing revenue GIDC generates from the use or license of the Technology.
The License Agreement also provides that if GIDC purchases equipment from
Ovation, Ovation will sell the Clean Water Appliance to GIDC at not
greater than a 50% gross margin, and if GIDC manufactures equipment based
on the Technology at its own expense, GIDC shall pay Ovation, in addition
to the royalty fees above, a license fee equal to an additional 9% of any
resale price of any products sold based on the Technology in the event of
product sales, or an additional 9% of any service revenue relating to the
Technology in the event of the provision of services based on the
Technology to third parties.
"We think that the best way to contribute to the resolution of many
environmental challenges is to make it easy and cost-effective for people
and businesses to reduce waste and recycle more," said Kevin Kreisler,
chairman and chief executive officer of GreenShift. "This concept is the
basis of many of our development plans, and it is the reason why we formed
GreenShift Industrial Design."
GIDC is a pre-revenue company that will focus on the engineering and
marketing of green innovations and processes that enhance manufacturing
efficiencies, improve resource utilization and minimize waste. GIDC plans
to deliver consumer oriented Natural Solutions(tm) based on an array of green
technologies and applied engineering expertise that reduce waste at the
source and make it easier for people and businesses to recycle and reuse
resources.
"We believe that Ovation's Technology is a 'killer-app' green technology,
and that it is capable of cost-effectively integrating with our daily
lives and infrastructure while reducing waste and facilitating the reuse
of a valuable natural resource," added Kreisler. "I personally believe
that the application potential for Ovation's Technology is enormous and we
look forward to bringing our licensed applications to market."
Under the terms of the License Agreement, GIDC has been granted non-
exclusive rights for certain applications of the Technology relating to
"GreenShift Wastes and By-Products" and exclusive rights for certain
applications of the Technology relating to "GreenShift Advanced
Applications." These applications are defined more fully below:
GreenShift Wastes and By-Products:
* Hazardous Wastes. Wastes that are hazardous or
otherwise harmful to human and animal health and the
environment, including medical or other biologically
active wastes;
* Brownfield Wastes. Wastes that derive from
environmentally impaired real property, including
fixtures on or any appurtenances to such property;
* Municipal Solid Wastes. Wastes that derive from the
centralized processing, storage, disposal and/or
incineration of by-products, garbage, trash or other
discarded materials;
* Human Waste. Wastes that derive from the centralized
processing of sewage at municipal or other sewage
treatment plants;
* Agricultural Waste. Wastes that derive from farming
activities, including the production of crops and
raising livestock, and including septic wastes and
other wastewaters deriving from livestock and meat
processing;
* Food Service Waste. Wastes that derive from the
preparation of food and other related activity at
establishments that prepare and/or serve food;
* Mining Wastes. Wastes that are or derive from mining
activity, mining tailings and/or acid mine drainage;
* Commercial Real Estate Development. Products for the
processing and purification of dirty water for
residents of multi-family buildings, hotels, and/or
commercial office buildings having a minimum of fifty
(50) separate apartments, dwellings, rooms or other
units and are located in Boston, Providence, New York
City, Philadelphia, Washington D.C., Miami, New
Orleans, Houston, San Francisco, Seattle, Las Vegas,
Denver and/or Chicago;
* Golf Courses. Products for the processing and
purification of dirty water for reuse for and at golf
courses; and,
* Refining. Products and applications involving the
distillation and/or refining of inorganic and/or
organic liquids and gases with the purpose of
preferentially separating and/or removing targeted
constituents.
GreenShift Advanced Applications:
* Survival Gear. Portable products for the processing of
dirty water into water that is safe for consumption
and/or other use;
* Fuel Cells. Products for the removal of impurities from
or other preparation of water or other liquids for use
in fuel cells and/or other energy generation devices;
* Ocean Exploration. Products for the processing waste or
other materials into water that is safe for consumption
or other use for all applications relating to
subsurface ocean transportation and exploration; and,
* Space Exploration. Products for the processing waste or
other materials into water that is safe for consumption
or other use for all applications relating to space or
space exploration.
About GreenShift Corporation
GreenShift Corporation is a publicly traded business development company
(BDC) whose mission is to develop and support companies and technologies
that facilitate the efficient use of natural resources and catalyze
transformational environmental gains.
BDCs are regulated by the Investment Company Act of 1940 and are
essentially publicly-traded equity funds where shareholders and financial
institutions provide capital in a regulated environment for investment in
a pool of long-term, small and middle-market companies through the use of
senior debt, mezzanine financing, and equity funding.
GreenShift plans to use equity and debt capital to support and drive the
value of its existing portfolio of companies and to make investments in a
diversified mix of strategically compatible growth stage public and
private businesses and technologies. GreenShift's current portfolio
includes investments in the following environmentally proactive companies:
* Veridium Corporation (OTC Bulletin Board: VRDM);
* INSEQ Corporation (OTC Bulletin Board: INSQ);
* GreenWorks Corporation;
* GreenShift Industrial Design Corporation;
* Coriolis Energy Corporation;
* TDS (Telemedicine), Inc.;
* Ethanol Oil Recovery Systems, Inc.;
* Sterling Planet, Inc.; and,
* Ovation Products Corporation.
In addition, GreenShift hopes to add investments in wind power,
hydropower, practical centralized applications of hydrogen power,
alternative fuels, infrastructure and mining to its portfolio during 2005
and 2006.
Additional information regarding GreenShift Corporation is available
online at www.greenshift.com.
Safe Harbor Statement
This press release contains statements, which may constitute "forward-
looking statements" within the meaning of the Securities Act of 1933 and
the Securities Exchange Act of 1934, as amended by the Private Securities
Litigation Reform Act of 1995. Those statements include statements
regarding the intent, belief or current expectations of GreenShift
Corporation and Ovation Products Corporation, and members of their
management as well as the assumptions on which such statements are based.
Prospective investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from those
contemplated by such forward-looking statements. Important factors
currently known to management that could cause actual results to differ
materially from those in forward-statements include fluctuation of
operating results, the ability to compete successfully and the ability to
complete before-mentioned transactions. The company undertakes no
obligation to update or revise forward-looking statements to reflect
changed assumptions, the occurrence of unanticipated events or changes to
future operating results.