Cavitation Technologies, Inc. and Eagle Ford Silica Sand, LLC Have Signed a Letter of Intent to Merge Their Operations
CHATSWORTH, CA, June 15, 2023 (GLOBE NEWSWIRE) — via NewMediaWire – Cavitation Technologies, Inc.(“CTi” or the “Company”) (OTCQB: CVAT), a leading ESG company, which designs and manufactures innovative flow-through nano-technology systems for fluid processing applications worldwide, is pleased to announce that it has entered into a Letter of Intent to acquire Eagle Ford Silica Sand, LLC (“Eagle Ford”), former Proppant Tech LLC, at a valuation of approximately $20 million, which CTi anticipates funding through equity and debt financing. Eagle Ford owns approximately 180 acres of land near San Antonio and a producer of silica sand which is an essential component used in fracking operations in the oil and gas extraction industry. Eagle Ford operates silica sand extraction plant at approximate daily rate of 2,000 metric tons per day (MTPD), with available daily capacity of 8,000 MTPD. In its mining operations, Eagle Ford utilizes between 4,000 and 5,000 gallons per minute (GPM) of fresh water essential in cleaning the sand prior to usage in oil & gas fracking. CTi’s chemical-free water treatment technology will reduce mining operating costs and mitigate environmental impact once incorporated into the existing operation of Eagle Ford.
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