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The agreement will allow KOSP to earn an 80% interest in KOR through the expenditure of $500,000 in research and development within 12 months from the signing of formal documentation.
Kimberley Oil's remaining 20% equity in KOR will be free carried to a total of $5,000,000 of research and development expenditure after the initial expenditure program.
KOR Patents to the process are held or pending across 20 nations including the United States, Canada, Australia, certain Middle East and Asian countries and the European Union.
