Shumate closes deal with Tejas

Shumate Industries Inc. has announced that its wholly-owned subsidiary, Hemiwedge Valve Corp. (HVC), has closed an exclusive worldwide licensing agreement with Tejas Research & Engineering (Tejas) and its affiliates in exchange for a one-time, upfront cash consideration of USD 3.5 million to HVC at closing. The Agreement grants Tejas the exclusive use of HVC’s Hemiwedge® technology
worldwide in the defined markets of sub-sea and offshore, drilling and workover, above 5000psi, surface safety valves, and all downhole applications, all together known as the Combined Fields of Use. In connection with this Agreement, HVC keeps its exclusivity on all of HVC’s currently targeted markets for its Hemiwedge® Cartridge valve product line, defined by HVC’s ANSI class and API 6D certified products in markets such as process, petrochemical, chemical and onshore oil and gas applications. Tejas will take over responsibility for itself and its clients in the development of the Hemiwedge® technology in the Combined Fields of Use, while HVC will maintain a strategic alliance with Tejas for potential future technology development activities and engineering support.
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