Ikona Gear Launches Oil and Gas Division, Signs Licensing Agreements
March 9, 2006—Ikona Gear launched Ikona Industries Corp. to focus on developing, manufacturing and shipping novel gearing applications for the oil and gas industries.
According to the company's press release, the new division has already secured its first customer with the lead project boosting revenue in excess of $250,000. Vladimir Scekic, Ikona's new vice president for business development, is spearheading this project.
The new division will develop gearing solutions for speed increasers, speed reducers and draw works applications.
?The oil and gas market is the hottest it's ever been,? says Scekic. ?It's characterized by an older generation of inefficient technologies, and with today's equipment utilization rates well over 90% across the market, new technology is necessary to meet burgeoning demands. Not only does the oil and gas industry provide the perfect arena for our technology, but the applications we've developed are portable across other alternative energy markets, including wind power generation.?
Ikona has also entered into two licensing agreements. The company signed a multi-million dollar technology licensing agreement with Magna Powertrain AG & Co. as well as a separate agreement with a global robotics company.
The Magna Powertrain agreement stipulates that Magna will license the Ikona Gear platform for incorporation into automotive applications in passenger cars and light trucks, SUVs, pick-up trucks, minivans, cross-utility and similar vehicles throughout North America and Europe.
Ikona Gear will receive royalties on a per-application, per- unit basis for exclusive and non-exclusive Magna automotive applications.
Finally, Ikona has also signed an agreement for the design and development of a gearbox for a robotic application. Ikona will receive an initial prototype development fee and, once commercialized, a sliding scale royalty stream of 4?9% based on sales volume. A non-disclosure agreement was signed by both companies.