Ivanhoe Industries and Shamrock Inc. enter into an agreement that requires Shamrock Inc. to build three diesel-electric engines to Ivanhoes specifications. Upon completion of the engines, Ivanhoe has agreed to lease them for a period of 10 years and to assume all costs and risks of ownership. The lease is non-cancelable, becomes effective on January 1, 2017, and requires annual rental payments of $397,478 each January 1, starting January 1, 2017.