Complex sentence: Both groups are searching for the "Continuum Transfunctioner", a powerful device (something that the protagonists are reminded of continuously throughout the film) that is capable of destroying the universe.
Split into simpler sentences: Both groups are searching for the "Continuum Transfunctioner", a powerful device (something that the protagonists are reminded of continuously throughout the film). The "Continuum Transfunctioner" is capable of destroying the universe.