Global Green Announces License Agreement and Proposed Financing
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/23/11 -- Global Green Matrix Corp. ("Global Green" or the "Company") - (TSX VENTURE: GGX)(OTCBB: GGXCF)(BERLIN: A0LGDN)(FRANKFURT: POZ) - announced today that it has signed a Distribution Agreement with I-DES INC. and DryVac Services Canada Inc. ("I-Des and DryVac"). The Distribution Agreement gives Global Green the exclusive right to exploit the technologies developed and owned by I-Des and DryVac for a period of 2 years for all of Canada, in return for a onetime payment in the amount of Cdn.$250,000. The Distribution Agreement allows for renewal of the term for an additional two (2) years provided that 60 days notice is given by the Company and that it is not in default with any terms of the agreement, one of which states that Global Green will sell a minimum of four (4) DryVac units per year.
The DryVac technology may be used for remediation of existing tailing ponds. Remediation improves the ecological sustainability of the surrounding region through reduction in potentially cumulative groundwater contamination. Benefits would include providing reclaimed water to the mining operations and clean mineral waste for land application/restoration. This could be applied to almost any existing tailing pond application. In the mining field this could provide additional capture of oil material for processing improving operations and lessening environmental impacts.
Steve Rosenthal, President of DryVac., states: "On behalf of the team at DryVac, we are all excited to have Global Green as a distributor of this innovative technology. Having an emerging growth company like Global Green, well placed in Canada, will only serve to ensure the success and adoption of our environmentally minded equipment. We look forward to providing them with all the support they will need to have an immediate impact."
Randy Hayward, President and CEO of Global Green states: "The DryVac technology is capable of cleaning and separating waste oil from dirt and water, thereby allowing the user to reclaim the oil and store it for re-sale. There are many areas and companies in Western Canada that can utilize the DryVac technology to clean up the environment while increasing their revenue."
About the DryVac Technology
The DryVac technology offers significant opportunities in heavy oil, mining, industrial waste water treatment, oil upgrading and SAGD to separate and recover both water and oil from wastes for re-use and sale. The technology provides companies with previously unavailable sources of revenue while reducing overall energy consumption, carbon emissions and costs associated with waste treatment and handling. Through the use of the DryVac technology, end users in a wide range of industries will not only increase their revenue opportunities through recovery of saleable products but also fulfill environmental cleanup demands at locations across the country.
Proposed Financing
The Company also announced that it intends to complete a non-brokered private placement of up to 16,666,666 units (the "Units") at a price of $0.09 per Unit for gross proceeds of up to $1,500,000. Each Unit will consist of one common share of the Company and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional common share for a period of 18 months from the closing date at an exercise price of $0.18 per share.
The gross proceeds from the private placement will be used by the Company for the purpose of purchasing DryVac units for re-sale, and for the general sales and marketing of the DryVac technology.
The closing of the offering is subject to regulatory approval, including approval of the TSX Venture Exchange. All securities issued in connection with this financing will be subject to a four-month hold period. A finder's fee of up to 7% of the gross proceeds of the offering may be paid on all or a portion of the funds raised pursuant to the offering. In addition, finders may also be granted non-transferable finders' warrants equal to up to 7% of the number of Units issued in connection with the offering. Each finder's warrant will entitle the holder to purchase one common share at a price of $0.18 per share for a period of 18 months after closing.
About Global Green Matrix Corp. ()
Global Green Matrix provides environmentally sound, economically feasible technologies to convert a wide variety of waste streams into useable products. With projects ranging from the processing of municipal solid waste into energy and the reclamation of oilfield waste and contaminated soil, GGX is at the cutting edge of waste remediation and disposal.
For further information visit our website at , email at .
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements.
Neither The TSX Venture Exchange Nor Its Regulation Services Provider (As That Term Is Defined In The Policies Of The TSX Venture Exchange) Accepts Responsibility For The Adequacy Or Accuracy Of This News Release
Contacts:
Global Green Matrix Corp.
Randy Hayward
President
250-247-8689 or 604-687-8855
604-628-5001 (FAX)
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Datum: 23.12.2011 - 13:00 Uhr
Sprache: Deutsch
News-ID 1068711
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Plastics and fibers
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