Completion of acquisition from Global Technologies.LANGLEY, British Columbia--(BUSINESS WIRE)--July 30, 1996--The company is pleased to announce that, further to its news release dated May 23, 1996, it has closed on the acquisition of the 50 percent interest in Brampton Bio Conversion Inc. owned by Global Technologies Inc. ("Global"). Brampton Bio Conversion Inc. owns and operates the Thermo Master(TM) plant in Brampton, Ontario Brampton (IPA: ˈbræmptən, ˈbræmtən) is a city in the GTA of Ontario, Canada and the seat of Peel Region. As of the 2006 census, Brampton's population stood at 433,806. , and is now a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of the company. The purchase price for the acquisition was $2,000,000 and was paid by a cash deposit of $200,000 and by the issuance of 511,538 of the company's shares at a price of $2.57 (U.S.) per share. The shares are restricted for a period of one year commencing from the date of issue. Under the terms of the agreement, the license agreement has been terminated by Global and the company. As an additional obligation under the agreement, the company exercised its option to convert its Global $350,000 convertible debenture Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. into 350,000 common shares of Global at a price of $1.00 (Cdn.) per share. The acquisition from Global meets a primary goal of the company to maintain through its subsidiaries, a 100 percent ownership interest in both the Brampton and Hamilton Thermo Master(TM) plants. Plant Expansion The company also announces today that detailed engineering studies are now complete and planning is underway to expand the capacity of the Brampton Bio Conversion and Hamilton Bio Conversion plants. The plant improvements will allow the production capacity of each plant to be increased from the current rate of 200 tons per day to a level of 300 tons per day. The improvements represent the ongoing refinement and optimization of the company's Thermo Master(TM) plants and will also result in the reduction of the company's unit cost of production and an increase in the value of finished products. The company is proceeding with all the requirements for plant expansion. The company can now proceed aggressively with the marketing and construction of Thermo Master(TM) plants in Richmond, British Columbia This page is for the city of Richmond, British Columbia. For the federal electoral district in this locality see Richmond (electoral district); for the provincial electoral district see Richmond (provincial electoral district). , Fort Devens, Mass., Portland, Ore., Seattle and Skagit County, Wash., Halifax and other numerous locations throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Patent Attorneys The company also announces today that the law firm of Riches McKenzie and Herbert, legal experts in patent and copyright protection, have been retained by the company and have been instructed to file for additional patent protection for the company's Thermo Master(TM) process. Rene Branconnier, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , noted that even though the Thermo Master(TM) process is already protected by patents, certain fundamental advances discovered by ongoing applications development and operational experience are worthy of protection. Branconnier also anticipates that research programs being conducted by the company into sewage sludge sludge (sluj) a suspension of solid or semisolid particles in a fluid which itself may or may not be a truly viscous fluid. sludge a suspension of solid or semisolid particles in a fluid. management and enzyme production technology will result in additional patent filings over the next few months. Thermo Tech(TM) Technologies Inc. is a leader in organic waste recycling with offices in Vancouver and Toronto, and Atlanta, Ga. Thermo Tech's patented thermophilic ther·mo·phil·ic adj. Requiring high temperatures for normal development, as certain bacteria. process is utilized in compact and environmentally friendly Environmentally friendly, also referred to as nature friendly, is a term used to refer to goods and services considered to inflict minimal harm on the environment.[1] Thermo Master plants to convert biodegradable biodegradable /bio·de·grad·a·ble/ (-de-grad´ah-b'l) susceptible of degradation by biological processes, as by bacterial or other enzymatic action. bi·o·de·grad·a·ble adj. food waste into high protein animal feed and waste water treatment sludges into fertilizer concentrate. ON BEHALF OF THE BOARD OF DIRECTORS OF THERMO TECH(TM) TECHNOLOGIES INC. -0- CONTACT: Thermo Tech(TM) Technologies Inc. Rene J. Branconnier President & Director 604/534-5085 |
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