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WORLD WISE RESOURCES ANNOUNCES PURCHASE AGREEMENT

 WORLD WISE RESOURCES ANNOUNCES PURCHASE AGREEMENT
 MISSISSAUGA, Ontario, Aug 7 /PRNewswire/ -- World Wise Resources


Inc. (the "company") (Vancouver: WWI) announced today that it has today entered into a purchase agreement with Mongke Resource Capital Ltd. ("Mongke"), a private Ontario company, and the Mongke Resource Capital Ltd. ("Mongke"), a private Ontario company, and the Mongke Shareholders, to acquire up to 60 percent of the voting common shares of Mongke, subject to certain closing conditions.
 The purchase agreement provides for the purchase by the company of a convertible debenture in the amount of $500,000 to be issued by Mongke and a share exchange (the "share exchange"), whereby the Mongke Shareholders will sell 400,000 common shares of Mongke to the company in exchange for 1,200,000 common shares of the company. The share exchange is subject to applicable regulatory and shareholder approval.
 Pursuant to the terms of the convertible debenture, the company, may elect, at any time, either to request repayment of its investment in Mongke or to convert its investment into 500,000 common shares of Mongke in the aggregate.
 Mongke is developing a 500-ton-per-day materials recovery facility which will recover recyclable materials from dry waste provided by industrial, commercial and institutional concerns. The facility will be located, in the City of Etobicoke, in the Greater Toronto area, in close proximity to major traffic arteries such as the 401, 409, 427 and 27 highways.
 The transactions contemplated by the purchase agreement shall be completed in five stages over the next four months as the materials recovery facility receives the required regulatory approvals to operate and achieve commercial start-up. Upon completion of the transaction contemplated by the purchase agreement the Mongke shareholders will own approximately 24 percent of the outstanding common shares of the company on a fully diluted basis.
 To date Mongke has completed the preliminary engineering specifications and has made application to the Ministry of the Environment, for the Province of Ontario, for a Provisional Certificate of Approval, pursuant to Part V of the Environmental Protection Act (Ontario). In addition Mongke has entered into an agreement of purchase and sale to purchase, subject to certain closing conditions, a 56,000-square-foot facility located in Rexdale, Ontario on approximately four acres of land. The management of Mongke believes that the plant is ideally configured and situated for a materials recovery facility serving the Greater Toronto Area.
 The management of Mongke has more than 20 years experience in the waste management industry in both Canada and the United States. The president of Mongke is Keith A. Carrigan and the vice president of operation is John A. Winter. Carrigan, 42, has more than 20 years experience in all aspects of waste management and formerly was the president of the Canadian subsidiary of a multinational waste management company and prior to that held a number of senior operating management positions in Canada and the United States for the same company. Winter, 48, has more than 28 years experience in plant management and design in the steel fabrication and waste management industries. In addition both individuals act as consultants to municipal governments and companies with respect to materials recycling and waste management.
 Carrigan and a related party (spouse) of Winter own 42 percent and 21 percent of the voting common shares of Mongke, respectively. Madeleine H. Zuk, the spouse of Michael P. Zuk, the president of the company, owns 29 percent of the shares of Mongke.
 The directors of the company believe that the purchase of a controlling interest in Mongke will position the company to participate in the growth industry of material recovery and waste management through experienced management. In the opinion of the directors of the company, the acquisition of Mongke will provide the company with a stable revenue, income and cash flow and a tangible asset base located in Canada. In addition, this new business segment diversifies the activities of the company by line of business and by geography.
 The completion of the share exchange as contemplated by the purchase agreement is conditional upon, amongst other things, the following:
 1. Receipt by Mongke of a Provisional Certificate of Approval
 from the Ministry of Environment for the Province of Ontario;
 2. Receipt by Mongke of a minor variance, to the current zoning,
 from the City of Etobicoke for the operation of a materials
 recovery facility on the site acquired;
 3. Regulatory approval of all applicable securities
 administrators and the Vancouver Stock Exchange;
 4. Execution of a shareholders' agreement between the Mongke
 shareholders, including the company, and Mongke;
 5. Execution of employment agreements between each of Carrigan
 and Winter and Mongke;
 6. Achievement by the Mongke facility of commercial production
 status as a waste recycling and material recovery operation;
 and
 7. Approval of the shareholders of the company.
 The company continues to maintain its focus on the commercialization of medical diagnostic, therapeutic, and pharmaceutical products, processes and related technologies developed in the Republic of Georgia and the marketing and the sales of stable isotopes of light elements and isotope-labelled inorganic, organic and biologically active compounds used in research, medical, chemical and manufacturing processes.
 -0- 8/7/92
 /CONTACT: Clay M. Powell or Michael P. Zuk, of World Wise Resources, 416-602-8690/
 (WWI) CO: World Wise Resources Inc. ST: Ontario IN: SU:


AL -- LA015 -- 8128 08/07/92 16:05 EDT
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Publication:PR Newswire
Date:Aug 7, 1992
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