Organic Recycling is pleased to announce that it has signed a letter of intent with the Chongqing Group to build, own, operate and transfer a waste conversion facility in Chongqing, China.
August 18, 2005 (Press Release) --
August 17, 2005 – Burnaby, BC – Organic Recycling Technologies Inc. (OTC BB: ORCY) (“Organic Recycling”) is pleased to announce that it has signed a letter of intent with Chongqing Jinxibeina Complete Equipment Imp & Exp. Co., a subsidiary of the Chongqing International Economic Technology Cooperative Co. (the “Chongqing Group”) to build, own, operate and transfer a waste conversion facility in Chongqing, China, with an estimated dollar value of 8,000,000 – 10,000,000 Dollars U.S.
The Chongqing Group is a multi-million dollar business involved in contracting construction projects and project supervising, labor services provision and training, merchandise import and export, industrial manufacturing covering auto parts, garment and food processing. Its domestic businesses and joint ventures now penetrate into high-tech products manufacturing as well as tourism.
The Chongqing Group, a comprehensive state-owned enterprise group, which was founded on the ratification of the State Council, is engaged in foreign economic & technical cooperation and trading activities both at home and abroad.
The Chongqing Group will obtain the land, all permits, a 25 year guaranteed waste contract on a put or pay basis to ensure facility profitability, and a guaranteed letter of credit to purchase the facility from Organic Recycling at cost plus US$2.5 million following three months operations. Additional, the Chongqing Group will purchase all the end product produced by the facility.
The Chongqing area has a population exceeding 30 million people requiring over 100 additional sites. The Chongqing Group will build each additional site in the Chongqing area for Organic Recycling under the same guaranteed terms and conditions as the first site.
Danny Huang, a partner in Waste Consultants Limited, Organic Recycling’s agent for China, stated, “This agreement for Chongqing, China with the powerful Chongqing Group is an enormous advancement that opens Chongqing and China to Organic Recycling.”
Forward-Looking and Cautionary Statements:
Certain statements contained herein, including, without limitation, statements containing the words “believes”, “intends” and other words of similar import, constitute “forward-looking statements” within the meaning of Section 27A of Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Organic Recycling Technologies Inc. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Organic Recycling Technologies Inc. disclaims any obligation to update or to announce publicly the results of any revision of the forward-looking statements contained or incorporated by reference herein to reflect future events or developments.
On behalf of the Board of Directors of: Organic Recycling Technologies Inc.
“Ralph Petruzzo”
Ralph Petruzzo, President
The Chongqing Group is a multi-million dollar business involved in contracting construction projects and project supervising, labor services provision and training, merchandise import and export, industrial manufacturing covering auto parts, garment and food processing. Its domestic businesses and joint ventures now penetrate into high-tech products manufacturing as well as tourism.
The Chongqing Group, a comprehensive state-owned enterprise group, which was founded on the ratification of the State Council, is engaged in foreign economic & technical cooperation and trading activities both at home and abroad.
The Chongqing Group will obtain the land, all permits, a 25 year guaranteed waste contract on a put or pay basis to ensure facility profitability, and a guaranteed letter of credit to purchase the facility from Organic Recycling at cost plus US$2.5 million following three months operations. Additional, the Chongqing Group will purchase all the end product produced by the facility.
The Chongqing area has a population exceeding 30 million people requiring over 100 additional sites. The Chongqing Group will build each additional site in the Chongqing area for Organic Recycling under the same guaranteed terms and conditions as the first site.
Danny Huang, a partner in Waste Consultants Limited, Organic Recycling’s agent for China, stated, “This agreement for Chongqing, China with the powerful Chongqing Group is an enormous advancement that opens Chongqing and China to Organic Recycling.”
Forward-Looking and Cautionary Statements:
Certain statements contained herein, including, without limitation, statements containing the words “believes”, “intends” and other words of similar import, constitute “forward-looking statements” within the meaning of Section 27A of Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Organic Recycling Technologies Inc. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Organic Recycling Technologies Inc. disclaims any obligation to update or to announce publicly the results of any revision of the forward-looking statements contained or incorporated by reference herein to reflect future events or developments.
On behalf of the Board of Directors of: Organic Recycling Technologies Inc.
“Ralph Petruzzo”
Ralph Petruzzo, President
Email
Print
SPAM
LEAVE A COMMENT
