CBp Carbon Pyrolysis Rights Redistributed in Share Transfer
Following the closure of a share swap agreement between Slovak Republic based CBp Carbon Industries, Inc and US company Carbon Green Inc. (formerly known as Neema Inc.), both companies will effectively hold an ownership stake in CBp Carbon subsidiary Greenwood Commerce Ltd, who now holds the worldwide exclusive ownership rights to a proprietary technology that allegedly enables the by-products of tyre pyrolysis to be converted into recovered steel, a diesel equivalent oil that can be employed to generate green electricity in many countries, a nano-particle compound said to be a tyre industry-tested and accepted competitive substitute for commercial carbon black, and a clean-burning gas Greenwood will use to power its processing plants.
This technology, notes CBp Carbon, was recognised by the European Union in 2007 as the only tyre recycling technology meeting the goals of EU legislation. Recently the company completed construction in Cyprus of its first commercial scale tyre pyrolysis plant; operations at the site have commenced and the plant is currently in pre-production hot tests with production of commercial products. The facility is slated to enter continuous commercial operations in the first quarter of 2010.
The share swap agreement between CBp Carbon and Carbon Green took effect November 30 and sees all issued and outstanding shares in Greenwood Commerce transferred to Carbon Green. In return, CBp Carbon has received one Carbon Green common share for every four outstanding CBp Carbon common shares. According to CBp Carbon and one share purchase warrant for each four outstanding CBp Carbon share purchase warrants.
CBp Carbon Industries, Inc and Carbon Green Inc have engaged in a share swap agreement. The deal, effective November 30, sees all issued and outstanding shares in CBp Carbon’s wholly-owned subsidiary Greenwood Commerce Ltd transferred to Carbon Green, and in return CBp Carbon has received one Carbon Green common share for every four outstanding CBp Carbon common shares. According to CBp Carbon and one share purchase warrant for each four outstanding CBp Carbon share purchase warrants. In total, CBp Carbon has received approximately eight million Carbon Green shares.
Closure of the share swap agreement is subject to the satisfaction of a number of conditions. To ensure effective coordination and operations during the period to closing, CBp Carbon co-founder, managing director, president and CEO John Novak has been appointed President and CEO, pro tem, of Carbon Green, and company director Peter Jensen has been appointed President of CBP Carbon for the time being.