Press Release Source: International Bio-Recovery Corporation
IBR Signs Plant License Extension Agreement
Tuesday February 28, 9:00 am ET
VANCOUVER, Feb. 28 /CNW/ - International Bio Recovery Corporation ("IBR") (TSX-V: IBR - News) is pleased to announce that it has signed an Extension Agreement with Converted Organics Inc. (COI) (formerly Mining Organics Management LLC (MOM) of Boston, MA) to extend the Plant License Agreement dated July 15, 2003. Ongoing negotiations have resulted in an extension of this agreement to permit COI to finance and commence construction of its initial plant in Woodbridge, N.J. Under the Agreement construction of the initial plant must commence by August 1, 2006.
Additionally COI has agreed to pay $150,000 to IBR as a non-refundable deposit on a second Plant License Agreement covering a plant to be built in the U.S. north east.