update on licensing agreementChina certainly has the capacity and will to fast track the roll out of Energy Quest's technology. This MOU in China was signed with days of the original gasification agreenement with EQST.
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Poly-Pacific Signs MOU to Establish a New Subsidiary in China for the Operation of Gasification of Municipal Waste to Energy
EDMONTON, ALBERTA, November 13, 2008 (Marketwire via COMTEX News Network) -- Poly-Pacific International Inc. ("Poly-Pacific" or the "Company") (TSX VENTURE: PMB) (OTCBB: PLYPF) (BERLIN: A0LGDN) (FRANKFURT: POZ) is pleased to announce that further to the exclusive Gasification Technology Licensing Agreement which was announced on November 10, 2008 it has signed a Memorandum of Understanding (“MOU”) with Mr. Qilang Chen of Beijing.
Mr. Chen, the Executive President of the Canadian China Chamber of Industry and Commerce and Poly Pacific (“the Parties) have agreed to establish a new subsidiary of Poly Pacific in China, which will utilize the technologies of Energy Quest throughout China.
As stated in the November 10, 2008 news release, Poly Pacific has been negotiating with a strategic Asian partner to assist in the manufacturing and marketing of the gasification technology for the Company’s exclusive License Agreement in China to generate electrical power, clean up the environment and generate power from municipal waste. With Mr. Chen, the Company has a strong partner who will support the new project financially and can benefit from his numerous business connections with communities, governments and institutions throughout China as well as his assessments of several existing plants that could be upgraded with the technology and locations for future gasification plants.
Mr. Chen has agreed to become the president of the new Poly Pacific subsidiary in China.
As China concentrates all their efforts towards the cleanup of the environment, Poly-Pacific has positioned itself to take a leadership role in this high demand market.
The New subsidiary will be jointly owned by the parties and will set forth in a written document detailed in the Memorandum of Understanding of each party’s desire to cooperate with each other in order to manufacture, finance and market the environmental technology solutions available through Poly Pacific and to explore other business relationships related to all of Energy Quest’s technologies.
The Aims and Objectives of the New Company, as agreed and approved by the Parties shall be as follows:
Aims
To promote and deliver sustainable municipal waste management in China
To minimize the adverse environmental impact of municipal waste.
To engage residents, community groups, local business and any other interested
parties in thedevelopment and implementation of the technologies
To provide customer-focused, best value services.
Objectives
To minimize the amount of municipal waste.
To maximize recycling and composting rates
To reduce greenhouse gases making organic waste-in landfill sites a history
To co-ordinate and continuously improve municipal wastes minimization
and management activities
To manage municipal waste in the most environmentally
benign and economically efficient ways possible through the provision
and co-ordination of appropriate waste management facilities and services
To ensure that services and information are fully accessible
To establish manufacturing of necessary equipment for gasification
Randy Hayward, President of Poly Pacific stated:
“The MOU we signed with Mr. Chen is the result of ongoing meetings since April 2008. Our Asian subsidiary that is jointly owned by Poly Pacific and Mr. Chen provides us with a unique opportunity to expand our business by developing power from municipal waste with a technology that is modular and less expensive than comparable technologies. Our goal is to build new gasification plants and to market the technology throughout China as well as modifying and upgrading existing plants to be able to use our new gasification technology.”
For further technical information on Gasification, please visit our new "Technologies" section on our website:Technologies
For further information please register for our newsletter to receive news, updates and background information on a regular basis: www.poly-pacific.com
Poly-Pacific is an innovator in eco-friendly solutions to Industrial Waste by-products.
We are actively and successfully pursuing the reclamation of industrial polymers throughout the world. The significance and importance of recycling and reclaiming industrial waste has become an important global issue. At Poly-Pacific, we are focused on benefiting our planet by exploring and pursuing new environmentally sound methods and technologies in recycling, while creating significant value for our shareholders as the leading company in the reclamation sector.
This release may contain forward looking statements within the meaning of the "safe harbor" provisions of US laws. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward looking statements. Poly-Pacific does not assume any obligation to update any forward looking information contained in this news release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Poly-Pacific International Inc.
Randy Hayward
President and Chief Executive Officer
Email: info@polypacific.ca
Website: www.poly-pacific.com