New MOU
Love being right on the new director coming on board. Didn't take long to form a strategic partenership. Great wro. before the new
Maple Leaf Signs MOU for Waste Oil Collection and Processing
Maple Leaf Reforestation Inc. ("Maple Leaf" or the "Company") is pleased to announce that it has signed a Memorandum of Understanding with Conserve Oil Corporation (the “MOU”) to establish a waste oil collection and processing facility in China (the “Project”). Pursuant to the MOU, Maple Leaf and Conserve will respectively be responsible for the following:
Conserve
1.Will prepare a business plan and an investment summary for the Project;
2.Will arrange financing for the Project;
3.Will coordinate EDC, EXIMBANK or similar investment insurance for Maple Leaf; and
4.Will provide ongoing technical and operational support, as required.
Maple Leaf
- Will select a site for the Project in China;
- Will recommend consultants in China to provide technical and engineering support for the Project;
- Will provide local partners for collection;
- Will recommend local suppliers, where appropriate; and
- Will be the operator of the Project.
The MOU has been filed on www.sedar.com as a “Material Document”.
Project Details
It is anticipated that the Project will initially produce 30,000 tons of recycled diesel oil per year, with a goal of reaching a capacity of 100,000 tons per year. Preliminary estimates indicate that an investment of between $10 million USD to $15 million USD will be required to finance the Project. The recycled oil market in China is quite mature, with such oil presently selling for approximately $750 USD per ton, on average.
About Conserve
Conserve Oil Corporation (“Conserve”) is a private Canadian Corporation. The President and Chief Executive Officer of Conserve is Mr. David Crombie who was recently appointed to Maple Leaf’s Board of Directors. More information about Conserve can be obtained from Maple Leaf’s news release dated February 3, 2010.