NR This is very interesting. Especially the part about CLC getting 12.5% in the event of a disposal. Now will it get the price going for us?
Any thoughts?
Here is the NR.
Earthworks Industries Inc. (“Company”) is pleased to report that it has entered a compromise and settlement agreement with North Bay Corporation and its subsidiary Cortina Landfill Company (“CLC”), DATED March 28, 2012.
In the agreement the Parties agreed that settlement of the amount owing by the Company and its wholly-owned U.S. subsidiary, Cortina Integrated Waste Management Inc. (“CIWM”) to CLC will be considered to have been paid in full if the Company makes the following installment payments totaling US$5 Million to CLC on or before the following dates: US$1,000,000, September 1, 2012; US$2,000,000, June 30, 2013; US$2,000,000, May 31, 2014.
In addition, if the Company disposes of all of a portion of CIWM or the Cortina Landfill Project at any time prior to June 30, 2022, 12.5% of the gross proceeds must be paid to CLC.
If the Company fails to make any of the said payments on a timely basis, the settlement will be cancelled and the previously agreed amount or US$5,966,798.60, plus accrued interest, shall become due and payable immediately.
Mr. David Atkinson, the Company’s President/CEO commented: “We are very satisfied with the agreement and want to thank North Bay and CLC for their funding of Cortina during a very difficult financial time.”
Earthworks, through CIWM, is in the final stages of permitting the Cortina Landfill and integrated waste management facility in Colusa County, California, on 443 acres of land leased from the Cortina Band of Indians.