(via Thenewswire.ca)
OTCBB: GGXCF
TSX.V: GGX
March 25, 2013 - Global Green Matrix Corporation ("Global Green" or the "Company") - TSX Venture: GGX -announces that it has placed an order for another truck mounted heating unit. The truck mounted unit together with the two trailer units ordered earlier this month (see press release dated March 7, 2013) are expected to be delivered by September of 2013.
The operation of the Units is done through the Global Green's wholly owned subsidiary, 1503826 Alberta Ltd., carrying on business as Intercept Rentals. Fueled by propane, our heating units, using a patent pending technology, makes them very cost effective to operate. These Frac water heating units perform at a higher efficiency level than current units used in the industry. The technology is unique and positions Intercept Rentals to become a leader in this performance driven industry.
Randy Hayward, President and CEO, states "Global Green currently has one truck and one trailer mounted heating unit operating in central Alberta. With the recent order to acquire another truck mounted unit, in addition to the two trailer mounted units ordered as noted in the press release of March 7th, we are excited that we will have a total of five units owned and operating by the fourth quarter of this year. Our BIG HEAT units are fast becoming a competitive fleet within the industry"
The Company further announces is has completed $245,000 of convertible debentures previously announced on March 7, 2013. The Debentures will bear interest at a rate of 12.00% per annum, payable semi-annually from the Closing Date and will also contain an override royalty of 2.00% per annum on the gross revenue earned by the New Units, payable semi-annually from the Closing Date. The debentures will be convertible into common shares of the Company at a price of: $0.50 for the first twelve months; $1.00 for the second twelve months; and $1.50 after the first twenty-four months commencing on the closing date. The Company plans on continuing to raise funds through the debenture for gross proceeds of up to $3,000,000.
Use of Proceeds: The net proceeds of up to $2,680,000 (net of commissions and offering expenses). Expenditure on three new truck units. Estimated at $2.1 million; $300,000 to be held in escrow for first 12 month interest; balance of $280,000 to be used for working capital.
About Global Green Matrix Corp.
(www.globalgreenmatrix.com)Global Green Matrix Corp is an Oilfield Services Firm primarily focused on servicing oil and gas companies and their fracking operations. Through its wholly owned subsidiary, Intercept Rentals, the Company currently owns and operates one truck and one trailer mounted water heating unit, called "Big Heat." Global Green rents these units to various oil and gas companies that require heated water for their fracking operations. The companies heating units have the ability to heat water on a continuous flow basis.
ABOUT INTERCEPT RENTALS:
(www.interceptrentals.com)Intercept Rentals is a registered trade name of 1503866 Alberta Ltd., a wholly owned subsidiary of Global Green Matrix Corp. The subsidiary company has obtained the exclusive right to own and operate a new patent pending technology that provides a highly efficient and safe method of heating water used by oil companies in their fraccing operations.
For further information visit our website at www.globalgreenmatrix.com, email at info@globalgreenmatrix.com or contact:
Randy Hayward, President
Global Green Matrix Corp.
Phone: 250-247-8689 or 604-687-8855
Fax: 604-628-5001
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