Greenworld Wind Power Enters Negotiations to Acquire a Significant Position in Clarkes Point Industrial Corp.
Nov 22, 2011
Toronto, Canada – November 18, 2011 - Greenworld Wind Power Co. Ltd. (Greenworld Wind): Deutsche Börse symbol: GWDA (www.greenworldpower.ca), advised today that it has entered into negotiations to acquire a 40% interest in Clarkes Point Industrial Corp. located in Marivales, Bataan in the Philippines. The position is to be acquired at a cost of $800,000 USD on an all cash basis.
Clarkes Point Industrial Corp. is active in the tire recycling industry. Its two main activities are producing recaps (or retreaded tires) as well as anti-vibration pads that are produced from recycled tires.
Its 5,000 sqm. factory is located inside Mariveles Freeport Zone, a tax free industrial export zone in Mariveles Bataan. The total capital investment in the company is Php 100 million or USD $2 million.
Retreaded tires are extremely popular in truck fleets and nearly all airlines have them in service. They have been proven extremely safe by recent government studies, and come at a much lower cost than new tires.
Contrary to popular misconceptions, the long-strips of rubber often found along our highways do not come primarily from retreaded truck tires. In fact, government studies have found the main culprits for these “road alligators” to be road hazards and improperly maintained tires, with both new and retreaded tires equally susceptible to these problems.
The other products Clarkes Point produces are anti-vibration pads that are normally placed beneath consumer washing machines, to reduce the amount of vibration these machines undergo during spin and drying cycles, and to prevent them from ‘walking’.
Greenworld was attracted to this investment due to the green aspect of the product line. Retreaded tires are a green product that provide comparable performance to new tires, while keeping worn tires out of landfills and using significantly less oil during the manufacturing process than new tires. The anti-vibration pads are another example of creatively producing useful products from tires that would otherwise head to the landfill.
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For further information please contact:
Greenworld Wind Power Co. Ltd.
100 Consillium Place
Email: info@ greenworldpower.ca