Global Green Matrix has Intercept Rentals
March 26, 2012 - Global
Green Matrix Corp. has announced it has acquired all of the issued and outstanding shares of Intercept Rentals from
arm's length third parties pursuant to a share purchase agreement,
subject to the TSX Venture Exchange's final approval. The purchase price of
$1,440,000 was satisfied by the issuance of 12 million common shares of
Global Green at a deemed price of $0.12 per share.
In addition, Global Green has granted
to the former shareholders of Intercept Rentals a 10
per cent royalty on the gross revenues from the operation of the frac
water heating technology for a period of 10 years, at which time it
Randy Hayward, president and CEO of Global Green, stated, "With the
acquisition of Intercept Rentals, Global Green now has ownership of an
established, revenue-producing, oilfield equipment rental company. Global
Green also has acquired exclusive rights to the use and marketing of an
innovative, highly efficient water heating system used primarily for the
heating of water in the fracking process. Another benefit to Global
Green is having access to an established customer base of major oil and
gas companies that will significantly enhance our ability to market our
other technologies: the DryVac and PowerMaster."
Intercept Rentals provides equipment to support the oil industry with
products that focus on efficiency as well as safety for the workers. The
latest addition to Intercept is a Frac Water Heating System which is
safe to operate, safe to the well site infrastructure, and safe to the
environment. The units not only burn the fuel cleanly and completely but
deliver almost all of the heat to the water being heated. For customers this means increased work efficiency,
decreased service costs and a healthier environment.
Global Green Matrix provides environmentally sound, economically
feasible technologies to convert a wide variety of waste streams into
useable products. With the acquisition of a newly developed frac water
heating system and Intercept Rentals, the company will continue to
market its technologies to the resource sector in both Canada and U.S.A.