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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.
Disclaimer & Safe Harbor Statement:
This release may contain certain "forward-looking statements" with respect to certain of Greenworld Wind Power Co. Ltd.'s plans, goals and expectations regarding its future financial condition, performance, results, strategy and objectives. Words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", "may", "could", "would", "might", "will" and variations of these words or similar expressions are intended to identify forward-looking statements. In addition, any statements that refer to expectations, beliefs, plans, projections, objections, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements in this press release are not promises or guarantees of future performance and are subject to risks and uncertainties that could cause Greenworld Wind Power Co. Ltd.'s actual results to differ materially from those anticipated. Greenworld Wind Power Co. Ltd. cautions the reader not to place undue reliance upon any such forward-looking statements. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed herein as well as the following: (i) domestic and global economic and business conditions; (ii) market related risks and the performance of financial markets generally; (iii) the policies and actions of regulatory authorities; (iv) the impact of competitive factors; (v) risks and uncertainties associated with future acquisitions or combinations within relevant industries; and (vi) changes in capital, solvency or accounting standards as well as tax and other relevant legislation or regulations in the jurisdictions in which Greenworld Wind Power Co. Ltd. operates. The actual results that Greenworld Wind Power Co. Ltd. achieves may differ materially from any forward-looking statements which are based on management's beliefs and opinions at the time the statements are made. Greenworld Wind Power Co. Ltd. does not undertake any obligation to update forward-looking statements should circumstances or management's beliefs or opinions change.
For further information please contact:
Greenworld Wind Power Co. Ltd.
100 Consillium Place
Suite 200
Scarborough, ON
M1H 3E3
Email: info@ greenworldpower.ca
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