TSX - V: CNP
SOREL-TRACY, QC, June 15 /CNW Telbec/ - Conporec inc. ("Conporec" or the
"Company") (TSX Venture Exchange: CNP) announces today it has completed the
acquisition of land and buildings in the La Prade Industrial Park in Bécancour
(Québec, Canada). This acquisition follows the June 4 announcement of the
Company's intentions to carry out such a transaction. The Company purchased
this site to transform it into an industrial centre dedicated to the
application of environmental technologies. The detailed project will be
presented at an on-site press conference to be held on June 18.
The Company acquired the land and buildings from the seller i.e.: Parc
Industriel Laprade inc. owned by MM. Bert Cohen, Mark Bailey and Leon Bailey
and relatives, for $2.67M. Of this amount, $1.47M was paid upon completion of
the transaction and the balance of the selling price, $1.2M plus interests,
will be payable on the first anniversary of the transaction. In addition to
this monetary consideration, the Company issued 500,000 common shares of its
registered capital to the seller; these shares are subject to a limitation
period ending October 15, 2007.
This balance of the selling price given by the seller, Parc Industriel
Laprade inc., is secured by a joint surety from Congébec Capital Ltd.;
Mr. Laurier Pedneault is President of Congébec Capital Ltd. and also Board
member of the Company.
Conporec Inc. develops and operates various patented composting and
sorting technologies for the treatment and recycling of municipal solid waste.
These technologies reduce the need for landfill disposal by treating 100% of
the organic content and achieving a beneficiation rate of 75% of the original
waste mass. These technologies help reduce greenhouse gases. Conporec
successfully operates a sorting-composting plant in Sorel-Tracy, Quebec, and
recently delivered a second facility (New York State, USA). A third facility
is currently under construction in a suburb of Paris (France) and a fourth
will soon be underway near Perth, Australia. Through Biomax Inc., the Company
has also delivered about thirty different composting facilities that can
produce more than 300,000 tonnes of compost annually. Conporec is a socially
responsible organization listed on the TSX Venture Exchange.
Forward-looking statements contained in this press release involve known
and unknown risks, uncertainties or other factors that may cause actual
results, performance or achievements of the company to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements.
The TSX Venture Exchange has not approved the information contained
herein and accepts no responsibility for it, nor the validity of the
For further information:
For further information: Jean Beaudoin, President and CEO, Conporec
Inc., (450) 746-9996, (418) 527-9996; Frédéric Bérard, HKDP Communications and
Public Affairs, (514) 395-0375, ext. 230; Source: Conporec Inc.,