Last Close: March 10, 2010 - $0.165
Shares Issued: 62,186,627
CALGARY, March 10 /CNW/ - Maple Leaf Reforestation Inc. ("Maple Leaf" or the "Company") is pleased to announce that it has signed a Memorandum of Understanding with Conserve Oil Corporation (the "MOU") to establish a waste oil collection and processing facility in China (the "Project"). Pursuant to the MOU, Maple Leaf and Conserve will respectively be responsible for the following:
1. Will prepare a business plan and an investment summary for the
2. Will arrange financing for the Project;
3. Will coordinate EDC, EXIMBANK or similar investment insurance for
Maple Leaf; and
4. Will provide ongoing technical and operational support, as
1. Will select a site for the Project in China;
2. Will recommend consultants in China to provide technical and
engineering support for the Project;
3. Will provide local partners for collection;
4. Will recommend local suppliers, where appropriate; and
5. Will be the operator of the Project.
The MOU has been filed on www.sedar.com as a "Material Document".
It is anticipated that the Project will initially produce 30,000 tons of recycled diesel oil per year, with a goal of reaching a capacity of 100,000 tons per year. Preliminary estimates indicate that an investment of between $10 million USD to $15 million USD will be required to finance the Project. The recycled oil market in China is quite mature, with such oil presently selling for approximately $750 USD per ton, on average.
Conserve Oil Corporation ("Conserve") is a private Canadian Corporation. The President and Chief Executive Officer of Conserve is Mr. David Crombie who was recently appointed to Maple Leaf's Board of Directors. More information about Conserve can be obtained from Maple Leaf's news release dated February 3, 2010.
Raymond Lai, President & CEO of Maple Leaf comments, "Mr.Crombie's recent appointment to our Board has already brought another great opportunity to Maple Leaf. We are excited about pursuing this project and being able to have a Board member as the driving force behind the partnership. Our footprint in the Chinese market is clearly starting to pay dividends as companies realize the value that our experience in China offers."
About Maple Leaf Reforestation Inc.
Maple Leaf is a Canadian company operating five environmental related projects in China:
1. a large-scale forest nursery in Inner Mongolia which is focused on
growing value-added tree seedlings and nursery products;
2. an alfalfa feedstock operation that produced 10,000 tons in 2009
with great expansion potential and opportunity to build an alfalfa
crop cake processing plant;
3. a multi-faceted Xinjiang Yellowhorn tree project which will
provide for the manufacture of bio-diesel fuel and cooking oil
and complement the fabrication of the ever demanding nutritious
4. an organic fertilizer plant in the Hunan Province which will
produce environmentally friendly bio-organic fertilizer; and
5. a Flexi-Pipe distribution network to serve the oil and gas
industry and other renewable energy industries.
Maple Leaf is a wholly-owned foreign enterprise which allows the Company to control 100% of the direction and operations of the company in China while permitting the cash generated from operations in China to flow back to Canada.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements in this news release including (i) statements that may contain words such as "anticipate", "could", "expect", "seek", "may" "intend", "will", "believe", "should", "project", "forecast", "plan" and similar expressions, including the negatives thereof, (ii) statements that are based on current expectations and estimates about the markets in which Maple Leaf operates and (iii) statements of belief, intentions and expectations about developments, results and events that will or may occur in the future, constitute "forward-looking statements" and are based on certain assumptions and analysis made by Maple Leaf. Forward-looking statements in this news release include, but are not limited to, statements with respect to future capital expenditures, including the amount, nature and timing thereof; other development trends within the China's seedling industry; business strategy; expansion and growth of Maple Leaf's business and operations and other such matters. Such forward-looking statements are subject to important risks and uncertainties, which are difficult to predict and that may affect Maple Leaf's operations, including, but are not limited to: the impact of general economic conditions; industry conditions; government and regulatory developments; seedling product supply and demand; competition; and Maple Leaf's ability to attract and retain qualified personnel. Maple Leaf's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do transpire or occur, what benefits Maple Leaf will derive there from.
Maple Leaf maintains a forward-looking statement database which is reviewed by management on a regular basis to ensure that no material change has occurred with respect to such forecasts. The Company will publicly disclose such material changes to its forward-looking statements as soon as they are known to management.
SOURCE MAPLE LEAF REFORESTATION INC.
For further information: For further information: regarding Maple Leaf Reforestation Inc., visit www.mlreforestation.com or contact: Maple Leaf Reforestation Inc., Raymond Lai, Chairman, President & CEO, Tel: (403) 668-7560, Fax: (403) 250-2534, E-mail: email@example.com