OTTAWA, Jan. 5 /CNW Telbec/ - Recycling International Petroleum Products
Inc. ("RIPP" or the "Corporation") announces that today it closed a
convertible debenture financing raising $1,000,000 from private investors for
the final validation testing of its technology with an independent team of
process engineers and for general working capital.
The Corporation also is proud to add Mr. Alex Cunningham to its board of
directors. Mr. Cunningham is the principal of Donosti Investments Inc., an
Ottawa-based private investment and management company.
"Given the current economic conditions, we are delighted to close this
financing and rapidly advance the Corporation's development", said Mr. Andrew
MacIntosh, President of RIPP. Mr. MacIntosh added, "Alex Cunningham brings the
Board a prudent guide for the direction of RIPP in these times."
"This investment in RIPP," Mr. Cunningham said, "is a strategic placement
in Donosti's portfolio. Once the validation testing is successfully completed,
RIPP has the potential to change the world's landscape, both figuratively and
RIPP is a company in the business of developing and marketing a recycling
process that produces carbon black, petroleum distillate, steel and other
products from the processing of used vehicle tires in an environmental and
commercially attractive manner.
For further information:
For further information: Andrew MacIntosh, President, (613) 569-1212