VANCOUVER, Jan. 20 /CNW/ - Carbon Friendly Solutions Inc. (CNSX: CFQ)
("CFS" or the "Company") is pleased to announce that the amendment of
the share purchase agreement in connection with the acquisition of
MicroCoal Inc. ("MCI" or "MicroCoal"), as announced January 11, 2011,
has been approved by the MicroCoal shareholders.
By signing the amendment, the MCI shareholders agreed to consummate the
share exchange and receive 10,957,778 common shares of Carbon Friendly
stock at a price of CAD$ 0.27, which equals a total of US$ 3 million
(based on 1 USD = 0.9862 CAD; Bank of Canada January 17, 2010). CFS has
become a majority shareholder of MCI holding 58.21% of the entire
capital shares of MicroCoal. Upon closing of the entire Transaction,
including the completion of a financing of CAD$ 6 mm and the payment of
certain indebtedness to MicroCoal creditors, financiers or
shareholders, Carbon Friendly will own 100% of MicroCoal.
Stan Lis, President and CEO of Carbon Friendly Solutions Inc
stated:"Carbon Friendly is very pleased to confirm the share exchange
as an important milestone in the acquisition of MicroCoal Inc. The
progress of the entire transaction is succeeding as expected."
About MicroCoal Inc.
MicroCoal Inc. was incorporated in May 2005 in the State of Delaware and
currently has its headquarters in Denver, CO with pilot facilities in
Golden, CO. MicroCoal is a clean energy company focusing on
commercializing the use of its patented technologies to decontaminate
and upgrade low-rank coals to match the energy levels of high-rank
coals for use by power utilities. MicroCoal's proprietary on-site
process not only cleans up coal at the power plant prior to combustion
by significantly reducing contaminants, but it also reduces GHG
emissions and improves fuel efficiency. The reduction in emissions
allows for the generation of substantial carbon credits in an industry
that is one of the world's largest producers of emissions. The
deployment of MCI's technology offers utilities significant economic,
environmental as well as operational benefits.
Website address: www.microcoal.com
About Carbon Friendly Solutions Inc.
Carbon Friendly Solutions Inc. provides solutions and products for
companies, organizations and individuals looking to reduce or offset
their global warming impact caused by greenhouse gas ("GHG") emissions,
while including the generation of carbon credits for sale in the global
Voluntary and Compliance markets. Through its subsidiaries, Global CO2
Reduction Inc. and CO2 Reduction Poland Sp. z o.o., CFS is focusing on
removing and offsetting GHG emissions from the development of
reforestation projects and renewable energy technology projects that
are independently validated and verified to globally recognized
standards and methodologies.
Website address: www.carbonfriendly.com
On behalf of the Board of Directors
Carbon Friendly Solutions Inc.
President and Director
Certain statements included in this News Release contain forward-looking
statements, including disclosure concerning possible or assumed future
results of operations of the Company. Forward-looking statements
typically are preceded by, followed by or include the words -
"believes," "expects," "anticipates," "estimates," "intends," "plans,"
"or similar expressions. Forward-looking statements are not guarantees
of future performance. They involve risks, uncertainties and
assumptions, and the Company's results could differ materially from
those anticipated in these forward-looking statements.
SOURCE Carbon Friendly Solutions Inc.
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