TORONTO, Jan. 30, 2001 (CNW) Thermo Tech™ Technologies Inc. (the “Company”) is pleased to announce the acquisition of Firmaplus Sdn Bhd. Firmaplus is a company that specializes in plants and equipment, power generation and co-generation systems, steel trading, manufacturing, shipping/transport, agriculture, financing and investment and particularly waste management.
Firmaplus’ audited financial statements demonstrate that for the nine months ending Sept. 30, 2000, sales totaled US $144,413,920 and operating profit was US $44,783,549.
Thermo Tech™’s annual revenue is projected to be over C$300,000,000. The Company now has a profit.
Thermo Tech™ has successfully demonstrated with its unique technology, the ability to convert more than 10 million tons of palm oil waste into a unique organic based energy livestock feed material. With this information, Firmaplus will immediately begin building 27 plants in Southeast Asia, to achieve this goal.
The acquisition has been made at an agreed price of U.S.$40,000,000. Firmaplus believes so strongly in the Company that it has agreed to take compensation in the form of a debenture.
Firmaplus will introduce a new board, management team and operating structure to the Company as part of the business development program.
Firmaplus will utilize the services and expertise of Planet Earth Operating Services Inc. to deliver Thermo Master™ plants. Firmaplus will work closely with Planet Earth Operating Services to roll out plants to meet the market needs already identified in North America and worldwide.
Firmaplus is ready to work with and bring resources to licensees, such as European Thermo Technology Ltd., to ensure that the Thermo Master™ solution is provided on a global basis and in all regions.
Radi is the visionary that started Firmaplus, Canal Emirates and Delta Power with corporate revenues exceeding U.S.$500 Million. He states that with the vast growth in all areas of these businesses, including power generation systems, steel, plants and systems, shipping, investment and financing, he has identified waste and the environment as one of the major issues and business opportunities for the future. He sees and knows that the Thermo Master™ system is the technology that Firmaplus has been looking for to meet the needs of these critical sectors and to capitalize on the related business opportunities. Upon completion of extensive due diligence Radi intends to concentrate his efforts and energies on making this a world recognized, multi-billion dollar environmental company.
Ed Kroeker stated, “It had always been the founder’s objective to complete the development and commercialization of the Company’s unique technology, and then to find the right group that would launch the technology in the global market. That group has now been found. It is Firmaplus. I will go on record as saying a day will come when the Thermo Master™ system will be looked on in the fields of waste and environmental technologies, as comparable to the telephone as the basis for today’s communications technologies.”
Kroeker continued, “We must offer thanks to the shareholders who have had the vision and patience to stay with us and support us as we have brought the Company to this stage. It has been a long road with many turns along the way, but the vision and the goal has remained constant from the beginning. Over the next short period of time, there will be a number of news releases regarding the details and specifics of the various changes and advances that are planned for the board of directors, management, and the operations of the Company. I know our shareholders will join with me in supporting Radi as he works to accomplish his vision for the world scale development and rollout of the Company.”
Thermo Tech™ Technologies Inc. is a leader in organic waste recycling. Thermo Tech™’s patented thermophilic process is utilized in compact and environmentally friendly Thermo Master™ plants to convert biodegradable food waste into high protein animal feed and wastewater treatment sludges into fertilizer concentrate.