Melbourne, June 29, 2009 AEST (ABN Newswire) - Environmental Clean Technologies Limited (ASX:ESI) wishes to advise it now owns the Coldry IP and is ready to bring this world-class technology to full commercialisation.
ECT today completed acquisition of all units in the Coldry Trust and shares in Maddingley Coldry as foreshadowed in the Notice of Meeting dated 4 March 2009.
ECT Chairman Dave Woodall confirmed that the agreed payments of A$1 million cash, 55 million shares and 110 million options have now been made, making ECT and its subsidiaries the owners of the Coldry technology.
"We are now owners of the Coldry technology, which places us in a much stronger position to progress the numerous commercial opportunities in which we are engaged, including undertaking the detailed feasibility study and Coldry plant development announced on 22 June 2009," Mr Woodall said.
"This is a significant achievement for the company and something we have been working towards for some time.
"On behalf of this company and our shareholders, I would like to thank the Callejas for their patience in getting this deal done and belief that ECT will take their technology to the next level. I would like to acknowledge the work, commitment, dedication and effort they have contributed to developing this world-class environmental technology over the past decade.
"I would also like to acknowledge the work of our chief executive Kos Galtos, in conjunction with our legal partners Deacons, for negotiating this deal with the Calleja's and achieving this successful outcome."
On behalf of the Maddingley Group, spokesman Don Calleja said: "This transaction aligns the interests of the Coldry and Matmor stakeholders."
"We are now substantial shareholders in ECT, and as such we are pleased that ECT has ownership of the Coldry technology and is in a better position to bring it to full commercialisation.
"Our increased shareholding in ECT will also better align our interests as licensor of the Matmor technology. To a large extent, this transaction fulfils the dream of my brother, the late David Calleja, who worked for over 10 years on developing the Coldry technology."
On 22 June 2009 ECT announced funding for a major feasibility study for a Coldry plant, and agreement on staged construction of the plant with Vietnam based Thang Long Investment and Commercial Joint Stock Company.
About Environmental Clean Technologies Ltd
Environmental Clean Technologies Limited (ASX:ECT) bridges the gap between the current high emission reality and the zero-emission world of the future. ECT's technology aims to play a key role in the transitional pathway to net zero by utilising abundant low rank and waste fuel sources in a new, clean way. ECT's technology suite creates clean and reliable applications and products for the energy, agricultural and industrial sectors.
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