Sparta Capital Looking to Convert Waste Plastic to Diesel Fuel
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Calgary, Alberta (FSCwire) - Sparta Capital Ltd. (TSXV: SAY) (the “Corporation” or “Sparta”) is pleased to announce that its ReECO Tech™ division has signed a Non-Binding Memo of Understanding (“M.O.U.”) with Pi ECO Canada Ltd., to jointly convert unsortable waste plastics into synthetic diesel fuel, on an industrial scale.
The plan is to construct an initial facility in the Greater Toronto Area (“GTA”) to re-direct some 18,000 tons per year of waste plastic from landfill - converting it to eco-friendly, low sulfur, ASTM II certified, synthetic diesel fuel. (the “Joint Venture”).
Using an energy-efficient process to divert plastics from the waste stream and prevent it from ending up in our waterways has always been a goal for Sparta. Management is thrilled to now have the MOU in place to help reach that goal.
The Joint Venture remains subject to the execution of a definitive agreement and regulatory approval including but not limited to, the approval of the TSX Venture Exchange.
Financing for the initial equipment has already been secured through a guaranteed line of credit that will be re-paid over ten-years with a blend of principle, interest and royalties.
“We’re very excited to be working with Pi Eco Canada as they too are very focused on doing what’s right for the planet, with a real interest and desire to address the mountains of plastic that are now floating in our oceans. What we are planning to do together is a crucial next step to address that issue while profiting from Doing What’s Right®; diverting waste and transforming it into something profitable” said John O’Bireck, President of Sparta.
Just this week, news of the non-profit, Ocean Cleanup unleashing a floating boom in the Pacific Ocean designed to collect plastics, made headlines around the world. A report by the World Economic Forum suggests that an estimated eight million metric tons of plastic waste ends up in oceans from land every year. The Great Pacific Garbage Patch, an area located between Hawaii and California is said to contain the most ocean plastic in the world, but discarded plastic isn’t just in the Pacific or just in our waterways; its everywhere. The Sparta team wants to do its part to lesson the load and believes that there is no better way to do so than by creating something of value from plastic waste.
About ReECO Tech™
ReECO Tech™ is the collective term for a group of conversion technology companies that collect waste materials with a focus on converting such waste streams into new usable forms while helping develop environmentally sustainable economies. ReECO Tech provides a viable option for helping manufacturers reduce waste, save resources, save money and lower their carbon footprint.
About Pi ECO Canada:
Pi Eco Canada designs, manufactures and operates plastic conversion technologies that utilise waste plastic destined for environmentally unfriendly recycling methods or landfills and generates eco-friendly low sulfur ASTM II certified Diesel for both commercial & industrial consumption.
Sparta Group owns or holds a controlling interest in a network of independent businesses that supply energy saving technologies designed to reduce energy inefficiencies, achieve reduced emissions and increase operating efficiencies in various industries. Sparta’s network of independent businesses provide a wide range of specialized energy capturing, converting, optimizing and related services to the commercial sector. Sparta provides capital, technical and engineering expertise, legal support, financial and accounting knowledge, strategic planning and other shared services to its independent businesses.
For further information please contact:
John O’Bireck, President
Telephone: (905) 751-8004
This news release contains “forward-looking information” within the meaning of applicable securities laws. When used in this news release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although the Corporation believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, readers are cautioned to not place undue reliance on forward-looking information because the Corporation can give no assurance that they will prove to be correct. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date of publication of this news release and the Corporation undertakes no obligation to update such forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Furthermore, the Corporation undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Corporation. In particular, this news release contains forward-looking statements relating to, among other things, statements pertaining to the “Joint Venture” and actual results could differ materially from those currently anticipated due to a number of factors and risks.
These include, but are not limited to, the failure to obtain necessary regulatory approvals, necessary financing and risks associated with the environmental technologies industry in general. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: Sparta Capital Ltd. (TSX Venture:SAY)
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