OIL GAS EXPLORER TO ENTER RECYCLING INDUSTRY IN THE USA

Oil and Gas Firm Enters

the U.S. Recycling Market

Oil and Gas Firm Matrixx Enters the U.S. Recycling Market18 April 2011

Matrixx Resource Holdings Inc., a specialist in oil and gas exploration and acquisition, has entered into an agreement in principle to form a Joint Venture (JV) partnership to trade and process plastic and metal resources.

To run concurrently with its oil and natural gas program, Matrixx has says that it has agreed to form a subsidiary in which the partnership will engage in the purchase, sale, and processing of plastic and metal commodities.

The Company plans to trade and recycle post-consumer polyethylene (PET) plastic bottles and HDPE bottle caps for sale to companies in the United States.

The partnership is working on developing a proprietary equipment design and process that it claims will eliminate the human element in the sorting process – thus creating a more cost effective system.

The company says that its long term objective is to build a state of the art recycling facility in the New York Metropolitan Area that will incorporate renewable energy sources and serve as an education centre. This plant would be FDA certified and able to further process the post-consumer plastics into high quality grades of resin for potential use in food and beverage containers as well as medical supplies.

Furthermore, the partnership says that it has identified and initiated discussions for the acquisition of certain processing facilities, as well as for purchase and sales contracts within and around Central and South America.

Included in this formula, the partnership plan provides for specific collection and sales contracts of specified tradable commodities, including plastic, brass, copper, aluminium, and other valuable tradable resources.

Under the terms of the agreement, Matrixx will retain a minority percentage between 25% and 50% of the newly formed subsidiary. Additionally, the agreement calls for Matrixx to have managerial control of the newly formed subsidiary thus allowing the company to maintain consolidated financials.

Sourced & published by Henry Sapiecha

Tags: , , , ,

Leave a Reply

 

Categories
Search