Int'l Bio Recovery gently reminds CFO to pay up
International Bio Recovery Corp IBR
Shares issued 17,623,424
Jul 16 2002 close $ 0.85
Thursday July 18 2002 News Release
Mr. Elmer Friesen reports
IBR REPORTS ON THE UPDATE OF THE CHINA DEAL
International Bio Recovery (IBR) would like to update activities on the CFO & Co. Ltd. (CFO) agreement, which was publicly disclosed in Stockwatch on May 24, 2002. IBR has been actively assisting CFO on the design of the first 500-tonne-per-day plant scheduled for Shanghai. As previously reported, CFO forwarded the majority value of these non-refundable payments; however, CFO has not made the final $2.1-million payment due July 15, 2002, and that was required to gain ownership of the technology rights for the People's Republic of China, including Hong Kong.
stockwatch.com
North Vancouver, BC (July 18, 2002) - International Bio Recovery Corporation ("IBR") would like to update activities on the CFO & Company Ltd. ("CFO") Agreement, which was publicly disclosed on May 24, 2002.
IBR has been actively assisting CFO on the design of the first 500 Tonne per day plant scheduled for Shanghai. As previously reported, CFO forwarded the majority value of these non-refundable payments; however, CFO has not made the final $2,100,000 payment due July 15, 2002, and that was required to gain ownership of the technology rights for the Peoples Republic of China, including Hong Kong.
International Bio Recovery Corporation is an innovative environmental biotechnology company setting the global standard for the management of organic waste and the development of commercial microbial products to increase crop yields, prevent plant disease and dramatically reduce the world's agricultural dependence on chemicals.
"E.B. Friesen"
Elmer B. Friesen, P.Eng.,
President & CEO
For further information, please contact:
Investor Relations & Corporate Communications
International Bio Recovery Corporation
Tel: 604.924.1023
Fax: 604.924.1043 |
