ACMG @ .09 going to $2.00 on this news!
(Market Wire) Alcar Chemicals Signs Acquisition Offer With South East Asian Con
MONTREAL -- (MARKET WIRE) -- 02/20/07 -- Alcar Chemicals Group Inc. (PINKSHEETS
announces today the signing of a Letter of Intent with the South East Asia
consortium outlining the offer for the acquisition of the controlling
interest of Alcar Chemicals Group Inc. for the consideration of $2.05 per
share.
According to the company, Dr. Cavasin is presently in Thailand, where he
has finalized the remaining details and signed the LOI outlining the terms
and conditions for the acquisition of the controlling interest of ACMG by
the SEA consortium for an overall consideration of $2.05 per share. The
consideration of $2.05 per share represents a total investment of $282
million to be made by the South East Asia consortium for (55%) fifty five
percent ownership.
The company stated that the letter of intent specifies an immediate cash
investment of $7.2M dollars, which will be utilized to complete the
Canadian plant and for the scale up engineering.
The company expects a definitive agreement shortly, whereby the initial
funds will be placed into escrow and released on closing of said agreement.
Upon the signature of a definitive agreement, the name of the South East
Asia group will be released as well as Dr. Cavasin's shares will also be
placed into escrow and released according to milestones over a four year
period. The milestones will include but are not limited to the
construction and operation of (4) four full scale plants.
About The Alcar Group
The Alcar Chemicals Group (PINKSHEETS: ACMG) represents a significant
market opportunity due to a serious worldwide supply shortage of raw
materials for polymers as well as an increased requirement for ethanol and
biodiesel. ACMG has been concentrating on innovative methods for biomass
(forestry waste, agricultural waste and non-food crop) valorization for the
past decade, specifically petroleum-independent fuel and plastics resin
production. Its proprietary technology represents today's most economical
and advanced manufacturing process for plastic raw materials, ethanol and
bio-diesel, allowing production at cost savings of up to 40% when compared
to current production methods.
Important Information About Forward-Looking Statements
All statements in this news release that are other than statements of
historical facts are forward-looking statements, which contain our current
expectations about our future results. Forward-looking statements involve
numerous risks and uncertainties. We have attempted to identify any
forward-looking statements by using words such as "anticipates,"
"believes," "could," "expects," "intends," "may," "should" and other
similar expressions. Although we believe that the expectations reflected in
all of our forward-looking statements are reasonable, we can give no
assurance that such expectations will prove to be correct.
A number of factors may affect our future results and may cause those
results to differ materially from those indicated in any forward-looking
statements made by us or on our behalf. Such factors include our limited
operating history; our need for significant capital to finance internal
growth as well as strategic acquisitions; our ability to attract and retain
key employees and strategic partners; our ability to achieve and maintain
profitability; fluctuations in the trading price and volume of our stock;
competition from other providers of similar products and services; and
other unanticipated future events and conditions.
Investor Contact:
Steven Sung
IR@alcarchemicalsgroup.com
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