- Environmental Waste International (EWS) has recieved an additional C$600,000 investment from Torreco, part of $1 million invested so far of a $7 million total planned investment
- Torreco will own 70 per cent of Ellsin once the transaction is completed
- Environmental Waste International specializes in eco-friendly systems for the breakdown of organic materials, including tires
- Environmental Waste International (EWS) is up 6.06 per cent and is currently trading at $0.35 per share
Environmental Waste International (EWS) has recieved an additional C$600,000 investment from Torreco.
The investment is part of a previously announced agreement in which Torreco will invest $7 million in Ellsin Environmental, Environmental Waste International’s wholly-owned subsidiary.
Once the transaction is completed, Torreco will own 70 per cent of Ellsin. The $7 million will be used to convert EWS’s pilot plant in Sault Ste. Marie into a commercial cleantech recycling plant.
The joint venture will have a $10 million valuation once EWS has received the total $7 million investment from Torreco.
EWS will receive a royalty of 6% of revenues, and the facility will be available for demonstration to potential EWS customers throughout the world.
If Torreco meets certain conditions after it completes the $7 million investment, the company will be granted the right to build three additional waste tire facilities in Ontario over the next five years. If Torreco successfully builds these three additional facilities it will retain the exclusive rights for the use of such facilities in Ontario.
The expansion and modernization of the plant will require certain regulatory approvals, and there can be no assurance that the additional $6 million will be invested.
Environmental Waste International specializes in eco-friendly systems for the breakdown of organic materials, including tires. The company’s unique microwave technology safely processes and recycles waste tires, while recovering highly valuable commodities, including carbon black, oil, and steel.
Environmental Waste International (EWS) is up 6.06 per cent and is currently trading at $0.35 per share, as of 9:34 am ET.
