ACI Global Corporation Announced Finalization of the Acquisition of Green Machine Investments Ltd. and Its $2,400,000,000 Project to Manufacture Synthetic Rubber in Four $600,000,000 Phases
LONDON, July 5 -- ACI Global Corporation (previously Par Advance Technologies, Inc.) (Pinksheets: PRVG) announced today that it had completed the acquisition of Green Machine Investments Ltd. by issuing the balance of the total of 315,000,000 shares of common stock agreed to be issued in exchange for all of the shares in Green Machine Investments Ltd.
Green Machine Investments Ltd. through its subsidiaries the ACI Group of Companies is a global leader in rubber recycling technology; the technology allows used tires to be processed into Micropowder(TM), which can be used in the manufacturing of tires and other rubber products.
The company also announced today that agreement has been reached with the Government of Bahrain to build a production plant in Bahrain where inexpensive natural gas is available to be utilized in the cryogenic process.
The Bahrain Project will be operated by ACI Investments Bahrain W.L.L. (ACI) a company currently under formation in Bahrain. The Government of Bahrain has issued the Government approvals for the Project, The Kingdom of Bahrain, Ministry of Industry has agreed to lease to ACI for a period of sixty years a 100 hectare site located in the Hidd Industrial Area of Bahrain. The site is adjacent to The Bahrain Petroleum Company Refinery from which the refinery has agreed to supply the natural gas feedstock on a long term basis.
Michael Howarth the CEO of ACI Global Corporation commented that the long term gas supply contracts are valuable to the company due to the long term nature of the contracts and the fixed price.
Pertinent Project facts: Bahrain Project Construction Budget $2,400,000,000 to be built in four phases of $600,000,000 each. Plant capacity -synthetic rubber 560,000 tonne per annum Number of new jobs created in the plant 1500 Construction commencement dates: Phase 1 October 2005 Phase 2 September 2008 Phase 3 March 2009 Phase 4 September 2009 Projected net income of ACI Investments Bahrain W.L.L. Year ended 2008 euro 57,000,000 ($67,800,000) Year ended 2009 euro 116,000,000 ($138,000,000) Year ended 2010 euro 258,000,000 ($307,000,000) Year ended 2011 euro 447,000,000 ($531,900,000) Year ended 2012 euro 498,000,000 ($592,600,000)
ACI Global Corporation will be the controlling shareholder of ACI Investments Bahrain W.L.L. with a 51% shareholding in the Project.
ACI Global Corporation is at an advanced stage in negotiations to construct a total of six plants, these plants are located in Asia, the Middle East, the Americas and Northern Europe to strategically service the world market.
ACI Global Corporation plans to roll out the construction programme of the six Projects at a rate of one project every four months over the next two years.
At a meeting of shareholders held on June 6, 2005 the shareholders passed a resolution to change the name of Par Advance Technologies Corp to ACI Global Corporation and the name has now been changed. It is anticipated that a new stock symbol will be issued to the company within fourteen days.
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 (as amended, the "Act"). In particular, when used herein, the words "plan," "budget," "projected," "should," "confident that," "believe," "expect," or "intend to," and similar expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the Company's products and technologies, possible delays or failures to develop and/or commercialize any technology, possible risks related to adverse clinical results, impact of alternative technology advances, inherent risks in early stage development of such technology, competitive factors, the ability to successfully complete additional financings, continuing to function as a viable going-concern, and other risks.