GMND Issues Term Sheet for Acquisition of EcoCover California, Inc.
24 7월 2008 - 12:23AM
Marketwired
CARLSBAD, CA , an incubator of green technology companies,
announced today that the company has issued a term sheet for the
merger/acquisition of Ecocover California, Inc. (ECI), a startup
manufacturing company of organic mulch products manufactured from
recycled waste paper for agricultural, landscaping, horticultural
and land management use.
Under the terms, GMND would acquire 60% of the outstanding stock
of ECI upon raising $2.5MM in funding in a merger/acquisition where
ECI would operate as a subsidiary of GMND. The parties are working
to close the transaction by October 31, 2008.
Brehm stated, "Originally developed, tested, launched and
successfully established in New Zealand, the EcoCover story is now
being extended into the global market and an opportunity exists to
establish an EcoCover manufacturing facility, fully equipped and
commissioned, in the California market territory. Once the initial
capital is raised and the first facility has been established, it
is our intention to roll out multiple manufacturing facilities
across California and beyond. We believe the business model of ECI
and its shareholders and employees could be a strong contributing
factor to the future success and growth of both ECI and GMND as a
combined business entity."
About Green Mountain Development Corp
Green Mountain Development Corp, a majority owned subsidiary of
U.S. Microbics, Inc., (PINKSHEETS: BUGS), is an incubator for green
technology companies which provide natural solutions for the
environmental challenges of growth using the management expertise
and infrastructure of GMND.
About EcoCover California, Inc.
EcoCover products are internationally patented and certified
organic mulch products manufactured from recycled waste paper for
agricultural, landscaping, horticultural and land management use,
using materials that are 100% compostable, 100% biodegradable and
proven to increase water retention, reduce weed growth and plant
mortality. For additional information about the EcoCover products
contact Simon Gidney at 310-540-3718 or visit www.EcoCover.com.
The information contained in this press release includes
forward-looking statements. Forward-looking statements usually
contain the words "estimate," "anticipate," "believe," "expect" or
similar expressions that involve risks and uncertainties. These
risks and uncertainties include the company's status as a startup
company with uncertain profitability, need for significant capital,
uncertainty concerning market acceptance of its products,
competition, limited service and manufacturing facilities,
dependence on technological developments and protection of its
intellectual property. The company's actual results could differ
materially from those discussed herein. Factors that could cause or
contribute to such differences are discussed more fully in the
"Risk Factors," "Management's Discussion and Analysis or Plan of
Operation" and other sections of the company's Form 10-KSB and
other publicly available information regarding the company on file
with the Securities and Exchange Commission. The company will
provide you with copies of this information upon request.
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Investors and media contact: Robert Brehm 760/918-1860, ext.
102
Green Mountain Developmnet (CE) (USOTC:GMND)
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Green Mountain Developmnet (CE) (USOTC:GMND)
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