Sorel-Tracy, November 27, 2007 – Conporec Inc. (“Conporec” or the “Company”) announces today the official project start-up for the construction of a sorting-composting plant in Australia. After more than one year of negotiations and the October 25 announcement that the agreement negotiations were completed, all the conditions leading to financial close have been met this past 23 November.
Conporec will design and equip this 100,000-tonne annual capacity plant with the latest technologies developed by its team. This project should last for 19 months and cost more than CAD$60M.
Conporec’s technology was selected for its efficiency and high quality, as part of an international tender process involving the world leaders in this field. To carry out this project, Conporec will provide design and engineering services as well as the rights and licenses to use its technology to BioVision 2020 Pty Ltd, a project company set up to design, build, own and operate the new plant for the next 20 years. The BioVision 2020 partners are SembSITA (subsidiary of SUEZ Environnement) as well as Westscheme Superannuation Fund. For its services and royalties, Conporec will receive a total compensation of $3.6M instead of the sum of $4.5M incorrectly announced on October 25, 2007.
“The work is now starting and Conporec is in a position of building a fourth waste recovery facility among the most modern in the world. For Conporec and its shareholders, this is a milestone project, confirming the Company’s ability to carry out its ambitious business plan”, stated Mr. Jean Beaudoin, President and CEO, Conporec. “In the current circumstances where municipalities are looking for solutions to their waste management, Australia is taking the lead by applying a safe and efficient technology”, he concluded.
Conporec Inc. develops, owns and operates various patented composting and sorting technologies for the treatment and recycling of municipal solid waste. Conporec successfully delivered three sorting-composting plants (Canada, France, United States) and also about thirty composting locations (Canada). Conporec is a socially responsible organization listed on the TSX Venture Exchange.
For more information:
President and CEO
Tel: + 1.450.746.9996
|Conporec SAS (France)
Director General, Conporec SAS
Tel: (+33) 06 30 32 63 86
Tel: (+33) 01 53 67 35 81
CONPOREC INC, 3125 Joseph-Simard St., Sorel-Tracy, QC, Canada J3P 5N3
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