Brief: Biotrend Says It Has Signed Non-Binding Term Sheet With UK-Based Freepoint Eco-Systems International For Strategic Partnership

Biotrend Cevre ve Enerji Yatirimlari

25/06/2024 07:54

June 25 (Reuters) - BIOTREND CEVRE VE ENERJI  BIOEN.IS :
    * SAYS HAS SIGNED A NON-BINDING TERM SHEET WITH UK-BASED
FREEPOINT
ECO-SYSTEMS INTERNATIONAL 
    * ACCORDING TO NON-BINDING TERM SHEET, A FREEPOINT COMPANY
WILL
BECOME A SHAREHOLDER IN BIOTREND CEVRE
    * THE PARTIES WILL DEVELOP, OWN, AND OPERATE ONE OR MORE
ADVANCED
RECYCLING PROJECTS TO PROCESS WASTE PLASTIC INTO FEEDSTOCK FOR
CHEMICAL RECYCLING AND/OR TO CONVERT WASTE PLASTIC FEEDSTOCK
INTO PYROLYSIS OIL 
    * A NEW COMPANY WILL BE INCORPORATED BY BIOTREND CEVRE AND
FREEPOINT INVESTOR BASED ON 50%-50% BASIS SHAREHOLDING WHICH
WILL DEVELOP AND OWN THE FUTURE PROJECTS
    * SUBJECT TO CONDITIONS PROVIDED UNDER THE TERM SHEET,
FREEPOINT
INVESTOR IS EXPECTED TO OWN SHARES REPRESENTING APPROXIMATELY
10% OF THE COMPANY'S POST-TRANSACTION SHARE CAPITAL

        
 Source text for Workspace:  urn:newsml:reuters.com:*:nIKA6JBmMh
 Further company coverage:  BIOEN.IS  

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 769 66 00))