Singapore, 23 October 2007 – Electronic waste recycler Centillion Environment and
Recycling Limited (“Centillion”, “The Company” or “The Group”) has completed a
Sale and Purchase Agreement (“the SPA”) with the current shareholders of Metech
International, Inc. (“Metech”) to acquire 100% of the issued capital of Metech for
US$12 million and earn-out adjustments. The acquisition will be funded partially from
proceeds from issuance of S$16 million shares in July 2007 and issuance of S$30
million convertible notes approved by the shareholders on 31 August 2007.
The SPA follows an earlier announcement on 27 August 2007 in which Centillion
announced that it had entered into a Memorandum of Understanding (MOU) for the
proposed acquisition of Metech. Since then, Centillion has completed the due
diligence process and is confident that Metech is a strong company with the right
strategic footprint to act as a platform for Centillion to enter the large US e-waste
market, where it hopes to expand aggressively over the next 3 years.
－
－
－