Business
Greenbelt Resources Receives PURNOL Funding and Commences Enhancements to Production Facility and Supply Chain Logistics
Greenbelt Resources Receives PURNOL Funding and Commences Enhancements to Production Facility and Supply Chain Logistics.
About this update from Greenbelt Resource Corporation
[{"type":"text","content":"\nPASO ROBLES, Calif., Jan. 15, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE – Greenbelt Resources Corporation (OTC: GRCO) (Greenbelt), the developer of a sustainable ECOsystem model that transforms waste into revenue generating bioproducts including bioethanol, today announced initial funding for a licensing and exclusive distribution rights agreement from PURNOL, a California-based distribution company. \n In accordance with the agreement between PURNOL and Greenbelt, a substantial portion of an undisclosed fee was funded in December of 2018. Subsequently, Greenbelt commenced the process of modifying and enhancing its production facility and supply chain logistics protocols to accommodate the agreement.  As previously announced, PURNOL agreed to pay a substantial undisclosed total fee for licensing and distribution rights to brand all of the bioethanol produced in Greenbelt’s California BioEthanol Project (CBE Project), which uses proprietary technology to convert local brewery, winery and agricultural waste into various biobased products, including bioethanol and high protein animal feed. The PURNOL brand bioethanol represents a premium product of eco-friendly high-quality premium extraction solvent marketed into various markets, particularly including the CBD market, currently projected to potentially be $22 billion by 2022 in a recent exclusive article in Rolling Stone Magazine. “The structure of this agreement is financially rewarding for all parties involved,” said Greenbelt CFO Joe Pivinski. “It secures for PURNOL all extraction solvent bioethanol produced by Greenbelt, ensures the sale of Greenbelt’s current production capacity and also provides the resources by which Greenbelt can upgrade existing production and supply chain technologies to produce greater returns.” The agreement establishes a commitment for all bioethanol produced by Greenbelt’s CBE Project to be sold under the PURNOL brand. Investors interested in directly investing into the CBE Project are encouraged to email [email protected] for more information. About PurnolFounded to minimize the environmental impact of the CBD and medical cannabis extraction process, Purnol integrates sustainability, biowaste management and renewable energy into the CBD and medical cannabis industries. The result: PU...