Business
Maple Leaf Signs Letter of Intent Regarding Whitebark Pine Technology
Maple Leaf Signs Letter of Intent Regarding Whitebark Pine Technology
About this update from Maple Leaf Green World, Inc.
[{"type":"text","content":"\nMaple Leaf Signs Letter of Intent Regarding Whitebark Pine Technology\n\n\n Aug. 12, 2009 (Baystreet.ca) -- CALGARY -- Maple Leaf Reforestation Inc. (TSX-V: MPE) is pleased to announce that it has signed a Letter of Intent with Astro-Wood Bio-Engineering Development Co. Ltd. (\"Astro-Wood\") of Shanxi, China to jointly develop Whitebark Pine trees (the \"LOI\").\n\nAstro-Wood is a national company specialized in seedling cultivation, landscaping, research and development for new species of agro-forestry, fungi nursing and livestock breeding. Astro-Wood has a registered capital of approximately $250 million Cdn (1.6 billion Rmb) and its total assets are valued at approximately $470 million Cdn (3 billion Rmb). \nThe Whitebark Pine (Pine Bungeana) is a very precious and popular pine species. It is known to grow under very harsh conditions and is thus used extensively for landscaping and reforesting in Northern China. The seedling for this type of pine is very difficult to cultivate, normally taking three years to grow to the height of 20 cm. Maple Leaf's greenhouse has been able to develop a technology however, that allows for the development of Whitebark Pine seedlings to 20 cm height in just seven months (the \"Technology\"). Maple Leaf has already grown approximately 25,000 seedlings for approximately 6 months using the Technology and the majority of these seedlings have grown to approximately 20 cm height. Based on the success of this experimental sample, Maple Leaf and Astro-Wood have agreed to sign the LOI to jointly develop Whitebark Pine trees under the following conditions: \n\n\n1. Maple Leaf will contribute the Technology and its facilities towards\nthe development of Whitebark Pine trees;\n2. Astro-Wood will contribute its capital and plantation facilities\ntowards the development of Whitebark Pine trees;\n3. Astro-Wood agrees to purchase a minimum of 5 million Whitebark Pine\nseedlings per year from Maple Leaf upon the successful completion of\nthe experimental sample and will place all of its Whitebark Pine\nseedling orders with Maple Leaf once Maple Leaf is able to supply the\nquantity that Astro-Wood needs;\n4. An application will be submitted to patent the Technology and if\ngranted will be jointly owned by Astro-Wood and Maple Leaf; and\n5. The future application of the Technology will be developed and funded\n...