Business
Maple Leaf Signs MOU for Waste Oil Collection and Processing
Maple Leaf Signs MOU for Waste Oil Collection and Processing
About this update from Maple Leaf Green World, Inc.
[{"type":"text","content":"\n\n\n\nCALGARY, Mar. 10, 2010 (Canada NewsWire Group) -- /CNW/ -- Maple Leaf Reforestation Inc. (\"Maple Leaf\" or the \"Company\") is pleased to announce that it has signed a Memorandum of Understanding with Conserve Oil Corporation (the \"MOU\") to establish a waste oil collection and processing facility in China (the \"Project\"). Pursuant to the MOU, Maple Leaf and Conserve will respectively be responsible for the following:Conserve1. Will prepare a business plan and an investment summary for theProject;2. Will arrange financing for the Project;3. Will coordinate EDC, EXIMBANK or similar investment insurance forMaple Leaf; and4. Will provide ongoing technical and operational support, asrequired.Maple Leaf1. Will select a site for the Project in China;2. Will recommend consultants in China to provide technical andengineering support for the Project;3. Will provide local partners for collection;4. Will recommend local suppliers, where appropriate; and5. Will be the operator of the Project.The MOU has been filed on www.sedar.com as a \"Material Document\".Project DetailsIt is anticipated that the Project will initially produce 30,000 tons of recycled diesel oil per year, with a goal of reaching a capacity of 100,000 tons per year. Preliminary estimates indicate that an investment of between $10 million USD to $15 million USD will be required to finance the Project. The recycled oil market in China is quite mature, with such oil presently selling for approximately $750 USD per ton, on average.About ConserveConserve Oil Corporation (\"Conserve\") is a private Canadian Corporation. The President and Chief Executive Officer of Conserve is Mr. David Crombie who was recently appointed to Maple Leaf's Board of Directors. More information about Conserve can be obtained from Maple Leaf's news release dated February 3, 2010.Raymond Lai, President & CEO of Maple Leaf comments, \"Mr.Crombie's recent appointment to our Board has already brought another great opportunity to Maple Leaf. We are excited about pursuing this project and being able to have a Board member as the driving force behind the partnership. Our footprint in the Chinese market is clearly starting to pay dividends as companies realize the value that our experience in China offers.\"About Maple Leaf Reforestation Inc.Maple Leaf is a Canadian company operating five environmen...