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Sun Pacific Holding Corporation Subsidiary MedRecycler-RI, Inc. Indenture Agreement Raised to $8,725,000 via a $2,700,000 Modification for its Medical Waste to Clean Energy Project in Rhode Island
Sun Pacific Holding Corporation Subsidiary MedRecycler-RI, Inc. Indenture Agreement Raised to $8,725,000 via a $2,700,000 Modification for its Medical Waste to Clean Energy Project in Rhode Island.
About this update from Sun Pacific Holding Corp.
[{"type":"text","content":"\n MANALAPAN, N.J., Oct. 15, 2019 (GLOBE NEWSWIRE) -- Sun Pacific Holding Corp. (OTHER OTC: SNPW) announces that its subsidiary, MedRecycler–RI, Inc. (“MedRecycler”), has entered into a modification to its original Indenture Agreement, adding $2.7 million in additional funding for its medical waste to clean energy project in the State of Rhode Island. The total funding under the Indenture Agreement for the MedRecycler project is now $8,725,000. The debt facility modification for this agreement matures on January 29, 2020.  The intent of the short-term modification to the indenture agreement is to allow MedRecycler to continue with the delivery, buildout, and assembly of the equipment for the facility, while it works through the terms, conditions, and other requirements for its long-term financing plans for the project. Nicholas Campanella, CEO of Sun Pacific Holding Corp. stated, “We are very pleased with the progress MedRecycler is making in its efforts to begin cleanly processing medical waste in Rhode Island, using a leading edge pyrolysis system, displacing environmentally harmful incineration and other less green methods. MedRecycler has obtained several permits and has started the buildout and preparation phase of the facility. They are now ready to move forward in receiving and assembling the processing equipment, which required the additional funding. The new capital allows MedRecycler to continue with the construction and assembly without waiting for the longer-term financing to be completed. We are proud to report that MedRecycler is pushing forward on all fronts, while the team works flexibly and diligently with all of its partners in tackling the complexities associated in meeting all of the needs and requirements associated with permanent project financings of this type and scope.”  Sun Pacific looks forward to keeping its stakeholders aware of the progress of MedRecycler as it nears the commercial launch of this 48,000 square foot facility, which should be able to process up to 70 tons of medical waste per day. MedRecycler is designed as an advanced technology and environmentally conscious medical waste processing facility that can serve a vital, ongoing need of the medical community and also generate clean energy. For full details on the MedRecycler ...