$GLTV ~ LOI News!! ~ Greenlite Announces Letter of
Post# of 26704
$GLTV ~ LOI News!! ~ Greenlite Announces Letter of Intent for Reverse Merger With German-Based Member of Carbon Credit Exchanges
Date : 03/28/2012 @ 9:00AM
http://ih.advfn.com/p.php?pid=nmona&article=51801546
Greenlite Ventures Inc. ("Greenlite") announced today that it has entered into a letter of intent for the acquisition of Advantag AG, a German based company which is engaged in the business of marketing and trading carbon credits and is a member of a number of European carbon exchanges, including the Carbon Trade Exchange London / Melbourne (a leading exchange for sale of voluntary credits), the Green Market Exchange of the Bavarian Exchange in Munich, Climex in the Netherlands and the KBB Bratislava. The combination with Advantag will assist Greenlite in marketing of the carbon offsets generated by the United Nature projects and will allow Greenlite to achieve its longer term plan to join carbon exchanges and market other forms of carbon credits.
Under the terms of the Letter of Intent, Greenlite will issue to the shareholders of Advantag such number of shares of Greenlite as shall be equal to 60% of the number of Greenlite's outstanding shares resulting in a reverse takeover of Greenlite. Of the shares to be issued to Advantag, 75% will be held in escrow to be released based on Advantag's gross carbon credit sales over the next 5 years on the basis of one share for each 2 Euros of carbon credit sales.
Advantag reported gross carbon credit sales of approximately EUR 2,400,000 (USD$ 3,200,000) for the year ended December 31, 2011 and has gross sales of approximately EUR 1,100,000 (USD$ 1,470,000) for the first two months of 2012.
Closing will be subject to satisfactory due diligence by Greenlite, preparation of U.S. GAAP financials of Advantag, and the entry into a formal agreement. In addition, it will be subject to Greenlite having cash of not less than $500,000 and no significant liabilities at closing.
At closing, Advantag's management will assume management of Greenlite and a majority of directors of Greenlite will be directors nominated by Advantag.
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