TREVOSE, PA-- Pure Earth, Inc. has announced that it recently closed a $6.3 million financing which will provide the capital to expand its existing operations and acquire new facilities.
The financing was done in the form of a preferred stock offering and included interest of 10% in cash and 4% payment in kind, with repayment due in March, 2013. The offering from a Chicago investment fund has no convertible provisions and includes a warrant for 767,375 shares of common stock at various rates after 3 years with customary positive and negative covenants.
The new financing should support the growth and expansion of Pure Earth's refinery waste recycling programs and its alternate fuel manufacturing plans from waste derived materials.
Pure Earth is significantly increasing its capacity to recycle refinery wastes at its 32 acre Vineland, NJ waste recycling complex. The refineries are large producers of waste materials that cannot be landfilled in the US. Many refineries are landfilling their wastes across the boarder in Canada, a practice that will be disallowed in 2009. The company believes this will create a huge demand for its recycling services since the Vineland facility is one of a small handful of facilities with licenses and
permits to treat and recycle these wastes.
To further the company's major expansion efforts in the area of recycling waste materials; Pure Earth also intends to partner with existing corporations and also start up a new waste processing company, Pure Earth Energy Resources, Inc. in order to recycle wastes into manufactured fuel. The resultant alternative fuel will be sold to cement producers and others as an "Alternate Fuel Resource" (AFR). AFR replaces the use of fossil fuel, lowers energy costs and contributes to the reduction of global warming.
Pure Earth, Inc.
www.pureearthinc.com
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