Organic Recycling Technologies Inc has signed a letter of intent with Chongqing Jinxibeina Complete Equipment Imp and Exp. Company, a subsidiary of the Chongqing International Economic Technology Cooperative Company to build, own, operate and transfer a waste conversion facility in Chongqing, China, with an estimated dollar value of US$8,000,000 – US$10,000,000.
The Chongqing Group is a multi-million dollar business involved in contracting construction projects and project supervising, labor services provision and training, merchandise import and export, industrial manufacturing covering auto parts, garment and food processing. Its domestic businesses and joint ventures now penetrate into high-tech products manufacturing as well as tourism.
The Chongqing Group, a comprehensive state-owned enterprise group, which was founded on the ratification of the State Council, is engaged in foreign economic and technical cooperation and trading activities both at home and abroad.
With more than 18 years experience behind it, the Chongqing Group has set up dozens of branches in Asia, Africa, North America, Latin America, Europe and the Pacific Region. It also has more than 10 domestic branches and subsidiaries. Its business covers more than 30 countries and regions in five continents.
The Chongqing Group will obtain the land, all permits, a 25 year guaranteed waste contract on a put or pay basis to ensure facility profitability, and a guaranteed letter of credit to purchase the facility from Organic Recycling at cost plus US$2.5 million following three months operations. Additional, the Chongqing Group will purchase all the end product produced by the facility.
The Chongqing area has a population exceeding 30 million people requiring over 100 additional sites. The Chongqing Group will build each additional site in the Chongqing area for Organic Recycling under the same guaranteed terms and conditions as the first site.
