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Posted: August 23, 2008
International Consolidated Companies, Inc. Signs Letter of Intent to Acquire Assets of Source Bio Plastics, Inc.
(Nanowerk News) International Consolidated Companies, Inc. (http://www.iccina.com) announced that it has executed a Letter of Intent (LOI) to acquire the assets of Source Bio Plastics, Inc. located in Massena, NY.
Source Bio Plastics ("Source") and International Consolidated Companies, Inc. (INCC) have identified the biodegradable plastic products market as a rapidly expanding segment of the overall plastics industry. Source has acquired plastic manufacturing facilities and equipment in New York State, which is ready to immediately commence production of products made from biodegradable plastic resin. The necessary technology to produce these products is currently available in the marketplace including soy based resin, wood based resin and nano-particles.
Source Bio has valued the land, equipment and facilities at more than $5 million.
Molds to produce products such as CD cases, DVD boxes and similar products are on location at the facility and are ready to be immediately utilized. Selected previous management and other former employees of the acquired plastics facility are available in the local area and are standing by awaiting a call back to the manufacturing facility.
The company will initially market its products to the 400 clients who previously purchased non-biodegradable plastics from the facility prior to its acquisition by Source Bio.
Terms of the Acquisition will be announced following completion of due diligence, an audit and execution of a Definitive Acquisition Agreement.
ICCI is focused on three dynamic areas: healthcare, technology and environment.
Source: International Consolidated Companies, Inc.