Adama Technologies to Sell Rights to Renewable Energy Project in Bucharest
NEW YORK, April 20, 2011 /PRNewswire-FirstCall/ -- Adama Technologies Corp. (OTCBB: ADAC), a clean-tech company dedicated to the Clean Tech projectsa, today announced the company has signed a non-binding term sheet with a purchaser seeking to acquire the rights to a renewable energy project currently held by Adama. The project under negotiation is a 2.5 Mega Watt municipal waste gasification project in Bucharest, Romania.
The two parties are negotiating around a price of approximately $15MM subject to an independent appraisal. Due diligence by the purchaser is required to conclude by July 30, 2011.
The company seeking to purchase rights to the project develops projects focusing on greenhouse gas emission reduction and renewable energy production. The Romanian project will use municipal waste residue to generate electricity or an alternative fuel.
"The signing of the term sheet with our prospective buyer indicates the value of Adama's ability to identify attractive projects around the globe that can attract substantial partners or as in this case - buyers," stated Aviram Malik, CEO of Adama Technologies. "We look forward to the conclusion of this agreement which would provide significant revenues for our company in 2011."
About Adama Technologies Corp.
Adama Technologies Corp. has decided to dedicate its time, abilities and means to the development of clean tech projects in various fields.
Forward-Looking Statements
This letter contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of Adama Technologies Corp., and its technologies. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release, as actual results may differ materially from those indicated in the forward-looking statements. Adama Technologies' public filings may be viewed at http://www.sec.gov.
Contact: Aviram Malik, CEO Tel +972-54-2664031 [email protected] http://www.adama-tech.com
SOURCE Adama Technologies Corporation
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