Phoenix Renewable Technologies, Inc. to Purchase Vista Hutchins Tire Facility
(firmenpresse) - DENVER, CO -- (Marketwired) -- 03/19/15 -- Vista International Technologies, Inc. (OTCQB: VVIT), a pioneer in efficient Waste-to-Energy (WTE) technology, is pleased to announce that it has entered into a contract with Phoenix Renewable Technologies, Inc. (PRTI), whereby PRTI will purchase Vista's Hutchins, Texas tire processing facility and the associated business, for $3,000,000. The closing of the sale is contingent on various closing conditions and deliveries, including deposit of earnest money, PRTI's review of the physical and environmental condition of the property, and satisfactory completion of customary due diligence.
Vista plans to use the proceeds from the sale to pay off the majority of the Company's debt, and to devote considerable resources to the Company's Waste-to-Energy projects currently under development. CEO Tim Ruddy sees the deal as well-timed. "With our pilot project almost operational, the proceeds from this sale will come at an opportune time to accelerate the development of our current project pipeline, and should lead to significantly faster growth in our Waste-to-Energy business going forward."
Vista International Technologies, Inc. has been producing Waste-to-Energy gasification systems for over twenty years, with installations across three continents. The Company's technology has low costs of installation and operation, and allows for the processing of virtually any hydrocarbon-based waste product, including municipal solid waste, waste tires, sewage waste, and biomass, among others. The company's Waste-to-Energy systems are emission friendly and extremely efficient, and can be used to produce heat, steam, and/or electricity.
For more information, please call 303-690-8300, or email us at .
Vista International Technologies, Inc.
303-690-8300
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Datum: 19.03.2015 - 20:23 Uhr
Sprache: Deutsch
News-ID 379893
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