Date: August 11, 2005
Source: News Room
Organic Recycling Technologies Inc. (OTC: ORCY) has signed a letter of intent with Chongqing Jinxibeina Complete Equipment Imp & Exp. Co., a subsidiary of the Chongqing International Economic Technology Cooperative Co. to construct and operate a waste conversion facility in Chongqing, China, with an estimated dollar value of $8 million to $10 million. The facility will operate on a 25-year guaranteed put-or-pay contract, and the Chongqing Group will purchase the facility from Organic Recycling at cost plus $2.5 million following three months' operations.
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