15 October 2004
15 October 2004
Envirokare has commenced merger talks with Thermoplastic Composite Designs, inventor of the Thermoplastic Flowforming (TPF) technology.
Envirokare has completed a Memorandum of Understanding (MOU) with Thermoplastic Composite Designs (TCD) and Dr. Dale Polk, inventor of the Thermoplastic Flowforming (TPF) technology, concerning conditions to accelerate the merger of Envirokare Tech Inc. and TCD.
While the existing Merger Agreement is still in effect, this new MOU outlines conditions for the early merger of the two companies, Envirokare and TCD, in January 2005.
Dr. John Verbicky, President and CEO of Envirokare, stated, ""The merger of the companies broadens the future market potential of Envirokare's commercialization of the TPF technology. It is a significant step in accelerating the commercialization and market penetration of the TPF technology. It will also strongly assist negotiations under-way with potential partners who have an interest in joining Envirokare's commercialization efforts.""
Dr. Nicholas Pappas, Executive Chairman of the Board of Envirokare Tech Inc. said, ""I'm especially pleased that this MOU meets the needs of all parties and that Dr. Polk has agreed to maintain involvement with the merged Company. His creative input will be of significant help in Envirokare's commercialization activities."" Dr. Pappas further added, ""The TPF technology is a unique and patented process which will have great value in the fabrication of large, long-fibre-reinforced, structural, thermoplastic parts. It is a very cost-effective and highly efficient process with enormous potential in applications requiring superior end-use properties.""
Envirokare, under an exclusive license, is a marketer of the state-of-the-art TPF composite technology developed by Thermoplastic Composite Designs, Inc. (TCD). The proprietary TPF process features in-line compounding, automated low-pressure material delivery system, providing high long strand survivability rate and part forming of long-fiber reinforced large structural parts. The license provides for use of the TPF technology to develop, produce, sub-license and market a wide array of products. Envirokare holds an irrevocable option to cause its ECC subsidiary to merge with TCD, pursuant to a merger agreement entered into by the parties.