NEW YORK, April 21, 2011 /PRNewswire-FirstCall/ -- Adama Technologies Corp. (OTCBB: ADAC), a clean-tech company, today announced the company intends to issue a one-time special dividend to all existing shareholders pending from the sale of its rights to a renewable energy project in Bucharest.
Adama recently announced the signing of 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 estimated dividend amount payable to each shareholder of one common stock is $0.06.
"Should the sale of the rights of our project proceed as expected, we will be extremely pleased to reward our shareholders with this special dividend," stated Aviram Malik, CEO of Adama Technologies. "We want to thank all of our shareholders for their continuous support and show our commitment to maximizing shareholder value as we proceed with our environmentally-friendly and commercially-viable remediation activities."
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.
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