ATLANTA, June 1, 2012 /PRNewswire/ -- Atlanta based GreenWorld Development Inc., (OTCBB: GREW) announces that it entered into a preliminary agreement with a consortium of US and Middle East investors, to provide a USD75M private placement facility.
Pursuant to the agreement, the proceeds will be used to finance the acquisition and improvement of the Laurinburg, North Carolina Wood Pellet plant and complete the development of the company's Biomass and Waste to Energy pipeline projects.
The company is working with the facility providers to conclude the definitive agreement.
Leo J. Heinl, GreenWorld CEO says, "This is an important step for the company's growth and development plans. The purchase of the North Carolina plant will bring the company into revenue, and this will support our developed plans to acquire and to develop further Wood Pellet plants in the US."
Niall Shanahan, GreenWorld Director Merger & Acquisitions adds, "We are very pleased as this crystallises the many months of hard work and efforts to develop sustainable alternative 'green projects'. We look forward to completing the acquisition of Laurinburg and completing the Waste to Energy power plant projects under development."
GreenWorld Development, Inc. is listed on the US OTC Bulletin Board (Symbol: GREW). The company is dedicated to develop innovative, competitive und sustainable products for efficiency goods and services and to support the "Smart Green Economy".
Forward Looking Statement - This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
SOURCE GreenWorld Development Inc.