MIAMI, Dec. 31, 2010 /PRNewswire-FirstCall/ --Riverdale Capital Ltd. (Pink Sheets: RICP) announces that it has completed the acquisition of WSPVA Bio Products International, LLC, a Nevada LLC ("WSPVA"). The intention to acquire WSPVA was first announced on December 29, 2010.
The acquisition results in 100% ownership by RICP of WSPVA, which holds an exclusive license to develop and market PVA Film in North America utilizing a patented machine technology (see dissolvingplastic.com). The PVA Film has a unique niche in the plastic industry due to its water-soluble, non-toxic and biodegradable characteristics.
What's unique about the plastic is (i) its price point is competitive and as much as 25% lower than plastics currently on the market; (ii) it biodegrades in less than a month in compost and land fills without any additives needed; (iii) it's stable even under extreme heat and other conditions; (iv) it's non-toxic and water-soluble and will dissolve under certain water temperatures; (v) the quality of the production process has been ISO 9001 certified and evaluated by the FDA as "Generally Considered as Safe", and (vi) they have no known PVA competitors. Commercial production will begin during the first quarter of the New Year.
Carl Kruse, CPA, the Company's President stated, "The acquisition gives RICP a unique position in the green-technology arena of North America and provides an exciting platform for growth in the green-friendly clean-products markets. It will enable the Company to either compete directly with plastic producers and/or license the technology to existing manufactures of plastic products throughout North America. Riverdale anticipates many possible new and innovative uses for its new product."
A Shareholder and Board of Directors meeting has been scheduled for January 7th at the Company's general offices in Miami. All Shareholder's of record and Board members have been previously notified.
About Riverdale Capital
The Company is dedicated to helping stop the needless contamination of our environment and to reduce our reliance on oil (a major component of plastic) through use of the Company's patented Polyvinyl Alcohol ("PVA") 100% biodegradable, non-toxic and water-soluble plastic.
Safe Harbor Statement:
This news release contains certain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 including, without limitation, expectations, beliefs, plans and objectives regarding reduction and exploration activities. Any matters that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions, risks and uncertainties, including, without limitations, risks, uncertainties and other factors discussed in our most recently filed annual report on Pink OTC Markets, on our website and in our other public filings and press releases. There is no assurance that Riverdale Capital's expectations will be realized, and actual results may differ materially from those expressed in the forward-looking statements. We assume no duty to update these statements as of any future date.
SOURCE Riverdale Capital Ltd.