MIAMI, Dec. 29, 2010 /PRNewswire-FirstCall/ -- Riverdale Capital Ltd. (Pink Sheets: RICP) announces that it has entered into an agreement to acquire WSPVA Bio Products International, LLC ("WSPVA").
The acquisition will result 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). Riverdale believes this PVA Film will have 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 with plastics currently on the market; (ii) it biodegrades quickly in compost and landfills 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; (vi) PVA has been evaluated by the FDA as "Generally Considered as Safe", and (vii) RICP will have no known PVA competitors.
Carl Kruse, the Company's President, stated, "The proposed 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 compete directly with plastic producers and/or license the technology to existing manufacturers of plastic products throughout North America. Riverdale anticipates many possible new and innovative uses for this new product."
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.