Aug 11 2004
Unisphere Waste Conversion Ltd. (the “Company” or “Unisphere”), an environmental solutions provider is pleased to announce that it has completed the acquisition of Wellington Polymer Technology Inc. (“Wellington”) and its concurrent private placement of $11,000,000 secured convertible debentures as previously announced in the July 30, 2004 Press Release.
Unisphere has acquired all of the outstanding shares of Wellington Polymer. Wellington is an alternative roofing manufacturer generating Enviroshake™, a competitive product that replicates the look of a cedar shake. Enviroshake™ shingles are a uniquely patented housing shingle made from crumb rubber, recyclable plastics and fiber designed to replicate the look of premium cedar shingles with the added value of a 50-year warranty and no annual maintenance. With no direct marketing efforts made the company has already been profiled in numerous trade articles and housing magazines as the “must have roofing product” and has current demand exceeding supply capabilities. Unisphere plans to add a second production line to support current market demand.
The production plant, located in Chatham, Ontario, is a state of the art fully automated ISO 9001 facility.
John Wypich, President and Chief Executive Officer of Unisphere, said "The completion of Phase II of our vertical integration strategy and the addition of Wellington Polymer coupled with Unisphere's existing services, positions the company as a leading solutions provider to the world’s used tire problem”.
Dan Warrener, President of Wellington Polymer Division of Unisphere said: “We are very excited about the expansion plans for Wellington Polymer and look forward to our involvement with Unisphere. Our Enviroshake™ roofing product has now been introduced to over 20 states in the U.S. The demand and size of the roofing market is overwhelming.”
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