Oct 19 2010
Fox Petroleum Inc. (PINKSHEETS: FXPT) announced today that Resource Polymers Inc, its Canadian operating subsidiary, finalized installation of its new green recycling line.
The company purchased from bankruptcy a new 20" x 50" Cumberland Model 50B Granulator with a 150 Horse power motor. The new processing line put together with its vecoplan shredder will enable the company to process close to 3,500 pounds of scrap plastic per hour.
The company expects that this subsidiary will process up to 30 Million pounds of post industrial and post consumer scrap plastics per year with revenues approaching 5 million dollars per year at these processing levels. Fox Petroleum is aggressively seeking additional acquisition targets in the plastics recycling market place.
"The new recycling line intends to move up recycling operations up from current levels of 250,000 lbs per month to approximately 2.5 million pounds per month within the next sixty to ninety days," said William Lieberman, President of Fox Petroleum Inc.
Resource Polymers Inc is involved in the processing and facilitating of plastic scrap compounds and its principals have been recycling in various capacities for close to twenty-five years. With a focus on its proprietary wash line, Resource Polymers handles different waste streams including polyethylene terephthalate (PET water bottles), Agricultural scrap (polystyrene), low and high density polyethylene and other assorted plastic compounds. The company has a proprietary grinding and extrusion line and currently processes close to 250,000 pounds per month.