Oct 25 2010
Fox Petroleum Inc. (PINKSHEETS: FXPT) announced today that Resource Polymers Inc., its Canadian operating subsidiary, sold its initial first load to a leading recycling manufacturer and the company intends to have its recycled plastics compounds move into the circular processing streams of the leading bottling manufacturers.
"Initial tests with the new processing line have been very positive averaging just over 2,500 pounds per hour," said William Lieberman, President of Fox Petroleum. He added, "With the large consumer name companies like Coca Cola and Pepsi Bottling and the leading water bottle companies moving to develop circular recycling streams where recycled and washed plastics move back into bottling operations we feel we will have a terrific advantage for our products. Speaking about being green is no longer common or acceptable, large companies today are re-engineering their design, and manufacturing abilities in order to play an environmentally positive and leading role. Our processing capabilities will reduce at a minimum 350,000 cubic yards of landfill space each year and the energy savings are in the millions," he added.
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 to increase its processing capacity.