Jan 6 2011
Fox Petroleum Inc. (PINKSHEETS: FXPT) announced today that it intends to finalize a joint venture to create Recycling Compania de T.G. for the creation of a new recycling subsidiary to be located in the state of Chiapas in southern Mexico.
"There is an enormous demand for recycling from both the private and public sectors throughout Mexico but specifically in Tuxtla Gutierrez the leading city in the state of Chiapas," said William Lieberman, President of Fox Petroleum.
Tuxtla Gutierrez is a city with one million people, and currently there are no recyclers of plastics for industry or for residential use. The company expects that this initial Mexican subsidiary once fully completed will produce up 10 million dollars of revenue per year.
"We have had preliminary discussions with key decision makers in Tuxtla Gutierrez in both the private and public sectors who believe that this will be a very substantial operation," said Mr. Lieberman.
Fox Petroleum expects that this subsidiary once finalized will be able to process up to five million pounds of post industrial and post consumer scrap plastics.
The company is aggressively seeking additional acquisition targets in the plastics recycling market place to increase its processing capacity and the company is currently speaking to Fortune 500 companies in the automotive and beverage industries to process plastic waste streams and fulfill circular recycling streams.