Feb 24 2011
Fox Petroleum Inc. (PINKSHEETS: FXPT) announced today that it has finalized its purchase of the recycling assets associated with Resource Polymers Inc. of Hamilton, Ontario Canada.
The acquisition was completed by a share exchange agreement in the summer of 2010 but closed this week after final receipt of the companies PCAOB audit. The company exchanged 1,750,000 shares of restricted common stock and assumed the debts of Ontario Inc. when the transaction was announced.
The company which is only a holding company for the assets associated with its recycling operations was incorporated in Ontario in 2002 and has been operational for eight years. The company is currently working on finalizing its PCAOB audit of the operations business Resource Polymers and expects this audit to be finalized in the upcoming month.
"This was the first step to finalizing the share exchange agreements between Fox Petroleum and the companies associated with Resource Polymers," said William Lieberman, President of Fox Petroleum Inc.
In addition to its plastics recycling operations Fox Petroleum is actively seeking partnerships and joint ventures across a variety of oil and natural gas projects located within North America including the Fayetteville shale. The company expects to make its oil and gas acquisition by the end of the first quarter.
The company plans to file a super 8-k in the upcoming days to announce the change in financials.