The $4 million will be funded in tranches over a twelve-month period. The first tranche of $400,000 is anticipated to be received this month.
The Agreement was signed with Crown Hospitality Group, LLC, ("Crown"), an affiliate of CEG Fund Ltd. ("CEG"). In February 2011, Casey signed a Letter of Intent with CEG for several international PET biodegradable plastics preform/bottling production facilities.
Martin R. Nason, Casey Container President and Chief Executive Officer said, "The first $400,000 enables Casey to set up its first PET biodegradable plastics production facility in the greater Tampa, Florida area and begin shipping biodegradable preforms, which we anticipate in late September or early October 2011. We've experienced a large increase in website traffic due to our expanded website and SEO efforts, which has stimulated promising discussions with many prospective domestic and international customers interested in ordering preforms."
Nason further stated, "We're excited about Crown's decision to directly invest in Casey Container Corp. and partner with us to accelerate our expansion in the U. S. alongside the natural expansion internationally with CEG. Although there is no guarantee or assurance a Definitive Agreement for the international factories will be signed, it confirms that Crown recognizes the need for viable PET biodegradable plastics solutions and underscores their confidence that Casey will be a successful company in providing green and environmentally friendly packaging and biodegradable plastics solutions worldwide."
Casey's strategy is in response to the growing domestic and international demand for green, sustainable and environmentally friendly packaging and viable PET biodegradable plastic bottle and container solutions. The Company is confident that its target customers are aware of the need to be environmentally friendly and will replace non-biodegradable bottles and containers with Casey's biodegradable plastics solutions.
Crown will receive Restricted Common shares equal to the total number of shares outstanding as of July 1, 2011. Casey will file Form 8-K with the SEC regarding the Funding Agreement.
The Agreement was signed with Crown Hospitality Group, LLC, ("Crown"), an affiliate of CEG Fund Ltd. ("CEG"). In February 2011, Casey signed a Letter of Intent with CEG for several international PET biodegradable plastics preform/bottling production facilities.
Martin R. Nason, Casey Container President and Chief Executive Officer said, "The first $400,000 enables Casey to set up its first PET biodegradable plastics production facility in the greater Tampa, Florida area and begin shipping biodegradable preforms, which we anticipate in late September or early October 2011. We've experienced a large increase in website traffic due to our expanded website and SEO efforts, which has stimulated promising discussions with many prospective domestic and international customers interested in ordering preforms."
Nason further stated, "We're excited about Crown's decision to directly invest in Casey Container Corp. and partner with us to accelerate our expansion in the U. S. alongside the natural expansion internationally with CEG. Although there is no guarantee or assurance a Definitive Agreement for the international factories will be signed, it confirms that Crown recognizes the need for viable PET biodegradable plastics solutions and underscores their confidence that Casey will be a successful company in providing green and environmentally friendly packaging and biodegradable plastics solutions worldwide."
Casey's strategy is in response to the growing domestic and international demand for green, sustainable and environmentally friendly packaging and viable PET biodegradable plastic bottle and container solutions. The Company is confident that its target customers are aware of the need to be environmentally friendly and will replace non-biodegradable bottles and containers with Casey's biodegradable plastics solutions.
Crown will receive Restricted Common shares equal to the total number of shares outstanding as of July 1, 2011. Casey will file Form 8-K with the SEC regarding the Funding Agreement.
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