Dec 28 2009
IMAGIN Molecular Corporation (OTCBB: IMGM) has agreed in a letter of intent to issue 49% of the post capitalization of IMGM in exchange for 84,000,000 Positron Corporation common shares plus 100% of the equity of the Planet Green Bottle, all IMGM shares to be distributed to shareholders or affiliates of Planet Green. Certain Planet Green shareholders have agreed to accept IMGM Preferred Shares which will be convertible into IMGM common shares only if the new company is successful in achieving milestones of revenue of at least (US) $10, $25, $50 and $100 million annually in any year in the next 7 years.
Contingent on achieving the individual milestones, each Class of Preferred Stock will become convertible into 25,000,000 common shares of IMGM. Conversion can be accelerated if the common shares of the new company trade at 50¢ per share or better for 20 consecutive days during that period. A Planet Green shareholder acquired 20,000,000 IMGM common shares payable in exchange for 10,000,000 Planet Green common shares and 10,000,000 Positron Corporation common shares held by the Planet Green shareholder.
The IMAGIN Directors have agreed to recommend a name change of IMGM to Planet Green BioTechnology, Inc. IMAGIN will increase its position as a major shareholder of Positron Corporation, a leading Molecular Imaging company that specializes in nuclear cardiology. Positron utilizes its proprietary product line to provide unique solutions to the Nuclear Medicine community ranging from PET (positron emission tomography) scan imaging to radiopharmaceutical distribution.
Planet Green Bottle Corp. is negotiating to acquire proprietary additives defined as oxo-biodegradable technology that, triggered by oxygen and UV light (sunlight), can cause the 500 billion PET (polyethylene terephthalate) plastic bottles made annually to biodegrade in a fraction of the estimated 1,000 years. Separately Planet Green plans to develop of its own next generation biodegradable additive for PET plastic bottles and containers.
A Planet Green Bottle (PGB) affiliate financed the development by Wells Plastics (UK) of a unique oxo-biodegradable PET (polyethylene terephthalate) plastic bottle. PGB is negotiating contracts around the world to incorporate masterbatch additives into branded water, beverage, health and beauty aids, pharmaceutical and any other PET plastic bottle or container in order to address the reduction of plastics in landfills, ditches, rivers and in the oceans, the world's largest plastic garbage dump.
The amalgamation of the two companies is the subject to due diligence and to the approval of the Boards of Directors and shareholders of each company.
Nick Havercroft, CEO of Planet Green stated, "Planet Green is experiencing a wave of interest around the world. Planet Green's proprietary additive branded Reverte can be used in any and all of the 500 billion PET plastic bottles being sold annually, 75% of which are not being recycled. Planet Green is a unique clean tech company in that is targeting to become a solution to breakdown the plastic bottle back to CO2 and biomass.
"Planet Green is particularly focused on China where it has a joint venture agreement with Fuli (Weihai), a leading plastics company in Shandong province, China. Fuli has agreed to finance the joint venture expansion across China. Separately Planet Green is identifying and negotiating with chemical compounding firms to develop the next generation of additive to enhance current oxo-biodegradable technology. Planet Green intends to continue to promote its Planet Green logo as a brand enhancer for consumer branded products."