Casey Container Corp. (OTCBB: CSEY) has signed a Letter Of Intent (LOI) to act as the Managing Partner of a new joint venture, Casey Container International, a new private company. Casey Container Corp. will be responsible to build, develop and manage all facilities worldwide.
Under the terms of the LOI, Casey Container Corp. will provide the management and expertise to engineer, build, develop and manage a group of preform and bottling manufacturing facilities at various locations worldwide. The new facilities will use Casey Container's biodegradable additive EcoPure® in the manufacturing of its preforms and bottles.
Casey Container holds a license to EcoPure®, a revolutionary second-generation proprietary and organic additive, which -- once added to a resin used to produce plastic bottle preforms -- renders the plastic biodegradable. The Company's biodegradable preforms are made of PET, HDPE and other conventional polymers, thus offering the same performance and cost effective advantages of conventional plastics. By introducing EcoPure® into the manufacturing process, Casey expects to produce truly biodegradable products that become harmless bio-gases and bio-mass over time in anaerobic environments, such as landfills.
The LOI is subject to standard due diligence by both parties and the expected signing of a Definitive Agreement by March 31, 2011, unless extended by mutual consent. There can be no guarantee or assurance that a Definitive Agreement will be agreed to and signed by the parties.
Management views this LOI as a major step forward for Casey Container Corp. that will enable the Company to immediately become an international brand in the biodegradable plastics field.