VANCOUVER, Jan. 12 /PRNewswire/ - Carbon Friendly
Solutions Inc. (CNSX: CFQ) ("CFS" or the "Company") announces
that the share purchase agreement ("SPA") in connection with the
acquisition of MicroCoal Inc "Transaction"), as announced
October 26, 2010, will be
amended.
Under the amendment, CFS shall become a majority shareholder of
MicroCoal Inc ("MCI" or MicroCoal") holding 58.21% of the entire
capital shares of MicroCoal once the share exchange ("Exchange")
has been consummated. Upon closing of the entire Transaction,
including the completion of a financing of CAD$ 6 mm ("Financing") and the payment of
certain indebtedness to MicroCoal creditors, financiers or
shareholders, Carbon Friendly will own 100% of MicroCoal.
Upon signing of the amendment of the SPA, each of the MCI
shareholders, except Orica US Services Inc. ("Orica"), shall
exchange his/her/its entire capital share of MicroCoal for a
specific number of common shares ("Shares") of Carbon Friendly
Solutions, (the "Conversion Shares"), with the Conversion Shares
divided up among all MicroCoal shareholders, except Orica, on a
pro-rata basis in proportion to their MicroCoal share holdings. The
specific number of Conversion Shares delivered to each MCI
shareholder shall be based upon the MCI shareholders in total
receiving US$3,000,000 of Conversion
Shares of CFS. The value of the Carbon Friendly Solutions Shares to
be delivered as Conversion Shares shall be at the same price as the
Shares that are sold in the Financing to raise CAD$ 6,000,000 at the price of CAD$ 0.30.
The Amendment is subject to the approval of the MicroCoal
shareholders, except Orica. Stan
Lis, President and CEO of Carbon Friendly Solutions Inc
stated: "We are very pleased with the progress of the transaction.
MicroCoal will be complementing our project portfolio perfectly and
immensely increase shareholder value. Carbon Friendly has received
positive feedback from the MicroCoal shareholder on the amendment
and is looking forward to being able to confirm this important
milestone soon."
About MicroCoal Inc.
MicroCoal Inc. was incorporated in May
2005 in the State of
Delaware and currently has its headquarters in Denver, CO with pilot facilities in
Golden, CO. MicroCoal is a clean
energy company focusing on commercializing the use of its patented
technologies to decontaminate and upgrade low-rank coals to match
the energy levels of high-rank coals for use by power utilities.
MicroCoal's proprietary on-site process not only cleans up coal at
the power plant prior to combustion by significantly reducing
contaminants, but it also reduces GHG emissions and improves fuel
efficiency. The reduction in emissions allows for the generation of
substantial carbon credits in an industry that is one of the
world's largest producers of emissions. The deployment of MCI's
technology offers utilities significant economic, environmental as
well as operational benefits.
Website address: www.microcoal.com
About Carbon Friendly Solutions Inc.
Carbon Friendly Solutions Inc. provides solutions and products
for companies, organizations and individuals looking to reduce or
offset their global warming impact caused by greenhouse gas ("GHG")
emissions, while including the generation of carbon credits for
sale in the global Voluntary and Compliance markets. Through its
subsidiaries, Global CO2 Reduction Inc. and CO2 Reduction Poland
Sp. z o.o., CFS is focusing on removing and offsetting GHG
emissions from the development of reforestation projects and
renewable energy technology projects that are independently
validated and verified to globally recognized standards and
methodologies.
Website address www.carbonfriendly.com
On behalf of the Board of Directors
Carbon Friendly Solutions Inc.
"Stan Lis"
President and Director
Certain statements included in this News Release contain
forward-looking statements, including disclosure concerning
possible or assumed future results of operations of the Company.
Forward-looking statements typically are preceded by, followed by
or include the words - "believes," "expects," "anticipates,"
"estimates," "intends," "plans," "or similar expressions.
Forward-looking statements are not guarantees of future
performance. They involve risks, uncertainties and assumptions, and
the Company's results could differ materially from those
anticipated in these forward-looking statements.
SOURCE Carbon Friendly Solutions Inc.
Copyright . 12 PR Newswire