March 7, 2013 - Global Green Matrix Corporation ("Global Green" or the "Company") - TSX Venture: GGX -is pleased to announce it has placed an order for two additional trailer mounted heating units (the "units") (as noted in its news release of February 19). A deposit equal to 50% of the cost of the Units has been made. The Units are expected to be ready for delivery in September of 2013.
The operation of the Units is done through the Company's wholly owned subsidiary, 1503826 Alberta Ltd., carrying on business as Intercept Rentals. Fueled by propane, the trailer mounted units, using a patent pending technology, are very cost effective to operate. The two new Frac water heating units will be the new generation trailer mounted units that perform at higher efficiency levels than current truck mounted units used in the industry. These new patent pending trailer mounted units enable GGX to meet the demands of the industry. The technology is unique in its performance as it heats water safely and quickly and is able to perform and meet the volume demands of GGX's current customer base.
Randy Hayward, President and CEO, states "Since the addition of our second Unit mid February, we have experienced a significant increase in the number of projects and anticipated revenue. Global Green continues to strive to create shareholder value by providing excellent products and services to the oil and gas industry."
The Company further wishes to announce a private placement for the sale of convertible debentures for gross proceeds of up to $3,000,000. The Debenture will bear interest at a rate of 12.00% per annum, payable semi-annually from the Closing Date and will also contain an override royalty of 2.00% per annum on the gross revenue earned by the New Units, payable semi-annually from the Closing Date. The debentures will be convertible into common shares of the Company at a price of: $0.50 for the first twelve months; $1.00 for the second twelve months; and $1.50 after the first twenty-four months commencing on the closing date.
Use of Proceeds: The net proceeds of up to $2,680,000 (net of commissions and offering expenses). Expenditure on 3 new truck units. Estimated at $2.1 million; $300,000 to be held in escrow for first 12 month interest; balance of $280,000 to be used for working capital
About Global Green Matrix Corp.
(www.globalgreenmatrix.com)Global Green Matrix Corp is an Oilfield Services Firm primarily focused on servicing oil and gas companies and their fracking operations. Through its wholly owned subsidiary, Intercept Rentals, the Company currently owns and operates one truck and one trailer mounted water heating unit, called "Big Heat." Global Green rents these units to various oil and gas companies that require heated water for their fracking operations. The company has plans to add an additional 3 heating units by fall of this year.
ABOUT INTERCEPT RENTALS:
(www.interceptrentals.com)Intercept Rentals is a registered trade name of 1503866 Alberta Ltd., a wholly owned subsidiary of Global Green Matrix Corp. The subsidiary company has obtained the exclusive right to own and operate a new patent pending technology that provides a highly efficient and safe method of heating water used by oil companies in their fraccing operations.
For further information visit our website at www.globalgreenmatrix.com, email at firstname.lastname@example.org or contact:
Randy Hayward, President
Global Green Matrix Corp.
Phone: 250-247-8689 or 604-687-8855
Neither The TSX Venture Exchange Nor Its Regulation Services Provider (As That Term Is Defined In The Policies Of The TSX Venture Exchange) Accepts Responsibility For The Adequacy Or Accuracy Of This News Release
Leave a comment...