JER Envirotech: First Compound Order for Export to Asia
Established in 2000, G5 is a producer of environmentally friendly, biodegradable materials. Based in Singapore, the company uses a team of experienced scientists in the field of polymer, and highly qualified engineers, to provide innovative formulations and technologies that convert agricultural waste into useful, high quality everyday products. These include a wide range of disposable containers for food, gardening, and packaging. G5 Holdings has developed a corporate commitment to using only non-animal ingredients and establishing products that are biodegradable, compostable, recyclable and free from toxins.
"We are pleased with this new relationship and opportunity for JER to extend its products into Asia," states Edward Trueman, President and CEO of JER. "The G5 opportunity validates JER's commitment to providing products worldwide. We are confident that with G5 International, JER will significantly expedite the export market penetration for our JERtech® thermoplastic biocomposites."
For more information about G5 International, visit http://www.g5holdings.com.
JER Purchases 100% of Malaysian Sheet Manufacturing Plant
JER is also pleased to announce today that the Company has purchased the 49% stake in its Malaysia-based sheet extrusion line previously owned by Asia Pacific Microspheres Sdn. Bhd. JER's Malaysian plant is operated by JER Envirotech Sdn. Bhd., a joint-venture partnership between JER Envirotech International Corp. (51% ownership) and Asia Pacific Microspheres Sdn. Bhd. ("APM" - 49% ownership). JER now owns 100% of both of its compounding lines in Delta, BC and sheet extrusion line in Malaysia. In addition to the purchase of the APM equity interest, the company was able to negotiate a significant discount for final settlement with the leasing company that provided the original fixed line of credit facility amount of approximately $1,950,000, in consideration for one lump sum payment of $383,091 in order to release both APM and JER from the performance of all of their respective obligations under the Corporate Guarantee/ Indemnity.
"With sales of our proprietary JERTech(TM) thermoplastic composite products ramping up, it makes financial sense for the Company to secure full ownership of its production assets," stated Mr. Trueman. "The Company is now able to fully benefit from further business expansion opportunities and it is also unencumbered when it comes to future decisions regarding equipment expenditures and line maintenance."
About JER Envirotech International Corporation
JER is a global manufacturer of thermoplastic biocomposite compounds and sheeting. The Company's patented technology utilizes waste or by-product materials, such as wood fibre or rice hulls, to produce environmentally friendly alternative products for applications in the construction, transport, automotive and toy industries. The Company currently has a range of biocomposite formulations, which it developed in collaboration with the National Research Council - Industrial Materials Institute of Canada.
JER currently has manufacturing operations in Canada, Malaysia and the Philippines. The Company is publicly traded on the TSX Venture Exchange (TSX) under the symbol "JER" and on the Frankfurt Stock Exchange under the symbol "KFTB."
Mr. Ji Yoon
Chief Financial Officer
International: +1 (604) 940-9262
Mr. Mark Komonoski
VP Corporate Communications
International: +1 (403) 470-8384
Source: JER Envirotech International Corp.