Inform Worldwide Holdings, Inc. (OTC BB:IWWI.OB - News) (the "Company") announced today that the Company has entered into a purchase agreement with Kajon Materials, Inc. ("Kajon") to acquire fifteen (15) pieces of heavy equipment used in surface mining of coal in which Kajon holds a security interest. The equipment includes a Cat 235, 322 and Komatsu PC200 excavators, five loaders including a Cat 980B, 928G and 960F, Case 580K and W-26, six dozers including a 50, two (2) FD 40, a HD, a Dart 600C and a Fiat Allis 945B, and a JI Case 580K backhoe with loader.
Kajon will receive 166,667 restricted shares of the Company's common stock. The Company retains an eighteen (18) month exclusive option to repurchase up to 150,000 shares of the restricted shares for $200,000. The shares subject to repurchase cannot be transferred during the option period. The Company will have free title to the equipment subject to Kajon's secured interest, which Kajon will release upon receipt of the first $50,000 in repurchase payments.
This equipment purchase is the first of many steps the Company is taking to enable the Company to actively participate in coal projects identified by the recently appointed Coal Advisory Board. On a project-by-project basis, the Company intends to use the equipment and operating funds as the Company's contribution to potential ventures. The Company will seek competent partners to provide operations and expertise.
Source : biz.yahoo.com
No comments:
Post a Comment