Bergamo Acquisition Corp. (BGMO)

[markettimer144]

Something odd happening at Greensafe

I hope Bergamo hasn't written any checks to Greensafe yet.

ARCA Advanced Processing , LLC has announced that their new plant within spitting distance of the long rumored Fort Erie, Ontario Greensafe plant, will open in the first quarter of 2011. This plant is the largest in North America for appliance recycling.

General Electric and ARCA announced on the 8th that their new partnership will ensure feedstock to the new plant. The following day, Oldman quotes SIMS Recycling Solutions announcement of the grand opening of a major plant in Mississauga, which would process about 50% of the Ontario e-waste market.

It seems that Greensafe's long rumored Fort Erie plant now has very little left to process, if and when they ever get around to building it. This is not good news for Bergamo in my opinion.