CSME, page two of pres letter 2010
In early September 2009 we announced the formation in the UK of a new company, CalciTech Synthetic Minerals Europe Ltd, (“CSME”) the intention being that this company would become responsible for all European operations. It is this company that will play a major role in our plans for Europe going forward.
After the collapse of the credit markets, the European Investment Bank announced several programs late in 2008, to assist in financing of developments within the Member States of the European Union. In particular the Innovation and New Technology Programmes and EIB have confirmed that SCC plants, licensed with the CalciTech IPR from outside Europe, would qualify on an aggregated CAPEX basis. This of course would be subject to all the normal due diligence requirements. The funding allows up to 50% of CAPEX at favourable interest rates for extended terms. They have also confirmed that CSME may arrange all financings for each Member State through a UK House Bank, thereby facilitating the due diligence process. The proposed locations are generally speaking in depressed areas and many are eligible for grants of varying amounts depending on the rating of the region.
CalciTech will arrange to license use of its technology, with future upgrades, to CSME for the European territory and will also transfer all its European development work to date at valuation. CSME will become a licensee and operator for Europe with separate and independent management to execute a new business plan that has been developed, based on the market applications identified and the production facilities planned.
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