and the third party involved in this merger is HUGE>>
STOA is going to be BIG BIG
The investment is through its newly incorporated company in Hong Kong, Regal Energy Limited, which owns 65% of equity shares of the newly-formed joint-venture company, Weinan IRIS Envirowerkz Zhouji Renewable Resources Co Ltd. - See more at:
owner of certain selected waste-to-energy assets; and other Renewable Energy and waste to energy "Pipeline Project" assets, owned by third-party owners and with whom IRIS will secure appropriate agreements to these projects, technologies, rights and obligations (the "IRIS Renewable Energy Business") in respect of a proposed transaction in which Sitoa will purchase IRIS Renewable Energy Asset plus waste-to-energy assets owned by other third parties in exchange for common shares in Sitoa. On completion of the acquisitions, IRIS will become the majority shareholder of Sitoa as a result of the share exchange and Sitoa will pursue the development of the acquired renewable energy business in accordance with IRIS's business plan. The terms of the acquisition will be more particularly set forth in the Definitive Agreements to be mutually agreed upon by the Parties and the acquisition expects to be completed by the end of the Second Quarter, 2013
Iris’s new waste-to-energy plant in Phuket a revenue churner
Global smart technology solutions provider Iris Corporation Berhad’s Thai subsidiary PJT Technology Co Ltd (PJT) has opened its municipal solid waste (MSW) incineration power plant (IPP) in Phuket, Thailand that will generate annual revenue of up to US$19.4 million per year based on current load.
Its managing director Datuk Tan Say Jim says electricity generated will be sold to the Provincial Electricity Authority (PEA) under the very small power producer programme and is expected to generated gross annual revenue of between RM55 million (US$17.71 million) and RM60 million based on current load.
There are two sources of income for the project – garbage tipping fee charged to the local authority and the trading of certified emission reductions (CER) under the Clean Development Mechanism (CDM) Programme. Tan declines to comment on the company’s investment costs, return on investment and supply chain.
Iris’s new waste-to-energy plant in Phuket a revenue churner
The investment is through its newly incorporated company in Hong Kong, Regal Energy Limited, which owns 65% of equity shares of the newly-formed joint-venture company, Weinan IRIS Envirowerkz Zhouji Renewable Resources Co Ltd.
and the biggest part of their revenues comes from the waste-to-energy one
and looks like they want to focus on the waste -to -energy direction and Renewable Energy businesses that represent the biggest part of their revenues
so they choose to merge with STOA for that matter
so on 18 March ,2013
Sitoa Global Signs Letter of Intent with IRIS Corporation Berhad
"IRIS and Sitoa, both of which are technology companies, identified the Waste-To-Energy and Renewable Energy businesses as a growing and timely priority and thus appropriate to be acquired by Sitoa because they could potentially achieve an attractive valuation on a U.S. Stock exchange, enhance shareholder value, attract growth capital and expand its business."
merger expected to close before June 30
The following is from STOA news:
owner of certain selected waste-to-energy assets; and other Renewable Energy and waste to energy "Pipeline Project" assets, owned by third-party owners and with whom IRIS will secure appropriate agreements to these projects, technologies, rights and obligations (the "IRIS Renewable Energy Business") in respect of a proposed transaction in which Sitoa will purchase IRIS Renewable Energy Asset plus waste-to-energy assets owned by other third parties in exchange for common shares in Sitoa. On completion of the acquisitions, IRIS will become the majority shareholder of Sitoa as a result of the share exchange and Sitoa will pursue the development of the acquired renewable energy business in accordance with IRIS's business plan. The terms of the acquisition will be more particularly set forth in the Definitive Agreements to be mutually agreed upon by the Parties and the acquisition expects to be completed by the end of the Second Quarter, 2013.
STOA transfer agent confirmed 264 million shares yesterday
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