Hunt Global Resources Completes Deal with Carbon Green NA

Hunt Global Resources Inc. has signed a share purchase agreement and plan of merger with the shareholders of Carbon Green NA Inc. Under the arrangement, Carbon Green will become a wholly owned subsidiary of Hunt Global Resources Inc.

The assets acquired in the transaction include a tire recycling plant in Cyprus, which Hunt says currently is the world’s largest commercially operating “pyrolysis” plant, plus license agreements and worldwide patents for what the company says is the only proven method of recycling 100 percent of scrap tires with a near zero carbon footprint.

The agreements also call for Hunt to receive $2 million per year for five years, beginning in 2011, from licensees, and added royalties projected to be $60 million by year end 2011, if sales and construction goals are met by licensees.

“This acquisition enhances our position as a renewable energy company by supplying an additional and proprietary source of feedstock for our Biofuels division,” says George Sharp, CEO of Hunt Global Resources. “Carbon Green answers the growing environmental problems caused by hundreds-of-millions of waste tires that end up in landfills and are polluting our environment by being burned as industrial fuel, which pollutes the air and tires that are shredded for use in asphalt, which pollutes ground water.”

“We plan on beginning construction of our first North American Carbon Green plant this year in Houston, Texas,” Sharp adds.

“We are very pleased to become a part of the Hunt family, which will enable Carbon Green NA Inc. to move to a very important next level, which is the planned roll out of plants throughout North America,” says John Novak, CEO of Carbon Green. “I believe that this merger joins the strengths of Hunt Global Resources and their cutting edge technology in biofuels coupled with Carbon Green’s leading tire recycling technology and will allow us to construct and operate each $50 million plant successfully.”