TransAct Energy Corp. (OTCMKTS:TEGY) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry Into a Material Definitive Agreement
On September 13, 2017, TransAct Energy Corp, a Nevada corporation (the “Company”), through its subsidiary Puebla Z.E.W.O.P. 1, S de R.L. de C.V. entered into a binding Waste Supply and Disposal Agreement with Grupo Ecologico Hasars GE of Zapopan, Jalisco, Mexico. In this agreement, the Companies subsidiary is bound to purchase up to 481,800 metric tons (MT) of solid waste annually at a rate of $180 Mexican Pesos per MT, upon operational certification of its waste optimization plant by Fichtner Consulting Engineers in approximately eighteen (18) to twenty-four (24) months. This is an obligation for the plants feed-stock of approximately $5 Million USD annually. The agreement is conditional on the plant obtaining all permits required to operate and is for a 10 year term initially.
From this feed-stock the Company intends on producing and selling 18 different products that are commercially traded on the global markets every day.
In order to secure the Waste Supply Agreement, TransAct through its Mexican subsidiaries contracted the services of Victor Rizk with a success fee of thirty Million Mexican pesos approximately $1.7 Million USD. This fee will be payable when the Waste Supply Agreement becomes unconditional.
About TransAct Energy Corp. (OTCMKTS:TEGY)
TransAct Energy Corp. is a development-stage company. The Company is involved in the business of developing and managing sustainable energy production facilities globally. The Company focuses on the global development and dissemination of its zero emissions waste optimization plants (ZEWOP). Its principal products are carbon black, phenol resins and Levoglucosan. It produces fertilizers for the agricultural industry, a brick mix for the construction industry and a range of reclaimed metals and purified (distilled) water. The ZEWOP design for mass production has a plant size processing capacity of over 1,320 metric tons per day of raw municipal solid waste. Waxes for the cosmetic industry, paraffin waxes for various other uses, including candles, along with high grade lubricating oils are ZEWOP products. The TransAct ZEWOP provides various markets with an emissions free solution utilizing their waste and turning it into various products, such as fuels.