The Company Signs a Letter of Intent With Local Entrepreneurs to Establish Tire Recycle; Factories Which Will Enable Partial Funding by the European Union and Government Funding
NEW YORK, September 14, 2010 /PRNewswire-FirstCall/ -- Adama Technologies Corporation - (OTC BB:ADAC), a clean tech company, today announced that it has signed a Letter of Intent with local entrepreneurs in Romania to establish a line of tire recycle factories, with the ability of partial funding by the European Union and local government. Adama Technologies anticipates the estimated revenues from this new project will generate over EUR100 million annually.
With the substantial aid of the E.U. and governmental funding, the establishment of tire recycle factories is expected to generate a breadth of new jobs in the country and further development of untapped markets in the region. Launching the first tire recycle factory of its kind in Romania, the company expects to open the first factory within the coming year, after which, three additional sites will be set up by 2012.
'The letter of intent we have signed is very important to us and we are very happy with this achievement. Adama's cooperation with Romania and the EU marks a significant milestone in the company's goals to expand technology portfolio and open additional markets across the globe,' noted Aviram Malik, CEO of Adama Technologies.