Australia’s Biofuel Partnership Limited to form a joint venture with Canada’s Pacific Cascade Minerals Inc.
13 July 2009
The Biofuel Partnership Limited has entered into a letter of intent dated June 23, 2009 with the Canadian public company Pacific Cascade Minerals Inc to form a joint venture for the further development, marketing and sale of The Biofuel Partnership’s BioCube™ technology.
The intended joint venture, to be owned equally by the two companies, will be known as The Biofuel Partnership International (BPI).
Under the agreement, which is subject to a number of conditions, including approval by shareholders of Pacific Cascade Minerals and the TSX Venture Exchange in Canada, The Biofuel Partnership will grant to BPI a perpetual, worldwide (excluding Oceania and Australasia), exclusive license to market, distribute and sell the BioCube™ and other Biodiesel processing systems developed by The Biofuel Partnership.
BPI will purchase fully assembled BioCubes from The Biofuel Partnership for resale. In addition, BPI will pay a commission to The Biofuel Partnership on all consumables it purchases for distribution to BioCube™ operators.
Pacific Cascade Minerals will contribute Can$5,000,000 to fund the BPI joint venture. This sum will be used primarily to complete the BioCube™ trial program, to advance the commercialisation of the business and to commission the first 20 BioCube™ production units.
About Pacific Cascade Minerals Inc.
Pacific Cascade Minerals Inc. trades on the TSX Venture Exchange Canada under the code PCV.
The proposed transaction will constitute a change of Pacific Cascade Minerals’ business under the policies of the Exchange and is subject to a number of conditions, including Exchange and shareholder approval. PCV anticipates holding a special general meeting of shareholders to consider and, if thought fit, approve the transaction on or about 30th September 2009.
About The Biofuel Partnership Limited
The Biofuel Partnership Limited is an Australian unlisted public company with proprietary data and technology in the field of Biodiesel processing. Its principal product is the BioCube™ - a compact, transportable Biodiesel processing unit. The company designs, manufactures, markets and distributes BioCubes and other Biodiesel processing operations at its research and development centre in Molendinar, Queensland, Australia, where it has developed the BioCube™ over the past two years.