AJAX, Ontario (Jan. 21, 2011)—Recycling company Environmental Waste International Inc. is acquiring 100 percent of the stock of Ellsin Environmental Ltd., a tire recycling company setting up a pilot plant in Sault Ste. Marie, Ontario.
EWS said it offered 2,263,500 shares of its stock in exchange for the company. Government officials and EWS shareholders have approved the deal, according to EWS President Stephen Simms. “Lawyers are finalizing the contract, so we're just waiting day-to-day,” Simms said.
The deal gives EWS total control over its patented TR900 Reverse Polymerization system which transforms scrap tires into their constituent oil, carbon black and steel, according to the company. The TR900 pilot plant in Sault Ste. Marie is now preparing to open and should be fully operational in eight to 10 weeks, Simms said.