Global Green Matrix Acquires Additional Heating Units
07 Mars 2013 - 3:30PM
Access Wire
OTCBB: GGXCF
TSX.V: GGX
March 7, 2013 - Global Green Matrix Corporation ("Global Green"
or the "Company") - TSX Venture: GGX -is pleased to announce it has
placed an order for two additional trailer mounted heating units
(the "units") (as noted in its news release of February 19). A
deposit equal to 50% of the cost of the Units has been made. The
Units are expected to be ready for delivery in September of
2013.
The operation of the Units is done through the Company's wholly
owned subsidiary, 1503826 Alberta Ltd., carrying on business as
Intercept Rentals. Fueled by propane, the trailer mounted units,
using a patent pending technology, are very cost effective to
operate. The two new Frac water heating units will be the new
generation trailer mounted units that perform at higher efficiency
levels than current truck mounted units used in the industry. These
new patent pending trailer mounted units enable GGX to meet the
demands of the industry. The technology is unique in its
performance as it heats water safely and quickly and is able to
perform and meet the volume demands of GGX's current customer
base.
Randy Hayward, President and CEO, states "Since the addition of
our second Unit mid February, we have experienced a significant
increase in the number of projects and anticipated revenue. Global
Green continues to strive to create shareholder value by providing
excellent products and services to the oil and gas industry."
The Company further wishes to announce a private placement for
the sale of convertible debentures for gross proceeds of up to
$3,000,000. The Debenture will bear interest at a rate of 12.00%
per annum, payable semi-annually from the Closing Date and will
also contain an override royalty of 2.00% per annum on the gross
revenue earned by the New Units, payable semi-annually from the
Closing Date. The debentures will be convertible into common shares
of the Company at a price of: $0.50 for the first twelve months;
$1.00 for the second twelve months; and $1.50 after the first
twenty-four months commencing on the closing date.
Use of Proceeds: The net proceeds of up to $2,680,000 (net of
commissions and offering expenses). Expenditure on 3 new truck
units. Estimated at $2.1 million; $300,000 to be held in escrow for
first 12 month interest; balance of $280,000 to be used for working
capital
About Global Green Matrix Corp.
(www.globalgreenmatrix.com)Global Green Matrix Corp is an
Oilfield Services Firm primarily focused on servicing oil and gas
companies and their fracking operations. Through its wholly owned
subsidiary, Intercept Rentals, the Company currently owns and
operates one truck and one trailer mounted water heating unit,
called "Big Heat." Global Green rents these units to various oil
and gas companies that require heated water for their fracking
operations. The company has plans to add an additional 3 heating
units by fall of this year.
ABOUT INTERCEPT RENTALS:
(www.interceptrentals.com)Intercept Rentals is a registered
trade name of 1503866 Alberta Ltd., a wholly owned subsidiary of
Global Green Matrix Corp. The subsidiary company has obtained the
exclusive right to own and operate a new patent pending technology
that provides a highly efficient and safe method of heating water
used by oil companies in their fraccing operations.
For further information visit our website at
www.globalgreenmatrix.com, email at info@globalgreenmatrix.com or
contact:
Randy Hayward, President
Global Green Matrix Corp.
Phone: 250-247-8689 or 604-687-8855
Fax: 604-628-5001
Neither The TSX Venture Exchange Nor Its Regulation Services
Provider (As That Term Is Defined In The Policies Of The TSX
Venture Exchange) Accepts Responsibility For The Adequacy Or
Accuracy Of This News Release
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