Magnum Announces Joint Venture with Green Tech Solutions and Purchase of
Buffing Equipment
MAGOG, Canada, Aug. 25 /PRNewswire-FirstCall/ -- Magnum D'Or Resources,
Inc. (OTC Bulletin Board: MDOR - News; Magnum) announces a Joint Venture with
Green Tech Solutions (GTS) and announces the companies first purchase of 4
buffing machines.
Magnum's Canadian Operations Manager Michel Boux stated, "Green Tech
Solutions recently purchased 2 standard buffers and 2 OTR buffer machines
through Magnum D'Or Resources. This purchase constitutes an investment of
roughly $400,000.00 USD and was made on behalf of GTS through the joint
venture agreement in order to supplement production capacity for Magnum. This
equipment will produce up to 10,000 tons of saleable product at a contracted
price of approximately $400 per ton which equates to additional annualized
revenue of about $4,000,000 USD."
The buffing equipment will be shipped to and installed at the Magog
facility in order to help supply part of the company's current contract
obligations for $18,240,000 annually. Magnum has entered into a 5 year joint
venture agreement with Green Tech Solutions to have them become one of their
key subcontractors for the production of non-powdered products for the North
American market.
This also marks the transition of the company from a Development stage
company into an Operating entity.
Magnum's New Magog Facility:
Magog is a well known rubber and plastics epicenter that is located in the
Estrie region of Quebec and in the MRC Memphremagog. It benefits from an
exceptional geographic location since it is situated on the Canadian-American
border. Located at 2935 Rene-Patenaude Magog (Quebec), J1X 7J2 is comprised
of a 98,000+ sq ft mixed use building located within the Technology Center of
Magog, Quebec, Canada on approximately 10 acres of land. The facility will
accommodate production lines for wholesale production, equipment development,
assembly, and distribution to the U.S. and Canadian markets. Magnum expects
to produce ultra fine rubber powders, EPDM powders, EPDM compounds,
thermoplastics, and thermoplastics elastomers at the plant in the near future.
Recent pictures of the Facility here:
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About Magnum:
Magnum's proprietary "GREEN" technology provides a one of a kind solution
to all of the challenges in eliminating Stockpiles of Scrap Tires and Global
Waste: Magnum currently has open contracts with NSS, LLC that equal $131
Million USD over the next Five years for the production of both rubber nuggets
and rubber buffing.
Magnum, with its new technology and through licensing rights, owns a
number of patents for the re-composition of rubber, the production of EPDM
powders, and EPDM compounds that could potentially revolutionize the rubber
recycling industry in North America and China. Thus, MDOR will continue
developing new compounds, file new patents, and produce products for the
rubber powder it manufactures.
Magnum has the unique opportunity to provide a "Green Solution" to several
of the worlds common disposal issues which includes our strategy to establish
Turnkey Recycling/Waste Management facilities; design, manufacture, and sell
products made with recycled materials; and institute viable solutions to the
problem of recycling waste rubber. This also includes our one of a kind close
loop recycling technology using our proprietary knowhow for recycling scrap
rubber to produce a variety of end products while reducing greenhouse gases.
Magnum is currently in negotiations with Federal and provincial governing
bodies for funding that includes: grants, project funding, and financial
assistance offered by the Ville de Magog and other government programs offered
by both the Quebec and Canadian governments. Magnum will be provided with
technical support at each stage of the industrial project, including
availability to set up a local committee to support the different stages of
the venture. This group may include people from the Town of Magog, the Local
Employment Centre (CLE), and the Centre local de developpement (CLD). The
resources developed through this group will allow Magnum to obtain maximum
support at each step of development that includes: permitting, facility
construction, employment of qualified manpower, or developing relations with
the various municipal services.
Magnum is working closely and cooperating with Canadian official and
General Director Ghyslain Goulet of CLD de la MRC de Memphremagog, to
integrate its operations into the local economy. www.cldmemphremagog.com
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995
Statements contained in this document that are not historical fact are
forward-looking statements based upon management's current expectations that
are subject to risks and uncertainties that could cause actual results to
differ materially from those set forth in or implied by forward-looking
statements. The company is not required to update its forward-looking
statements.
Updates on the progress, shipments and installation will be posted on our
website: www.magnumresources.net
Contact:
Magnum D'Or Resources, Inc., Fort Lauderdale
Joseph Glusic, CEO, 305-420-6563
mdor@magnumresources.net
SOURCE Magnum
Joseph Glusic, CEO, Magnum D'Or Resources, Inc., +1-305-420-6563, or
mdor@magnumresources.net
