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UPDATE 1-Maple Leaf in pact to sell coiled tubings in China

Tue Sep 9, 2008 10:35am EDT

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(Recasts; adds details)

China

Sept 9 (Reuters) - Maple Leaf Reforestation Inc (MPE.V) said it signed an agreement with Petro-Tech China Ltd to exclusively sell 'Thermoflex' coiled tubings throughout China.

The agreement is for an initial term of 12 months and may be renewed on an annual basis during the first 3 years subject to satisfactory sales performance.

Maple Leaf said it was required to pay a $75,000 deposit which will be applied towards the cost of the purchase orders made by it once $2 million in purchase orders is reached.

'Thermoflex' coiled tubings are produced by PolyFlow Inc, headquartered in Pennsylvania, USA, which are used in the oil, gas and other industries.

Maple Leaf said it could benefit from the rising costs of traditional steel oil and gas pipe, and supply problems in the Chinese oil and gas industry.

Shares of the company closed up 11.9 percent at C$0.235 Monday on the TSX Ventures Exchange. (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Amitha Rajan)

China


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