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Papyrus Australia Ltd Enters Into Non-Binding Term Sheet To Enter Into Joint Venture Company


Sunday, 8 Sep 2013 09:10pm EDT 

Papyrus Australia Ltd announced that it has now entered into a Non-Binding Term Sheet (Term Sheet) to enter into a joint venture company (JV). This follows an evaluation and analysis with MAP Capital Advisors Pty Ltd (MAP Capital), a independent boutique investment and advisory house with offices in Sydney and Melbourne. MAP Capital has recommended the formation of a JV company to commence a new business for the manufacturing of products to assist fruit and vegetable growers and sellers to package and display their appropriate products utilising materials made from waste banana fibre. The operation will be based in Australia at the Company‚Äôs factory site at Walkamin in the Atherton Table Lands in Far North Queensland. PPY will have a 25% shareholding in the JV, with other parties, including investors, the balance. The JV will manufacture the products under an exclusive licence within Australia granted by PPY. The licence will be for a period of five years with a right of renewal for a further fiveyears subject to the JV meeting agreed performance targets. The operation of the JV will be self-funding. PPY's capital investment will be its existing equipment, site, intellectual property and know-how. PPY will also supply (at the cost of the JV) engineering and management support. 

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