Certain Planet Green shareholders have agreed to accept IMGM preferred shares, which will be convertible into IMGM common shares only if the new company is successful in achieving revenue of at least $10m, $25m, $50m and $100m annually in any year in the next seven years. Contingent on achieving the target, each class of preferred stock will become convertible into 25,000,000 common shares of IMGM.
Conversion can be accelerated if the common shares of the new company trade at 50¢ per share or better for 20 consecutive days during that period. A Planet Green shareholder acquired 20,000,000 IMGM common shares payable in exchange for 10,000,000 Planet Green common shares and 10,000,000 positron corporation common shares held by the Planet Green shareholder.
The Imagin directors have agreed to recommend a name change of IMGM to Planet Green BioTechnology. Imagin will increase its position as a major shareholder of Positron Corporation, a Molecular Imaging company that specializes in nuclear cardiology. Positron utilizes its proprietary product line to provide solutions to the Nuclear Medicine community ranging from PET (positron emission tomography) scan imaging to radiopharmaceutical distribution.
Nick Havercroft, CEO of Planet Green, said: “Planet Green is experiencing a wave of interest around the world. Planet Green’s proprietary additive branded Reverte can be used in any and all of the 500 billion PET plastic bottles being sold annually, 75% of which are not being recycled. Planet Green is a unique clean tech company in that is targeting to become a solution to breakdown the plastic bottle back to CO2 and biomass.
“Planet Green is particularly focused on China where it has a JV agreement with Fuli (Weihai), a leading plastics company in Shandong province, China. Fuli has agreed to finance the JV expansion across China. Separately Planet Green is identifying and negotiating with chemical compounding firms to develop the next generation of additive to enhance current oxo-biodegradable technology. Planet Green intends to continue to promote its Planet Green logo as a brand enhancer for consumer branded products.”
Planet Green Bottle is negotiating to acquire proprietary additives defined as oxo-biodegradable technology that, triggered by oxygen and UV light (sunlight), can cause the 500 billion PET (polyethylene terephthalate) plastic bottles made annually to biodegrade in a fraction of the estimated 1,000 years. Separately, Planet Green plans to develop of its own next generation biodegradable additive for PET plastic bottles and containers.
A Planet Green Bottle affiliate financed the development by Wells Plastics (UK) of an oxo-biodegradable PET (polyethylene terephthalate) plastic bottle. Planet Green Bottle is negotiating contracts around the world to incorporate masterbatch additives into branded water, beverage, health and beauty aids, pharmaceutical and any other PET plastic bottle or container in order to address the reduction of plastics in landfills, ditches, rivers and in the oceans.
The amalgamation of the two companies is the subject to due diligence and to the approval of the boards of directors and shareholders of each company.
