News: Central West Gold acquiring green technology company

Central West Gold (ASX:CWG) is acquiring sustainable waste and green technology company Harvest Champion Limited in exchange for its issuing shares equal to 87.5% of its shares.

The acquisition of the company will result in a significant change in the nature and scale of the company’s activities.

On acquisition of Harvest Champion, the company’s main business activity will change to the development, licensing and exploitation of sustainable waste and green technologies and the development and scale of waste management solutions.

Harvest Champion seeks to obtain licences or other rights to proven green and waste technologies that Harvest Champion has assessed as showing growth potential within the Chinese market.

Its subsidiary, China Urban Mining Holdings Limited has executed a reseller agreement for a number of CUPOLEX® products with Australian Urethane & Styrene Pty Limited (AU&S).

CUPOLEX® is a patented energy efficient product of AU&S' for the formation of concrete slabs.

The initial agreement provides for distribution in Australia and New Zealand and pre-emptive distribution rights for Harvest Champion in the Chinese market upon AU&S acquiring the master distribution rights for the Chinese market.

Harvest Champion is also in discussion with AU&S regarding the distribution of licenced polyurethane blowing agent technologies which allow for polyurethane.

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