SAN ANTONIO, TEXAS--(Marketwire - July 18, 2012) - TransAct Energy Corp. (PINKSHEETS:TEGY) announced today a Joint Development Agreement ("JDA") with Mr. Bruce Hutchon, Utopial Limited and Halfuel Limited. The JDA has been activated now that funding efforts are material (http://www.marketwire.com/press-release/transact-energy-signs-mou-for-25-million-financing-pinksheets-tegy-1678692.htm). The JDA brings the emissions free Energy from Waste ("EfW") technology into a subsidiary of TransAct that will in turn develop a series of municipal scale plants using the emissions free technology.
TransAct signed a letter of intent with Mr. Hutchon on October 27, 2011 contemplating the formation of a partnership to fund, develop and grow the unique, emissions free, EfW technology globally. In May 2012, TransAct and the owners of the EfW technology (Mr. Hutchon, Utopial Limited and Halfuel Limited) signed a JDA to form a Joint Venture Corporation ("JVC"). Over the past six months TransAct has developed a business plan for the venture and sought capital to fund the same.
With the announcement of TransAct's MOU for the initial $25 Million dollar financing, TransAct will proceed with the JDA. The JVC will be called "TransAct Energy from Waste". This partially owned subsidiary will form the core of TransAct's EfW business. The details of the JVC and the EfW technology will be announced in future communications.
"We put our heads down 9 months ago and started the due diligence necessary to bring this new business to TransAct," said Rod Bartlett, TransAct's CEO and President. "What we have accomplished in setting this EfW technology up for its municipal debut is not only significant for TransAct but for the future processing of all waste. There will no longer be any reason to burn or bury our garbage."
About Hutchon and Companies
Mr. Bruce Hutchon and his group of private chemical technology companies based in the United Kingdom develop chemical/mechanical solutions for process engineering. Historically focused around the plastics industry they used their intimate knowledge of commercial organic chemistry to solve process issues.
About TransAct Energy Corp.
TransAct Energy Corp. is a Nevada organized company trading on the OTC Pinks as TEGY. Their business is the development, production, management and conservation of energy through sustainable projects. TransAct's focus is emissions free energy produced from carbonaceous waste.
Visit TransAct's new website www.transactenergycorp.com and follow them on Twitter at www.twitter.com/transactenergyc.