BOSTON--(BUSINESS WIRE)--Haber, Inc. (“Haber”), a Delaware corporation headquartered in Greater Boston, Mass., with proprietary technologies in the separations sciences and environmentally friendly processing of gold bearing ores, announced today that it has entered into a Joint Venture agreement with Rosewood, a private California company. Rosewood operates an agriculturally-based sustainable farm on which there are significant gold deposits. The companies have jointly formed Organic Gold LLC, ("Organic"), a Nevada Limited Liability Company. The agreement calls for all minerals to be exclusively processed by Haber in a Nevada-based plant, using its green gold processing technology. Great Plains Capital Partners LLC, in Wyoming (“Capital Partners”), will provide project funding.
Under the terms of the Joint Venture, Haber will receive 55% control and 35% of Organic’s net profits and assets. In addition, Rosewood will receive 6 million shares of Haber’s common stock while Rosewood will convey its current and future property holdings (“Property”) into Organic.
The JV’s purpose will be twofold, Rosewood will produce agricultural products and extract minerals from the Property which will then be processed in the Haber operated Nevada processing plant (“Plant”) utilizing Haber’s proprietary green extraction technology capable of efficiencies in the high 90% range on complex ores. The agricultural products grown on the Property will add additional income to Organic. The Plant and all future Haber mineral projects will be supported by a new East Coast laboratory which will also be funded by Capital Partners.
Funding will be provided in two phases under drawdown schedules, with some $22 million allocated to the piloting phase. Following acceptance of the pilot protocol, an additional $28 million will be released for phase 2 which will allow for scale-up into commercial size operations.
In announcing the agreement today, Albert B. Conti, CEO of Haber said he was extremely gratified to be teaming with Rosewood. "Our project is the perfect marriage of the special offerings of the agricultural products and existing minerals on the Rosewood property and Haber’s green environmentally friendly processing technology. I look forward to this unique union with high profit potential and a responsible commitment to sustainable and environmental concerns."
Mr. Conti further stated that the project allows Haber the opportunity to prove the efficacy of its technology in processing complex ores while at the same time generating revenues from a commercial facility. "Inferred resource estimates approximate a million ounces on the main strike feature alone. Sub-parallel and cross-cutting features represent excellent potential for multiple mineralized zones and areas of increased ore grades above the average run of the mine. This mineral resource, coupled with Haber’s high efficiency process will combine to make this project a high profitability opportunity. Meanwhile, the Nevada processing Plant will also serve as a base model and training center for other processing teams that can be employed elsewhere in support of our anticipated global operations.
Mr. Conti said that the Plant and East Coast lab facilities are expected to be acquired before the end of this year with Plant production anticipated in 3rd quarter 2015.
Reverse Stock Split:
Turning to other business, Mr. Conti said that Haber's Board of Directors had approved a 1 for 3 reverse stock split and anticipates scheduling a special shareholder meeting before the end of the year, with appropriate notice to be provided to shareholders in due course.
He further indicated that the Logi Gold LLC memorandum of understanding had been terminated. Unfortunately, Logi Gold was unable to obtain a viable gold ore supply which was the prerequisite to Haber’s entering into a final agreement.
About Haber, Inc.
Haber, Inc. is a high technology process development company with proprietary technologies in extractive metallurgy and electrochemical separations. The Haber Gold Process is both non-toxic and more efficient than conventional solvents such as cyanide. This technology accelerates the gold extraction rate and may increase gold recovery from its ores by a substantial factor. For more information, call Robert Lembo 516-771-0636, or visit the company's web site at www.habercorp.com.
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Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties. Forward-looking statements include statements concerning plans, opportunities\objectives, goals, strategies, future events or performance and underlying assumptions. These statements are subject to uncertainties and risks including, but not limited to, economic conditions, the impact of competition and pricing, government regulation, and other risks. Resource assessments have not been performed under SEC or 43-101 guidelines and requirements. All forward-looking statements made by or on behalf of Haber Inc. are qualified. Haber Inc. disclaims any obligations to update any forward-looking statements to reflect events or circumstances after the date hereof.