BRIGHTON, Mich.--(BUSINESS WIRE)--JPX Global Inc. (OTC:JPEX) is pleased to announce today that the Depository Trust Company (DTC) has approved the Company’s eligibility application for JPX Global Inc.
The DTC, a subsidiary of the Depository Trust & Clearing Corporation (DTCC), manages the electronic clearing and settlement of publicly-traded companies. Securities that are eligible to be electronically cleared and settled through the DTC are considered “DTC eligible.” This electronic method of clearing securities expedites the receipt of stock and cash, and, thus, accelerates the settlement process for investors and brokers.
Jim Foran Chief Executive Officer of JPX Global stated, “DTC eligibility increases the efficiency and lowers the costs associated with buying and selling of our shares on the OTC Market. We are pleased to be able to be DTC eligible for the benefit of our current and future shareholders. Securing DTC eligibility reflects our ongoing efforts to support our growing investor base, and our belief in the growth of our business. We would like to thank Vstock Transfer for assisting and submitting DTC eligibility application.”
Agreement for Waste Gasification Equipment
On October 17, 2016, Joseph Caywood, the Vice-President of Operations and shareholder of JPX Global, Inc. (the “Company”), entered into that certain Equipment Sale and Installation Agreement with International Environmental Technologies, Inc., a Kentucky corporation (“IET”) to provide and install certain patented equipment and technology for waste gasification (the “Equipment”) at the Company’s facilities in Rosarito, Mexico for the benefit of the Company and its Mexican operating partner, Tratamientos Ambientales Scorpion S.A. de C.V. ("TAS"). Mr. Caywood is personally liable for the contract, but this Agreement may be and is intended to be assigned to the Company or TAS. The Company and TAS are developing a hazardous waste storage, disposal, and recycling site in Rosarito, Mexico. The Company retains 80% of the net revenues from the project and must pay 20% of the future net revenues to TAS. Pursuant to the terms of the Agreement, Mr. Caywood contracted to purchase the Equipment for an aggregate of $29,000,000. We are also working on securing the funding.
The form 8-K disclosure for this material agreement may be found at: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11640333
About JPX Global, Inc.
JPX Global Inc. is an early -stage provider of integrated waste services. Through our developing operations in Mexico, we aim to provide a comprehensive range of waste management services including the receipt, storage, transfer, recycling and disposal of waste in an environmentally sound manner. JPX Global’s environmentally friendly services are anticipated to be executed through the gasification and recycling of waste. Our focus for customers in Mexico include commercial, industrial, municipal and residential customers, other waste management companies, electric utilities and governmental entities.
For more information, visit www.jpxglobal.net.
Forward Looking Statement:
This press release may contain certain forward-looking statements regarding future circumstances. These forward-looking statements are based upon the Company's current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements. Actual results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the events or circumstances described in such statements are material.