ERJ staff report (DS)
New York -- Adama Technologies Corp. said it has signed a Letter of Intent with local entrepreneurs in Romania to establish a line of tyre recycling factories in Romania. The deal is supported by partial funding by the European Union and local government. Adama Technologies anticipates the estimated revenues from this new project will generate over EUR100 million annually.
Adama said the first unit will be operating within 12 months while three more such units should open in 2012.
"The letter of intent we have signed is very important to us and we are very happy with this achievement. Adama's cooperation with Romania and the EU marks a significant milestone in the company's goals to expand technology portfolio and open additional markets across the globe," noted Aviram Malik, CEO of Adama Technologies.
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Press release from Adama