TORONTO—Institutional investor A.C. Simmonds and Sons Inc. (ACS) has signed a letter of intent to acquire Ajax, Ont.-based cleantech company Environmental Waste International Inc. (EWS) for about $31.4 million.
The proposed acquisition includes exchanging all of the issued and outstanding common shares of EWS for common stock of ACS.
ACS will issue to the shareholders of EWS one ACSX Share for every 40 EWS Shares.
“One strategic focus of A. C. Simmonds and Sons is disruptive technology that is environmentally sustainable,” said John G. Simmonds, Chairman & CEO of ACS. “We welcome the EWS solution to the Company as it enables us to reuse organic materials such as tires that are otherwise a major source of waste.”
“With the backing of A. C. Simmonds and Sons including its financial and management resources, EWS believes it will soon realize the commercial potential of this unique technology” said Daniel Kaute. Ph.D., President & CEO of EWS.