Redishred Capital (TSXV:KUT)
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MISSISSAUGA, ON, Nov. 15 /CNW/ --
MISSISSAUGA, ON, Nov. 15 /CNW/ - Redishred Capital Corp. (TSX.V - KUT)
announced today that its subsidiary, Professional Shredding Corporation
("PSC"), has entered into a license agreement with Averda International
FZ-LLC ("Averda") to operate PROSHRED(®)'s shredding and recycling business platform in 15 countries and 4
territories throughout the Middle East. This marks Redishred's first
foray into international markets and serves as the launch of the PROSHRED(®) and REDISHRED brand worldwide. Redishred anticipates that Averda will commence
shredding operations in early 2011.
Redishred's CEO, Robert Crozier, commented, "We are pleased to have
awarded our first international licensee that will expand the PROSHRED(®) and REDISHRED brands in the Middle East. On top of that we are thrilled that Averda
will be our licensee. Averda has an outstanding reputation in the
Middle East as a custodian of the environment and are truly an
innovative leader in the waste management and recycling industry.
Averda's vision for environmental and social responsibility is
congruent with our vision and core values."
Redishred's President, John Prittie who is responsible for franchising
and licensing for Redishred further noted, "This exclusive license
agreement represents Redishred's first steps into global markets and is
in keeping with PROSHRED(®)'s vision to be a global leader providing businesses and consumers with
secure destruction and recycling services for their confidential
information and proprietary materials."
Malek Sukkar, CEO of Averda, pointed out that "this agreement
constitutes a perfect fit to our aggressive expansion plans into
related sectors of activity in our operating territory and beyond.
Confidential document destruction, along with our vast array of
services currently offered, will complement and enhance Averda's value
proposal to its existing and potential clients. We will be integrating
even further activities in the near future and are very keen on
choosing the best possible partner for each. We are happy to be
associated with industry pioneers such as Proshred and strongly believe
such a long term alliance will generate mutual value".
About Redishred:( )
Redishred Capital Corp. is the owner of the PROSHRED(®) trademarks and intellectual property in the United States and
internationally (with the exception of Canada). PROSHRED(®) shreds and recycles confidential documents and proprietary materials
for thousands of customers in the United States in all industry
sectors. PROSHRED(®) is a pioneer in the mobile document destruction and recycling industry
and has the ISO 9001 certification. In addition to the ISO
certification, most of our franchise and corporate locations are NAID
AAA certified. It is PROSHRED(®)'s vision is to be the 'system of choice' and provide shredding and
recycling services on a global basis. Additionally, PROSHRED(®) prides its self on its contribution to the protection of the
environment by way of recycling the products it destroys. During the
first half of 2010, PROSHRED(®) locations shred and recycled 9,900 tons of paper, equating to 149,000
trees being saved.
About Averda:
Averda entered the waste management business more than three decades ago
and today provides commercial and municipal waste management services
to Lebanon, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
Averda's waste and resource management business has expanded rapidly
during the last few years, growing from its Lebanese roots to a base
which now stretches across the Middle East and North Africa ("MENA")
region. From high-volume municipal waste to specialized industrial
needs, Averda benefits governments, municipalities, businesses, NGOs
and residential communities in the MENA region by delivering a full
range of environmental services. Averda has brought new and increased
standards to the cleaning, collection, recovery and disposal of waste
through its environmentally sound practices that are more caring for
our ecosystems.
Averda has built an integrated waste management business and is
expanding rapidly throughout the MENA and aims to become the region's
leading environmental services company for both private and public
sectors.
Additional information can be found at www.averda.com
Note: The TSX Venture Exchange has neither approved nor disapproved of
the information contained herein.
This news release contains forward looking statements that reflect the
current expectations of management of Redishred and Redishred's future
results, performance, achievements, prospects and opportunities.
Wherever possible, words such as "may", "will", "estimate", "believe",
"expect", "intend" and similar expressions have been used to identify
these forward looking statements. These statements reflect current
beliefs and are based on information currently available to management
of Redishred. Forward looking statements necessarily involve known and
unknown risks and uncertainties. A number of factors, including those
discussed in the 2008 management discussion and analysis under "Risk
Factors", could cause actual results, performance, achievements,
prospects or opportunities to differ materially from the results
discussed or implied in the forward looking statements. These factors
should be considered carefully and a reader should not place undue
reliance on the forward looking statements. There can be no assurance
that the expectations of management of Redishred will prove to be
correct.
In particular, certain statements in this document discuss Redishred's
anticipated outlook of future events. These statements include, but are
not limited to:
(i) The commencement of operations may be delayed by the licensee's
inability to complete initial training, or their inability to
secure the required facilities and equipment to operate the
Proshred platform.
Readers are cautioned that such forward looking statements are subject
to certain risks and uncertainties that could cause actual results to
differ materially from these statements. Redishred can give no
assurance that actual results will be consistent with these
forward-looking statements.
pRedishred Capital Corp. (TSX.V - KUT)br/ Jeffrey Hasham, CAbr/ Chief Financial Officerbr/ a href="mailto:Jeffrey.hasham@redishred.com"Jeffrey.hasham@redishred.com/abr/ a href="http://www.redishred.com"www.redishred.com/abr/ Phone: (416) 849-3469 Fax: (905) 812-9448/p pRobert Crozierbr/ Chief Executive Officerbr/ a href="mailto:Robert.crozier@redishred.com"Robert.crozier@redishred.com/abr/ a href="http://www.redishred.com"www.redishred.com/abr/ Phone: (902) 429-2437 Fax: (905) 812-9448/p