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TLGN Ever Harvest International Group Inc (CE)

0.0003
0.00 (0.00%)
23 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Ever Harvest International Group Inc (CE) USOTC:TLGN OTCMarkets Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.0003 0.00 01:00:00

Totally Green Receives $5 Million Investment and $15 Million Credit Line From Strategic Partner to Fund New Growth Strategy

13/08/2012 1:31pm

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Totally Green, Inc. (the "Company" or "Totally Green") (PINKSHEETS: TLGN), a pioneer in organic food processing systems and compostable packaging alternatives, has partnered with Toronto-based York Plains Investment Corp. ("York Plains") for a comprehensive program that involves both financing and a new marketing model for Totally Green's ORCA Green™ Machine.

York Plains has agreed to provide $5 million of equity financing for a 50% interest in the Company. The proceeds will be used to pay down the Company's existing line of credit, and fund the general, administrative and working capital expenditures required to support the Company's growth objectives. York Plains has also agreed to provide up to $15 million in equipment financing for the roll out of the Company's new service program.

In addition to the funding, the principals of York Plains bring to Totally Green extensive experience in financing and building businesses that are strongly in line with Totally Green's product offerings.

"The principals of York Plains -- Mark Silver, Shawn Dym and Jason Drummond -- have specialized in growing early stage businesses with remarkable success over the last 15 years," noted Rob Phillips, CEO of Totally Green. "Assisting in management and offering direction, they and their team have taken consumer-oriented companies similar to ours -- such as Direct Energy, Universal Energy and National Home Services -- from little or no sales to revenues of as much as $1 billion. The rate of growth of many of their ventures has been dramatic, and their largest success, Direct Energy, sold for nearly $1 billion. All together, they are an ideal partner to help take our commercial roll-out of our ORCA Green Machine to the next level."

Totally Green's ORCA Green Machine digests up to 2,400 pounds of food waste daily, turning it into a nutrient-rich liquid similar to 'compost tea.' The ORCA provides commercial kitchens and food processing facilities with an economical and environmentally-friendly alternative to carting waste to a landfill.

Together, the partners have already introduced and tested a new North American business service model that involves placing ORCA machines under service contracts, rather than outright sale. As part of the new pilot program, Totally Green installs an ORCA machine at no up-front cost to the client and provides service throughout the contract term. This significantly reduces and in some cases replaces waste hauling costs for the client while generating a recurring revenue stream for Totally Green.

"Our partnership with Totally Green allows us to leverage our experience and existing strong ties to the commercial services business," said Shawn Dym, managing director at York Plains. "This includes support for Totally Green's transition from a sales to a service model, which we are confident will be highly successful given similar programs we advanced with past business ventures and the successful pilot of the ORCA Green machine in Toronto."

Nate Baker, Totally Green's president, commented, "We believe that marketing the ORCA Technology under our new service business model will rapidly expand our footprint of ORCA machines and will substantially enhance our recurring revenue stream and profitability."

About York Plains Investment Corp. York Plains Investment Corp. is a private equity firm focused on investing in growth-stage private and public equities. The principals have helped advance direct sales and service business models in the energy and clean tech sector that over the past 15 years have engaged more than 3 million retail customers and 300,000 clients in the commercial sector.

Shawn Dym Managing Director, York Plains Investment Corp. Shawn Dym currently serves as managing director of York Plains. He has been involved in the energy industry for more than 10 years in various operational and corporate development roles. Dym was a co-founder of National Home Services (NHS) and served as chief operating officer from 2008 to 2011. During that time NHS grew to more than $300 million in contracted revenue with 100,000+ customers. He graduated from York University and holds an M.B.A. from Harvard Business School.

Jason Drummond Managing Director, York Plains Investment Corp. Jason Drummond currently serves as managing director of York Plains. He is also the founder and president of DGC Investments, a private investment company with a focus on oil and gas production and processing, agriculture, alternative fuels and the aircraft chartering industry among others. DGC's largest holding was the build-up of an oil and gas exploration and production company that grew from a small acquisition to a substantial gain, culminating in a sale to a publicly traded energy company. Drummond holds a Bachelor of Business Administration degree from the University of Regina. He also serves on the board of directors of both Villanova Oil Corp. and Villanova 4 Oil Corp.

Mark Silver President - National Home Services Mark Silver has been involved in the energy business for approximately 20 years and the real estate business for more than 30 years. He co-founded Direct Energy Marketing and grew the company to more than $1.3 billion in revenues before selling to Centrica PLC (aka British Gas) in 2000. Silver has made significant real estate investments in both development stage and income producing properties in the residential, commercial and industrial sectors during his 30 year career. Over the last 15 years, these investments have been made through his company, Optus Capital Corporation. Today, Optus and related companies own and manage more than 1 million square feet of commercial and industrial space, and have interests in 4,000+ acres of developable lands in and around the greater Toronto area. Silver was a founding partner and chief executive officer of Universal Energy, which was sold in 2009 to Just Energy. Silver currently serves as president of National Home Services (NHS). NHS provides home services, including water heater rentals, to 150,000+ Ontario consumers.

About Totally Green Totally Green, Inc. develops, manufactures, and markets the company's ORCA Green™ Machine and markets the Ingeo™ Green Bottle Spring Water. The ORCA (Organic Refuse Conversion Alternative) machine allows for rapid composting of most organic material in institutional and commercial end-user applications, after which the liquid compost is either returned to the soil as nourishment or disposed of through the ordinary sewer system. The machine creates meaningful cost savings for customers while diverting food waste from landfills and reducing methane gas production. Both products offer businesses and consumers innovative and affordable solutions for food & beverage by-product disposal. For more information, please visit www.totallygreen.com.

Important Cautions Regarding Forward-Looking Statements This press release contains "forward-looking statements." Forward-looking statements are statements concerning plans, objectives, goals, strategies, expectations, intentions, projections, developments, future events, or performance, underlying (expressed or implied) assumptions and other statements that are other than historical facts. These forward-looking statements are only predictions, and are subject to risks and uncertainties beyond the Company's control. No assurances can be given that such predictions will prove correct. Actual events or results may differ materially. Forward-looking statements should be read in light of the cautionary statements and risks that include, but are not limited to, the risks associated with a small company, our comparatively limited financial resources, the uncertainty of market trends, the competition faced from other current and future technologies and the uncertainties of competitive pressures we face. These or other risks could cause actual results to differ materially from the future results indicated or implied in such forward-looking statements. We undertake no obligation to update or revise such statements.

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Company Contact: Nate Baker President & Interim CFO Totally Green, Inc. Tel 918-619-9700 Investor Relations Contact: Liolios Group, Inc. Scott Liolios or Chris Tyson Tel 949-574-3860

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