FARMINGTON HILLS, Mich., May 8, 2008 (PRIME NEWSWIRE) -- LBO Capital Corp., (Other OTC:LBOA), a Colorado corporation ("LBO Capital"), and its subsidiary, Global Tech International, Inc. ("GTI"), a Delaware corporation, announced today that LBO Capital and GTI entered into a binding Definitive Agreement with Global Energy Conversions, LLC, a Michigan LLC ("GEC"). Terms of the binding Definitive Agreement were approved by the Board of Directors of LBO Capital on May 8, 2008.
Terms of the Definitive Agreement provide that GEC assigns its Intellectual Property "IP" interest related to 'Gasoline from Plastics Technology' to Ecoplastifuel, Inc., a Delaware corporation. Terms further provide for full disclosure of technical data and scientific facts relating to patents and process information related thereto.
Under the agreement, LBO Capital will own 80% of Ecoplastifuel, Inc. in exchange for 758,333 shares of LBO Capital common stock (post 1-for-8 reverse split). The subject IP technology, vested in Ecoplastifuel, Inc., relates to 'Gasoline from Plastics Technology'. Additionally, subject technology ties to conversion of Plastic Wastes including Codes 2, 4, 5, and 6 directly into value-added fuels such as gasoline, lubricants and diesel fuel.
Dr. Swaminathan Ramesh, Founder, President, and CEO of GEC, stated that efficiency of the Ramesh process to convert plastic wastes to fuels is approximately 80% to 90%. Dr. Ramesh estimates that 10 pounds of plastic waste will yield about one (1) gallon of gasoline, lubricant or diesel fuel.
Dr. Ramesh dedicated over 20 years with BASF working on extensive research projects. He holds over 50 patents and has contributed articles to scientific publications, including Journal of the American Chemical Society. Dr. Ramesh founded Advanced Technologies of Michigan, Inc., a private company providing analytical and investigative services for paint and chemical companies.
In 2005, the United States generated about 246 million tons of municipal solid waste, according to U.S. Environmental Protection Agency ("EPA") estimates. EPA reported that 79 million tons of such waste were recycled, while the remaining 166.7 million tons were combusted, disposed of in landfills, or otherwise disposed. Parties involved in the agreement view the development of new conversion processes, creating captive gasoline, lubricants, and diesel fuel from waste plastics, as representing a significant commercial opportunity and one also addressing timely ecological issues.
Corporate Profile
LBO Capital Corp., founded in 1988, and its subsidiaries Global Tech International, Inc and Advanced Digital Components, Inc., strive to acquire intellectual property and technology; and further, actively seek to identify operating companies which could benefit from licensing technology and intellectual property.
The statements included in this news release concerning predictions of economic performance and management's plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1934, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, factors detailed in the Company's Securities and Exchange Commission filings, economic downturns affecting the operations of the Company or any of its business operations, adequate financing to achieve the new strategic plans, the impact of competition, the success of products in the marketplace and the unavailability of financing to complete management's overall plans and objectives. The forward-looking statements contained in this news release speak only as of the date hereof and the Company disclaims any intent or obligation to update these forward-looking statements.