A Delaware-based company with headquarters in Israel, Adama Technologies, has announced plans to set up four tire recycling facilities in Romania by 2012. In the release, the company indicates that it expects to generate revenues of Eur100 million annually through the project but does not indicate what tire recycling technology will be employed, what the capacity of the plants will be, what materials will be produced and in what volumes, or what the sales price of these recycled materials would be.
From its website, Adama Technologies appears to be primarily a bioremediation company focused on cleaning up polluted industrial sites. The first question on its FAQ page is this:
(Q) Does Adama Tech deal only with Heavy Metal contamination? (A) Yes, Adama Tech deal and focus only with Heavy Metal contamination.
Here is the main text of the release:
Adama Technologies to Establish Tire Recycle Factories in Romania The Company Signs a Letter of Intent With Local Entrepreneurs to Establish Tire Recycle; Factories Which Will Enable Partial Funding by the European Union and Government Funding
NEW YORK, September 13, 2010 /PRNewswire-FirstCall/ — Adama Technologies Corporation – (OTC BB:ADAC), a clean tech company, today announced that it has signed a Letter of Intent with local entrepreneurs in Romania to establish a line of tire recycle factories, with the ability of 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.
With the substantial aid of the E.U. and governmental funding, the establishment of tire recycle factories is expected to generate a breadth of new jobs in the country and further development of untapped markets in the region. Launching the first tire recycle factory of its kind in Romania, the company expects to open the first factory within the coming year, after which, three additional sites will be set up by 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.
About Adama Technologies Corporation
Adama is a Brownfield remediation company whose foundation lies in its patented technology. The technology successfully treats all metals within the Resource and Recovery Act (RCRA) and Universal Treatment Standards (UTS). The technology has successfully completed the U.S. (EPA) “SITE” program and is ready for commercial use. For further information, visit: http://www.adama-tech.com.