MPM Enters Release and Settlement Agreement with Greenwich Insurance Company
22 September 2011 - 12:00AM
Business Wire
MPM Technologies, Inc. (the “Company”) (OTCBB: MPML) and its
subsidiaries, AirPol, Inc., Nupower, Inc., and MPM Mining, Inc.,
entered into an eight-party “Release and Settlement Agreement” with
Greenwich Insurance Company, Michael J. Luciano, JFLI Trust and
HMAT Associates, Inc. Under the terms of the Release and Settlement
Agreement, MPM Mining, Inc. will assume from the parent company
approximately $6.7 million of the Company's outstanding
indebtedness to Greenwich Insurance Company. The Release and
Settlement Agreement also sets forth the terms and conditions for
the repayment of the debt by MPM Mining, Inc., and the release of
the Company and its subsidiaries for any and all liabilities.
The Release and Settlement Agreement is the final and necessary
instrument needed to be in place to effect the closing of the
following agreements which were announced via Form 8K on February
23, 2011: Stock Purchase Agreement between the Company and Carbon
Cycle Investment LLC (for the purchase of controlling shares of the
Company); Purchase Agreement between the Company and Mr. Michael
Luciano (for the purchase of MPM Mining, Inc. by Mr. Luciano).
Michael J. Luciano, MPM Chairman and CEO, stated: “The
conclusion of this agreement insures the successful reorganization
of MPM Technologies, Inc., which will bring forth substantial
improvements to MPM’s financial standing, and most importantly,
allow MPM to develop its businesses to their fullest potential. The
addition of a new subsidiary that includes sustainable biofuel,
feedstock production and energy parks will bring MPM business to
the next level.”
MPM Technologies, Inc. is a holding company with three
subsidiaries: Nupower, Inc., which is engaged in the development
and commercialization of Skygas™; AirPol, Inc., which builds,
installs, and services industrial air pollution control systems;
and MPM Mining, Inc., an exploration and development company with
gold and silver mining properties in Montana. Find more information
at www.mpmtech.com.
Carbon Cycle Investments LLC is a holding company that is
engaging with communities to collaborate on developing sustainable
solutions that benefit the community from renewable energy,
economic, and employment perspectives.
www.carboncycleinvestments.com
Statement Under the Private Securities Litigation Reform Act.
With the exception of the historical information contained in this
release, the matters described herein contain forward-looking
statements that involve risk and uncertainties that may
individually or mutually impact the matters herein described,
including but not limited to, product acceptance, economic,
competitive, governmental, results of litigation, technological
and/or other factors which are outside the control of the
company.
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