Greenlite Ventures Inc. (OTCQB: GLTV) ("Greenlite") announced today that it has entered into a revised letter of intent for the acquisition of 66.67% of Advantag AG, a German-based company which is engaged in the business of marketing and trading carbon credits and is a member of a number of European carbon exchanges, including the Carbon Trade Exchange London / Melbourne (a leading exchange for sale of voluntary credits), the Green Market Exchange of the Bavarian Exchange in Munich, Climex in the Netherlands and the KBB Bratislava. The acquisition of control of Advantag will assist Greenlite in marketing of the carbon offsets generated by the United Nature projects and will allow Greenlite to achieve its longer term plan to join carbon exchanges and market other forms of carbon credits.
Under the terms of the Revised Letter of Intent, Greenlite will acquire 66.67% of the shares of Advantag by issuing to Raik Oliver Heinzelmann, the principal shareholder of Advantag (the "Principal Shareholder") such number of shares of Greenlite as shall be equal to 65% of the number of Greenlite's outstanding shares resulting in a reverse takeover of Greenlite.
Advantag reported gross carbon credit sales of approximately EUR 2,400,000 (approximately USD$3,070,000) for the year ended December 31, 2011 and has gross sales of approximately EUR 1,256,000 (approximately USD$1,600,000) for the six months ended June 30, 2012.
Closing will be subject to satisfactory due diligence by Greenlite, preparation of U.S. GAAP financials of Advantag, and the entry into a formal agreement by no later than December 31, 2012. In addition, it will be subject to Greenlite having cash of not less than $500,000, no significant liabilities at closing and the Principal Shareholder being satisfied that the market for Greenlite's common shares has the strength and liquidity necessary to advance its business.
At closing, the Principal Shareholder will assume management of Greenlite and a majority of directors of Greenlite will be directors nominated by the Principal Shareholder.
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