Adama to sell right to renewable energy project in Bucharest

Source: Adama Technologies Corp

Adama Technologies Corp. (OTCBB: ADAC), a clean-tech company dedicated to the Clean Tech projects, announced the company has signed a non-binding term sheet with a purchaser seeking to acquire the rights to a renewable energy project currently held by Adama. The project under negotiation is a 2.5 megawatt municipal waste gasification project in Bucharest, Romania. 

The two parties are negotiating around a price of approximately $15MM subject to an independent appraisal. Due diligence by the purchaser is required to conclude by July 30, 2011. 

The company seeking to purchase rights to the project develops projects focusing on greenhouse gas emission reduction and renewable energy production. The Romanian project will use municipal waste residue to generate electricity or an alternative fuel. 

"The signing of the term sheet with our prospective buyer indicates the value of Adama's ability to identify attractive projects around the globe that can attract substantial partners or as in this case - buyers," stated Aviram Malik, CEO of Adama Technologies. "We look forward to the conclusion of this agreement which would provide significant revenues for our company in 2011."

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