An Ontario-based industrial company announced that it entered into a $10-million joint venture with Torreco Inc. Shares of Environmental Waste International Inc. (TSX-V:EWS) popped following the news, as the company is receiving a $7 million investment from Torreco to convert the company’s pilot plant in Sault Ste Marie into the its first commercial scale recycling plant.
Environmental Waste designs, develops and sells environmentally sound devices utilizing its patented Reverse Polymerization process and dealing with environmental waste disposal, including the development, advancement, licensing and sale. Its system is divided into Tires, Biocontainment, and Medical Waste. The firm has its presence in Canada and the United States generating, a majority of its revenue from the United States.
Traders seemed optimistic on the deal as shares traded up to a session high of $0.54/share (+27.05%). This move is a strong continuation of the success this stock has had over the last year, coming from a 52-week low of $0.03/share.
