Better Environment Concepts Inc. Purchases 20% Interest in Sentinel Renewable Energy S.C., a Bio-Diesel Manufacturing Subsidiary
March 28 2011 - 12:47PM
Better Environment Concepts Inc., (Pink Sheets:BEEN), announced
that the CEO executed a Stock Purchase Agreement, (SPA), to
purchase 20% of Sentinel Renewable Energy Inc. (SRE S.C.), a
Bio-Diesel Manufacturing project located in South Carolina. SRE
S.C. is a subsidiary of Syndication Inc. a publicly traded company
trading over the counter under the symbol (Pink Sheets:SYNJ). In
exchange for the 20% interest of SRE S.C., BECI provided, among
other concessions, a $1,000,000 conditional draw down debenture and
10% of BECI's Common Stock. Conditional terms of the debenture
include a conversion feature allowing BECI to convert its debenture
into 7% to 11% of Syndication's Restricted Common Stock. The
debenture will bear an interest rate floating between Prime + 1%
and Prime + 3%. Both the conversion and interest rate will adjust
based on a schedule related to the categorization and risk of the
use of proceeds. For example, assets that can be collateralized,
(plant, equipment, land), will bear a lower rate of interest and
conversion ratio. Whereas, higher risk draws approved for the
purpose of working capital and pay roll will fall into the higher
rates of interest and conversion ratios. In conjunction with the $1
million debenture, BECI was also granted an oversight and
disclosure agreement affording it strict rights and controls over
the use of proceeds.
When asked about the acquisition, Brent Riddle, CEO of Better
Environment Concepts Inc., (BECI), stated that "he was very excited
about the investment into SRE S.C. It is true that BECI's interests
are primarily in traditional fossil fuel industries and we are
currently engaged in negotiations for the purchase of multiple
fossil fuel based business properties. However, we believe the
future of the energy industry is shifting toward the renewable
energy markets and the SRE S.C investment is a great first step in
that direction and complements our overall energy development
pursuits."
SRE S.C. has developed strong ties in the South Carolina
business community, a long term attitude and reasonable cash to lay
the ground work to start a bio-diesel plant. We intend to provide
financing and work as a team to identify assets that meet the
requirements of their project and work together to finance or
reject those capital commitments. If a prospective asset falls
short of the required specs then we will adjust the bid. If the bid
is rejected then the team simply moves forward until a suitable
alternative is identified. The project is being built from the
ground up in an industry that itself is in its infancy. In our
opinion, two years in development is typical in these
circumstances. At this stage, correctly choosing a point of entry
is more important than making moves for the sake of their short
term influence on the stock price. There is enough time to be
careful and the end game is all that matters. There still remains
an inherent resistance in this country and perhaps worldwide toward
the development of alternative energy markets. We are confident the
tide is changing but, like most tides the change is slow. We are in
for the long run and this relationship allows us to remain focused
on our traditional fossil fuel interest while having a partner that
is concentrating on the development of our alternative energy
interest.
The Company reported further that the CEO, executed additional
"Executive Resolutions" to Declare a 3% Restricted Common Stock
Dividend. The RECORD DATE of the dividend will be May 1st, 2011.
The Company advises shareholders to contact their brokerage house
to determine their individual X Dividend Date. The official
"Executive Resolution" declared that the Company will issue a 3%
Restricted Common Stock Dividend of the Company's .0001 Par value
Common.
This press release may contain forward-looking statements
covered within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements relate to,
among other things, plans and timing for the introduction or
enhancement of our services and products, statements about future
market conditions, supply and demand conditions, and other
expectations, intentions and plans contained in this press release
that are not historical fact and involve risks and uncertainties.
Our expectations regarding future revenues depend upon our ability
to develop and supply products, which we may not produce today and
that meet defined specifications. When used in this press release,
the words "plan," "expect," "believe," and similar expressions
generally identify forward-looking statements. These statements
reflect our current expectations. They are subject to a number of
risks and uncertainties, including, but not limited to, changes in
technology and changes in pervasive markets.
CONTACT: Better Environment Concepts Inc.
Brent Riddle
Phone # 1-800-939-6738
Fax # Same as regular phone
For all mail correspondence:
110 Wall Street, 11th Floor
NY, NY 10005
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