Statement From CBp Carbon Industries
By Prne, Gaea News NetworkMonday, August 10, 2009
BRATISLAVA, Slovakia -
CBp Carbon Industries, Inc. (”CBp” or “the Company”) (Pink Sheets: CBPJ) is saddened to be required to respond to a press release issued by Mr. Fader in order to correct serious falsehoods and libels and to comfort the Company’s stock holders.
Mr. Fader’s news release is false on almost all material matters and, as far as the Company can ascertain, is meant as an extra-judicial attempt to extract more money from the Company. The Company has inquired with Go Capital and they advise that even his comments about their status is false.
Mr. Fader developed the Company’s technology in the 90’s and was bailed out of near bankruptcy by Mr. Novak. The Company was founded in about 2005 to commercialize the technology and Mr. Fader has since been paid several million dollars for his technology and his acting as CTO. Unfortunately Mr. Fader is quite aged and, commencing about two years ago, his contributions to the Company began to decline due to health problems. He had been responsible for the Company’s Csongrad, Hungary, pilot plant but had to be replaced as managing director part way through due to his inability to give the necessary time and attention to the development. As is not uncommon in new technology companies, the replacement was less than desired so the Company engaged a new manager and CTO, Peter Tsantrizos, who is an expert in pyrolysis. Out of respect for Mr. Fader and his founder’s position the Company continued to pay Mr. Fader under his contract until Mr. Fader, a few months ago, demanded a huge bonus in the form of a contract buy-out. Although the Company was willing to continue to pay Mr. Fader, as a form of retirement payment, the board did not feel that a large pay-out was fair to the Company and its stock holders.
In 2008 Mr. Tsantrizos completed successful development of the Csongrad pilot plant and testing of resultant product. At the conclusion of pilot operations the Company had a decision to make as to whether to continue at Csongrad with development of a commercial plant or construct the first commercial plant in Cyprus. After extensive analysis and expert recommendation the Company board determined that expansion of Csongrad was not advisable and that the commercial plant should be in Cyprus. Under the leadership of Mr. Tsantrizos, and with no input from Mr. Fader (who was apparently not well enough to travel), the Cyprus commercial plant was built by the Company’s team and substantial new technological developments were effected in perfecting the commercial plant. The Cyprus plant was substantially completed in July, 2009 and is now undergoing ‘hot tests’ with tires being processed. In addition, close technical cooperation has been conducted with the Company’s major customer to design the Carbon Green (substitute carbon black) for best use by the Company’s customers.
The Company is saddened that, for the comfort of its stock holders, it has felt required to reply to Mr. Fader in this manner and will not do so again as it is demeaning to all parties. If Mr. Fader has initiated a law suit the Company will make its replies in court.
Peter Jensen
On Behalf of the Board of Directors and the Company
About CBp Carbon Industries Inc.
CBp Carbon Industries Inc. is a global company that develops and commercializes our advanced technologies that enrich the environment, the countries and communities in which we operate, and our shareholders. Our primary focus is tire recycling with our patented technology which permits 100% recycling of tires and scrap rubber into commercially viable marketable components of steel, oil and CBp Carbon Green(TM), which is a tested substitute for replacement of carbon black in tire and rubber manufacturing.
Since 2006, European Union directives have banned scrap tires, shredded tires and tire residues from being landfilled and stockpiled. An EU scientific team, working with the European Union Cooperative Research Recycle Tire (CRAFT) project, selected CBp Carbon Industries technology as the “best available technology” for meeting CRAFT’s recycling objectives.
Web address: www.cbpcarbon.com
FORWARD LOOKING STATEMENTS This news release may include “forward-looking statements” regarding CBp Carbon Industries Inc. and its subsidiaries, business and project plans. Such forward looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where CBp Carbon Industries Inc. expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. CBp Carbon Industries Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Source: CBp Carbon Industries, Inc.
CBp Carbon Industries, info at cbpcarbon.com
Tags: Bratislava, CBp Carbon Industries, Inc., Scandinavia, Slovakia, Western Europe