Santa Rosa, California based Rotoblock has completed an agreement and share exchange with Chinese medical waste disposal company, daifuWaste. Under the agreement, technology development specialist Rotoblock, has acquired controlling ownership of daifuWaste and its subsidiaries, business and operations.
daifuWaste and its subsidiaries develop and sell non-incinerator medical waste treatment systems in China. According to the company, its products offer a safer and more efficient alternative to manage medical waste. The equipment works under high-pressure and high-temperature and uses recycled steam to sterilise and disinfect the medical waste.
After treatment, the medical waste is claimed to be unrecognisable, harmless and ready for landfill. The company also said that its technology is more energy efficient than incineration, has lower maintenance costs and is fully compliant with international health standards. daifuWaste shareholders have transferred 83% of their shares to Rotoblock in exchange for 73.8 million shares of common stock in Rotoblock.
All outstanding warrants for the purchase of the aggregate 9.3 million shares of common stock in Rotoblock have been left intact and remain outstanding after the share exchange. As a result of the share exchange, Rotoblock said that daifu has become its wholly owned subsidiary and daifu shareholders acquired approximately 83.1% of its issued and outstanding common stock, warrants and their equivalents.
Prior to the share exchange, Rotoblock was a development stage company based on energy-efficient and environmental equipment technology development in China, which include rights to a patented engine technology and prototype called the Oscillating Piston Engine.
SOURCE: Waste Management World