WASHINGTON, March 28, 2011 (GLOBE NEWSWIRE) -- 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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