Q2Power Technologies Inc. (OTCQB: QPWR), through its Q2Earth division, announced that it has signed a Memorandum of Understanding with Walker Environmental Group Inc., a 130-year-old Canadian industrials company that provides sustainable waste management solutions, food residuals processing, patented biosolids management technology, and premium soils and mulches, among its diversified portfolio.
Under the terms of the MOU, the parties agreed to collaborate over the following 24 months in the acquisition of companies engaged in the compost manufacturing and sustainable soils markets. Walker has agreed to provide assistance in performing due diligence on possible acquisition targets, post-acquisition operational supervision, and on a case by case basis, up to $25 million in acquisition funding to complete these transactions. In the instance Walker provides funding and Q2 matches with cash or equity, it is contemplated that the selling company would be owned 50:50 among the parties.
"We thank Walker for their confidence in our team and our strategic mission of growing a leading publicly-traded compost and soils manufacturing company in North America through the acquisition of existing compost facilities and expansion of product sales and marketing channels," stated Q2's CEO, Christopher Nelson. "Walker is one of the most respected companies in this industry, and to have them as a partner on both operations and financing is a tremendous boost for our company."
"Q2's recent accomplishments demonstrate that they are capable of completing financing transactions and attracting quality companies focused on the manufacturing of compost to enhanced engineered soils. We believe this to be a growth market and Q2 has positioned themselves well. We are excited about being a partner in this strategy," said Mike Watt, Executive Vice President of Walker Environmental Group.
About Q2Power: Q2Power, through its Q2Earth division, has implemented a strategic plan to become a leading manufacturer of compost and engineered soils from recycled waste for the agriculture, horticulture, construction and infrastructure sectors. Through acquisitions, strategic alliances, and organic growth focused on creating and marketing quality beneficial reuse end products, Q2 plans to build the preeminent compost and soil company in North America. The Company recently completed the first phase of a bridge financing that will expedite this business plan and operational transition, and has begun to wind-down its previous waste-to-energy R&D operations. Q2 has recently regained "current filing" company status and OTCQB listing.