Sun Pacific Holding Corp Announces its Subsidiary MedRecycler-RI, Inc. entered into a $6.025 Million Indenture Agreement in support of its Medical Waste to Energy Project in the State of Rhode Island.
February 12, 2019 09:15 ET | Source: Sun Pacific Holding Corp.
MANALAPAN, N.J., Feb. 12, 2019 (GLOBE NEWSWIRE) -- Sun Pacific Holding Corp. (OTCQB: SNPW) announces that its subsidiary MedRecycler–RI, Inc has entered into a $6,025,000 Indenture Agreement in support of developing its Medical Waste to Energy project in the State of Rhode Island. The debt facility matures on January 29, 2020. The intent of the short-term indenture agreement is to allow MedRecycler-RI, Inc. to commence the ordering of equipment and other development activities while it completes its larger long-term financing through a separate indenture of trust. The Rhode Island Industrial Facilities Corporation has proposed bond financing for up to $13.5 Million.
Nicholas Campanella, CEO of Sun Pacific Holding Corp, stated, "We are pleased with the continued progress we are making in building a leading-edge medical waste facility that can service the needs of the medical community in the State of Rhode Island and surrounding states and municipalities. As we work to complete the larger financing and start to order, prepare, and assemble the facility, we are excited to continue to work with our partners in bringing this project online."
Sun Pacific's Medical Waste to Energy opportunity in Rhode Island is the Company's first response in targeting a global medical waste market place that is expected to reach $33.4 billion by 2025. Sun Pacific's goal is to target and build out other strategic Waste to Energy opportunities in North America in support of its high efficiency pyrolysis technologies.
The Company looks forward to keeping its stakeholders aware of its progress as it moves forward with the launch of this facility in Rhode Island. We will be updating our progress as we complete our next milestones in this very exciting project.
About Sun Pacific Holding Corp.
Sun Pacific Holding Corp. (OTCQB: SNPW) uses management's knowledge and experience to serve its customers and now its shareholders through quality service and equipment, working to keep customers satisfied, and by doing our part in protecting the environment with smart green technology. For more information, visit www.sunpacificholding.com.
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SNPW Sun Pacific Holding Corp MedRecycler-RI Inc Indenture Agreement Medical Waste to EnergyProject MedRecycler Rhode Island