Clean Vision's Clean-Seas Signs Binding Term Sheet to Expand its Waste Plastic-to-Energy PCN Operations into Sri Lanka; Company Anticipates the Plant to be Operational by Year-end 2023 Generating $195 Million in Annual Gross Revenue

Rhea-AI Summary

Clean Vision Corporation (OTCQB:CLNV) has announced a strategic partnership with Arinma Holdings from Sri Lanka to establish a waste plastic-to-energy pyrolysis plant. The agreement outlines the formation of a new US company, Clean-Seas Sri Lanka, LLC, and aims to generate approximately $195 million in annual revenue at a capacity of 500 tons per day. The project is expected to be operational by the end of 2023, addressing both the waste-plastic crisis and contributing to sustainability efforts in Sri Lanka.

Positive

• Partnership with Arinma Holdings enhances market reach in Sri Lanka.
• Projected annual revenue of $195 million from the new plant.
• Operational plant expected to contribute to sustainability and waste management.

Negative

• None.

LOS ANGELES, CA / ACCESSWIRE / March 16, 2022 / Clean Vision Corporation (OTCQB:CLNV), a holding company that acquires and operates sustainable clean tech and green energy businesses, today announced its wholly owned Clean-Seas. Inc (C-S) subsidiary has signed a binding term sheet with Columbo, Sri Lanka-based Arinma Holdings (AH) to develop a commercial scale waste plastic-to-energy pyrolysis plant to serve as a south-Asia host facility for its patent-pending Plastic Conversion Network (PCN).

Incorporated in 2008, Arinma Holdings is an infrastructure conglomerate, championing human-centric infrastructure that meets community aspirations of prosperity, social justice, and sustainability. With more than 1,000 employees, the company has completed over 350 large multifaceted projects throughout Sri Lanka, and its subsidiaries have worked on projects in Oman, UAE, Maldives and Bangladesh. View its 5-minute corporate video at: https://www.youtube.com/watch?v=PW4azWUuRoM.

Sri Lanka, formerly Ceylon, is an island country lying in the Indian Ocean and separated from peninsular India by the Palk Strait. It has a population of 23 million, and its capital is Columbo.

The agreement requires the parties to establish a new US company, Clean-Seas Sri Lanka, LLC (CSSL) which will comply with US governing law and set up the necessary business entities within Sri Lanka, if required by Sri Lanka law, to operate. Pending completion of a definitive agreement, expected in 2Q-22, the binding term sheet outlines the roles and responsibilities for AH and C-S.

Dan Bates, Clean Vision CEO, said, "Based on current off-take commodity prices, at 500 tons per day, this plant will generate approximately $195 million annually in total revenue. With Arinma as our world-class partner, I am optimistic we will break ground by year end and have this host PCN plant operational as soon as year-end 2023. I'm delighted to welcome Arinma to Team Clean-Seas as we work together to mitigate the global waste-plastic and climate-change crises."

Commenting on the Agreement, Arinma Chairman Ashan Malalasekera, said, "Sri Lanka is an extraordinarily beautiful, tropical and tranquil country and, as an island nation, our ecology is much more fragile than most. However, we have our own waste-plastic crisis with little to no landfill capacity, so building a PCN plant that sustainably generates green energy is exactly what Sri Lanka needs to stake out a leadership position in the global sustainability movement and reduce its reliance on carbon-based energy. I'm excited to build a productive and profitable venture with Clean-Seas."

Photo below: Clean Vision CEO Dan Bates (seated right) in Columbo, Sri Lanka signing Arinma Term Sheet with its Chairman Ashan Malalasekera (seated left) with C-S India Managing Director Venkat Kumar Tangirala (center, standing).

About Arinma Holdings

As the world begins to grapple and understand the impacts and effects of climate change, it is evident that as an island nation, Sri Lanka has a very high climate volatility risk. The country needs a strong climate risk mitigation strategy in implementing climate-resilient infrastructure to manage these potential climate disasters.

In line with the UN's Sustainable Development Goals for 2020, Arinma's ethos and brand vision are to be the leaders in water stewardship in Sri Lanka with a key focus on climate risk mitigation and environmental engineering.

The Arinma Holdings Group is the only company in Sri Lanka to offer services throughout the entire infrastructure lifecycle under one arm. Our services include end-to-end project management and advisory; design engineering consultancy; turnkey engineering construction; heavy machinery and haulage solutions and telecommunications technology solutions. For more information, visit: www.arinmaholdings.com/about-us/

About Clean-Seas, Inc.

Clean-Seas, Inc. is a wholly owned subsidiary of Clean Vision. It provides efficient and cost-effective technology solutions that address the global waste plastic crisis as well as creating economic opportunity and social benefit in emerging and developed economies across the world. Clean-Seas offers "best in class" pyrolysis technology deployment for plastic waste-to-energy recycling, including securing feedstock and off-take agreements. For more information, visit: clean-seas.com.

About Clean Vision Corporation

Clean Vision is a public company that acquires and operates a portfolio of synergistic companies in the sustainable clean technology and green energy sectors. For more information, visit: cleanvisioncorp.com.

Safe Harbor Statement

This press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to anticipated revenues, expenses, earnings, operating cash flows, the outlook for markets and the demand for products. Forward-looking statements are no guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statements. Such statements are based upon, among other things, assumptions made by, and information currently available to, management, including management's own knowledge and assessment of the Company's industry and competition. The Company assumes no duty to update its forward-looking statements.

Contact
Clean Vision Corporation
Dan Bates, CEO
d.bates@cleanvisioncorp.com

Investors
Frank Benedetto 619-915-9422
Twitter: @CleanVisionCorp

SOURCE: Clean Vision Corporation

View source version on accesswire.com:
https://www.accesswire.com/693313/Clean-Visions-Clean-Seas-Signs-Binding-Term-Sheet-to-Expand-its-Waste-Plastic-to-Energy-PCN-Operations-into-Sri-Lanka-Company-Anticipates-the-Plant-to-be-Operational-by-Year-end-2023-Generating-195-Million-in-Annual-Gross-Revenue

FAQ

What is Clean Vision Corporation's recent announcement regarding Sri Lanka?

Clean Vision Corporation announced a binding term sheet with Arinma Holdings to develop a waste plastic-to-energy pyrolysis plant in Sri Lanka.

What is the expected revenue from the new plant in Sri Lanka?

The new plant is projected to generate approximately $195 million in annual revenue.

When is the waste plastic-to-energy plant expected to become operational?

The plant is expected to be operational by the end of 2023.

What is the purpose of the Clean-Seas Sri Lanka, LLC?

The purpose of Clean-Seas Sri Lanka, LLC is to operate the new waste plastic-to-energy facility in collaboration with Arinma Holdings.

What capacity will the new pyrolysis plant have?

The pyrolysis plant will operate at a capacity of 500 tons per day.