Deep Green Waste & Recycling (DGWR) and FoamShield Sign Letter of Intent to Acquire FoamShield’s Business and Assets

Rhea-AI Summary

Deep Green Waste & Recycling, Inc. (OTC PINK:DGWR) has signed a non-binding Letter of Intent (LOI) to acquire FoamShield™, Inc. and Martin International Industries, Inc. This acquisition includes related patents and intellectual property aimed at enhancing environmental remediation services. FoamShield's patented product utilizes biodegradable chemicals to aid in the safe removal of asbestos and other toxic substances. The company anticipates finalizing a Definitive Asset Purchase Agreement following a successful due diligence process, potentially expanding its service offerings to commercial and residential customers.

Positive

• Acquisition of FoamShield and Martin International can expand Deep Green's service portfolio in environmental remediation.
• FoamShield's biodegradable product presents an opportunity to enhance safety in toxic material removal.

Negative

• None.

WOODINVILLE, WA / ACCESSWIRE / January 11, 2022 / Deep Green Waste & Recycling, Inc. (OTC PINK:DGWR), a sustainable waste and recycle management services company for commercial customers, today announces that it signed a non-binding Letter of Intent (LOI) to acquire the assets of FoamShield™, Inc. and Martin International Industries, Inc. from William R. Martin, including related patents and other associated intellectual property. These entities are environmental remediation and abatement solutions companies whose products, equipment and consulting services assist with the cleanup of asbestos and other toxic materials.

"This potential acquisition builds upon and advances our environmental remediation services for commercial and residential customers, including the safe removal of asbestos, mold and microbial infestations, and toxic chemicals such as lead," said Bill Edmonds, Chairman of Deep Green. "We look forward to bringing the FoamShield assets and patents into the Deep Green family and complementing the companies' business and distribution networks with Lyell Environmental Services"

The FoamShield patented product was developed primarily for the asbestos and demolition industry using biodegradable chemicals that are safe for humans and the environment. The foam containment system was developed in recognition of the need to provide a safer workplace for asbestos removal employees.

Deep Green expects to sign a Definitive Asset Purchase Agreement immediately after satisfactorily completing its due diligence.

About Deep Green Waste & Recycling, Inc.

Deep Green Waste & Recycling, Inc. (OTC: DGWR) is an innovative waste and recycling company which provides sustainable waste and recycle management services, and helps commercial customers realize cost-savings using streamlined processes that help remediate, reduce, re-purpose and recycle waste. For more information, visit: https://DeepGreenWaste.com.

About Lyell Environmental Services, Inc.

Lyell Environmental Services, Inc. is an established commercial environmental and ecological testing services company based in Nashville, Tennessee. For more information, visit: https://www.lyellenvironmentalservices.com/.

About FoamShield, Inc.

FoamShield, Inc. is an established remediation and abatement solutions company whose products, equipment and consulting services assist with the cleanup of asbestos and other toxic materials. For more information, visit: http://www.foamshield.com .

SAFE HARBOR STATEMENT

This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results or implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

For information, please contact:
Lloyd Spencer, President
Deep Green Waste & Recycling, Inc.
13110 NE 177th Place, #293
Woodinville, WA 98072
Phone: (833) 304-7336 / (833) 30-GREEN
Email: Investor@DeepGreenWaste.com

SOURCE: Deep Green Waste & Recycling, Inc.

View source version on accesswire.com:
https://www.accesswire.com/681974/Deep-Green-Waste-Recycling-DGWR-and-FoamShield-Sign-Letter-of-Intent-to-Acquire-FoamShields-Business-and-Assets

FAQ

What is the purpose of Deep Green Waste's acquisition of FoamShield?

The acquisition aims to enhance Deep Green's environmental remediation services, particularly for safe removal of asbestos and toxic materials.

When did Deep Green Waste announce the signing of the LOI for FoamShield?

The announcement was made on January 11, 2022.

What products does FoamShield offer?

FoamShield offers solutions for the cleanup of asbestos and other toxic materials, including patented biodegradable chemicals.

What is the expected impact of the acquisition on Deep Green's business?

The acquisition is expected to expand Deep Green's service offerings and improve efficiency in environmental remediation efforts.

What is the stock symbol for Deep Green Waste & Recycling?

The stock symbol for Deep Green Waste & Recycling is DGWR.