AFA to acquire IBI
Biodiesel company Alternative Fuels Americas (AFA), a wholly owned subsidiary of Netspace International Holdings, will acquire Sao Paulo, Brazil-based biodiesel producer Integrated Biodiesel Industries (IBI) after signing a letter of intent (LOI).
Focused on the mergence of biodiesel firms, AFA’s CEO Craig Frank remarks: ‘This LOI marks the beginning of the implementation of our carefully crafted business plan. We are looking forward to combining talents and resources to the benefit of shareholders of both companies.’
Formed in 2007, IBI became established within Argentina and Brazil before selling all of its assets in Argentina due to business difficulties.
Marcelo Lopez, CEO at IBI, said: 'We see the two companies as sharing an industry vision and ideas on strategies for realisation. We believe that AFA is the right company for our shareholders going forward.'
Following a process of due diligence and various meetings, the acquisition is expected to be completed within 90 days.
Focused on the mergence of biodiesel firms, AFA’s CEO Craig Frank remarks: ‘This LOI marks the beginning of the implementation of our carefully crafted business plan. We are looking forward to combining talents and resources to the benefit of shareholders of both companies.’
Formed in 2007, IBI became established within Argentina and Brazil before selling all of its assets in Argentina due to business difficulties.
Marcelo Lopez, CEO at IBI, said: 'We see the two companies as sharing an industry vision and ideas on strategies for realisation. We believe that AFA is the right company for our shareholders going forward.'
Following a process of due diligence and various meetings, the acquisition is expected to be completed within 90 days.
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