CBD Global Sciences, Inc., dba Global Sciences Inc. is pleased to announce that it has executed a binding letter of intent with Pure Vision Technology LLC for the acquisition of 100% of Pure BioPlastics Inc., a company in Ft. Lupton, Colorado (the “PBP”).
With the acquisition of Pure BioPlastics Inc., the Company will create a Bio-Based Technologies Division, run by Ed Lehrburger, who is a PBP founder and a principal of PBP’s parent company, PureVision Technology LLC. This new division will continue advancing solutions to the global environmental issues dealing with plastics.
Pure BioPlastics Inc. was initially established to scale up the CCR technology, to supply bio-based solutions to the destructive global dependence on oil-based plastics with a 100% bio-based pathway to produce plastics. After over 100 years of a petroleum-dominated economy and society, the PBP bio-based technologies are ready to be scaled up to transform readily available non-food biomass into bioplastic products. PBP has demonstrated a paradigm-shifting suite of technologies. The principal breakthrough is the organization’s patented continuous countercurrent reactor (CCR) technology, where biomass is rapidly converted into pulp, lignin, and sugars. These three raw materials are the starting materials to manufacture reusable, recyclable, and biodegradable plastics.
Different than today’s current generation of bio-based plastics derived from GMO corn starch and other food-based sugars, CCR-derived bioplastics are created from non-food biomass such as hemp and corn stalks, switchgrass, and wheat straw. The CCR technology is feedstock agnostic, able to process diverse biomass feedstocks into sugars and lignin to produce bioplastic intermediates. Unlike mixing hemp fibers or hemp resins into petroleum-based or recycled plastics; the end product of the PBP technologies is 100% bio-based plastic.
The patented CCR technology has been proven at the pilot plant with a 0.5-ton/day (throughput) CCR. The Company plans to finance the scale-up of the processing capability from 0.5 to 8-tons/day within 16-24 months. Ultimately the Company will develop a 60-ton CCR-based biorefinery, with expansion capabilities to launch the bio-based plastics manufacturing division.
Because the bio-based plastic created by the PBP technology is 100% from plant material, the composition of the principal CCR product can be manipulated to control the timeline of the plastic degradation that would support a wide variety of “Designer Biodegradable Products” including straws, lids and plastic parts of automobiles and aircraft.
Pure BioPlastics Inc.’s essential leadership will continue working on this project, post-acquisition, including
Ed Lehrburger – Ed is the longest-standing CEO within the cellulosic biorefining industry. He graduated from Western State College University with a business degree in 1978. Before co-founding PureVision, Ed was a majority owner and chief financial officer of a nationwide commercial finance company based in Livingston, NJ. Mr. Lehrburger’s primary focus is commercializing the unique CCR technology for plastics application and bio-based chemical production.
Carl Lehrburger – Carl brings 40 years of executive and managerial experience in renewables, waste management, and recycling. Carl graduated from the University of Colorado with a Bachelor of Arts degree in 1974 and was the first Director of the University of Colorado Environmental Center.
Dhrubo Dey Laskar, Ph.D. – Dr. Laskar is an acknowledged leader in the research of lignin, biochemistry, and biopolymer development. Dr. Laskar has published over 40 research papers on topics ranging from chemical synthesis to biomass processing/conversion. Previously he was a Senior Research Associate at Washington State University’s Center for Bioproducts and Bioenergy. He has received grants and awards from the Department of Energy, National Renewable Energy Laboratory, and National Science Foundation. Dr. Laskar obtained his Ph.D. in chemistry at CSIR-NEIST, Dibrugarh University.
Harry Cullinan Ph.D. – Dr. Cullinan was Director of the Alabama Center for Paper and Bioresource Engineering at Auburn University. He focused on research and education programs for the pulp and paper industry, alternative fuels, and biorefining. Dr. Cullinan also was a Professor of Chemical Engineering at Auburn. Previous positions include Head of the Department of Chemical Engineering at SUNY-Buffalo, Vice President of the Institute of Paper Chemistry in Appleton, WI, and Professor –Director of the Australian Pulp and Paper Institute at Monash University in Melbourne, Australia. Dr. Cullinan serves on the Chief Technology Officers Committee of Agenda 2020 and the Board of Directors of the Auburn Pulp and Paper Foundation. He has also served on the Board of Directors of several organizations, including TAPPI and PIMA. Cullinan is a TAPPI Fellow and the recipient of TAPPI’s Distinguished Service Award. In 2009, Dr. Cullinan was inducted into the Paper Industry International Hall of Fame.
The binding letter of intent for the acquisition was executed on March 21, 2022, after six months of due diligence and discovery between both companies. The transaction consists of the issuance of cash and both Class A Common Shares (“Common Shares”) and Series A Preferred Shares (“Preferred Shares”) of CBD Global as milestone achievements are achieved over the subsequent 2 years. Concurrently with the closing of the acquisition, the board of Global Sciences Inc. will approve the appointment of Ed Lehrburger to the board of directors of the Company. Closing of the Acquisition remains subject to both parties’ execution of the definitive agreement and final due diligence, to be completed on or before April 1, 2022. Closing is anticipated to occur on or before April 15, 2022.
Brad Wyatt, CEO of Global Sciences, shared, “With continued and successful efforts to grow points of sales, manufacturing, and distribution of CBD products, we are excited to add this technology to our portfolio of industrial hemp products and uses. It is an inspiring time for Global Sciences Inc., its shareholders, and the globe! We are focused on all facets of the industrial hemp plant to improve the quality of life and positively impact our environment. I am looking forward to working with Ed and his team on this project!”
The Company also announces the issuance of 643,333 Class A common shares of the Company pursuant to a small private placement and the issuance of shares for debt. 360,000 shares were issued to a consultant of the company for distribution consulting services at an issue price of USD$0.25 per share and 283,333 Class A common shares were issued for gross proceeds of USD$85,000 to arm’s length investors (USD$0.30 per share). The shares will have a hold period of four months and one day from issuance.
