MANALAPAN, N.J, Nov. 05, 2018 (GLOBE NEWSWIRE) — Sun Pacific Holding Corp. (SNPW) announces that its wholly owned subsidiary MedRecycler–RI, Inc has received an Inducement Resolution from the Rhode Island Industrial Facilities Corporation relating to its proposed bond financing for up to $13.5 Million.
The Rhode Island Industrial Facilities Corporation (the “Issuer”) is a public corporation of the State of Rhode Island and Providence Plantations organized and existing under Chapter 37.1 of Title 45 of The Rhode Island General Laws. The Issuer has determined that there exists a need for the abatement or control of pollution of the environment of the State of Rhode Island. The Issuer has affirmed a resolution that has resolved that it will authorize, issue and sell in one or more series of development revenue Bonds in an aggregate principal amount of up to $13,500,000 to finance the MedRecycler-RI, Inc medical waste to energy facility to be located in Johnston, Rhode Island.
Nicholas Campanella, CEO of Sun Pacific Holdeing Corp, stated, “We are pleased with the progress we have made towards the launch of this project. With the inducement resolution completed we have moved forward with the selection of counsel and have continued to work expiditionsly with NW Financial Group, LLC in completing the financing of this leading edge medical waste facility that can service the demand of the medical community of Rhode Island and the greater New England area.”
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 gasification technologies.
The Company looks forward to keeping its stakeholders aware of its progress as it moves forward with the launch of this faciltiy 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. (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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