Adama Technologies Corp. is a brownfield remediation company whose foundation lies in its patented technology. The company’s technology successfully treats all Resource and Recovery Act (RCRA) and Universal Treatment Standards (UTS) metals. Adama’s technology has successfully completed the US Environmental Protection Agency (EPA) “SITE” program and is ready for commercial use.
The company today announced that it has entered into negotiation with a privately-held clean tech company based in Israel. The company in question holds approximately $44 million in assets and expects to generate revenue of $10 million in 2011. This proposed merger would provide Adama a host of benefits including revenue, increased cash flow, a broadened product portfolio and access to the Israeli company’s existing and growing client base.
Adama realizes that negotiations with a company of this magnitude represents an enormous leap forward for the company. The company hopes to enter the Letter of Intent stage in the next several weeks, at which time it will release more details about the merger. The CEO of Adama Technologies, Aviram Malik, stated, “With adding this merger to Adama revenue projection of $8 million in 2011, as the company pilot plan with the EPA in its last stages, we are fully cognizant of the impact of this type of merger on our company and its shareholders.”
Today’s market action in the stock seems to back up Mr. Malik’s words. Adama Technologies closed trading at $0.0103, up $0.008 or over 347% for the day. The volume was massive at over 24 million shares, well above the daily average of about 143,000 shares. For more information of Adama Technologies, please visit the company’s website at www.adama-tech.com.