SOURCE: Parafin Corporation

ParaFin Corporation

September 11, 2012 13:53 ET

ParaFin Corporation's Strategic Partner, Resource Development Group, Inc., Acquires Waste Management and Environmental Energy Company in Turkey Which Includes an Incineration Plant

LOS ANGELES, CA--(Marketwire - Sep 11, 2012) - ParaFin Corporation (PINKSHEETS: PFNO): (ISIN: US69912M2026), Resource Development Group, Inc., the 25% strategic partner of ParaFin, has disclosed the following to ParaFin Corporation (PINKSHEETS: PFNO): "Resource Development Group, Inc., the 25% strategic partner of ParaFin, has acquired 100% interest in SYAT Holding Ltd. which is domiciled in Turkey. SYAT Holding Ltd. holds majority stakes in numerous companies including the E25 A.S., a waste incineration plant. SYAT Holding Ltd. has implemented various projects in the areas of waste management and environmental energy in the east Anatolia region of Turkey.

One project was the acquisition and expansion of a waste disposal site that was built in 2008 by a German firm, and has been managed since then by local governments. According to current engineering plans, the disposal site will produce electricity and fertilizer when the final expansion phase has been completed. The present annual turnover amounts to USD 5 million and returns profits of between USD 1.2 and USD 1.5 million. The planned investment for the expansion of the existing plant amounts to USD 30 million. The new construction is eligible for subsidies by the European Union and the Turkish government. In addition to the long-term exemption from payroll social costs, the returns are tax-free for 9 years due to the 90% regional subventions. Initial negotiations have taken place and preliminary agreements have already been signed. The projected turnover after the expansion of the existing facility amounts to USD 30 million annually where a pre-tax profit of USD 10 million (30%) is expected. Possible tax advantages have not yet been considered. The Resource Development Group, Inc. will give a more detailed description of the projects and companies in which the FSYAT Ltd. is involved in the days ahead."

The website of Resource Development Group, Inc. is www.resource-development-group.com

ParaFin Corporation

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Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward looking statements are further qualified by other factors including, but not limited to those, set forth in the Company's Form 10-KSB and Annual and Quarterly filings with www.Pinksheets.com and other filings with the United States Securities and Exchange Commission (available at http://www.sec.gov/). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.

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Contact Information

  • ParaFin Corporation
    5190 Neil Road, Suite 430
    Reno, Nevada USA 89502
    e-Mail: ceo@parafincorp.com
    Web: parafincorp.com
    (213) 985-3136