NEW YORK, NY, Oct 26, 2010 (MARKETWIRE via COMTEX) -- Fox Petroleum Inc. (PINKSHEETS: FXPT) announced today that Resource Polymers Inc., its Canadian operating subsidiary is already cash flow positive.
"The company has minor amount of debt and we have already moved cash flow positive," said William Lieberman, President of Fox Petroleum.
The company expects that this subsidiary will process up to 30 million pounds of post industrial and post consumer scrap plastics per year with revenues approaching 5 million dollars per year at these processing levels. Fox Petroleum is aggressively seeking additional acquisition targets in the plastics recycling market place to increase its processing capacity and the company is currently speaking to Fortune 500 companies in the automotive and beverage industries to process plastic waste streams and fulfill circular recycling streams. The company expects its technology and processing to reduce 350,000 cubic yards of landfill space each year.
About Fox Petroleum Inc. (PINKSHEETS: FXPT) www.foxpetro.net
Fox Petroleum Inc. is focused on acquiring, developing and operating plastic recycling operations throughout North America, with a focus on plastic waste compounds and the aggregating of plastic scrap products for manufactures. Fox Petroleum's goal is to become an important partner for leading recycling companies who need proficient services.
Forward-Looking Statements This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, and such forward-looking statements are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to the viability of the company's business plans, the effect of acquisitions on our profitability, the effectiveness, profitability, and the marketability of the Company's products; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the company's operating results and financial condition; and other risks detailed in the Company's filings with the Securities and Exchange Commission.
These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, management cannot assure the public that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
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