SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Casey Container Corporation (OTCBB:CSEY) today announced that Crown Hospitality Group, LLC (Crown) missed the March 21, 2012 funding date for its extended Funding Agreement. Casey has continued discussions with the principals of Crown, who were unable to meet last week's delivery date due to issues with its funding sources. In order to pursue other sources of funding, Casey has entered into a consulting agreement with Rathbourne Mercantile, Ltd. on March 27, 2012 and, as a result, has already received a Letter of Interest (LOI) from the private investment fund ARG Vermogensverwaltung AG (ARG) of Munich, Germany.
The LOI expresses ARG's confidence in their ability to rapidly close initial funding and their interest in pursuing further financing to grow and expand Casey's business of delivering biodegradable plastics solutions internationally. The LOI is also an indication of Rathbourne's ability to successfully introduce Casey Container to entrepreneurial investment funds.
“Several weeks ago, we were contacted by Rathbourne Mercantile and other firms interested in our business and its related investment opportunity. We were impressed with both Rathbourne's and ARG’s understanding of our business model, and their quick responsiveness," commented CEO Martin Nason. "Their interest in our immediate plans is extremely encouraging. The support of a partner with this kind of expertise, credibility and fund relationships speaks loudly to their belief and endorsement of Casey Container’s business model and strategies."
Casey plans to issue additional press releases as the Company makes progress in completing its initial funding.
About Casey Container
Casey Container is engaged in the design and custom manufacture of biodegradable PET, HDPE and other plastic polymer preforms, bottles and containers for use in the bottled water, beverage and consumer products industries. Casey Container seeks to capture an increasing market share in this extremely large and growing sector by offering biodegradable plastic packaging solutions leveraging the EcoPure® additive. For details, visit Casey's website at www.caseycontainer.com.
Safe Harbor for Forward Looking Statements:
Except for historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties, including but not limited to economic, competitive, governmental and technological factors affecting the company's operations, markets, products and prices as well as other factors addressed in the company's filings with the Securities and Exchange Commission. For all such forward-looking statements, we claim the safe harbor for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company disclaims any obligation to update any forward-looking statement made herein.
