Biopack Environmental (BPAC) research, news, and more from GeoInvesting

Company description

Wed, 18 Jun 2008 04:00:00 GMT

Biopack Environmental Solutions Inc. (formerly Star Metro Corp.), and its subsidiaries develop, manufacture, distribute and market bio-degradable food containers and disposable industrial packaging for consumer products made from natural materials.

We currently manufacture our products in two factories. One of these factories, located in Shunde City, PRC, is an independent facility (owned and operated by a third party) that manufactures product for us on an open order basis. Our second factory is located in our Biopark facility but it is currently only capable of limited production. We are in the process of increasing the production capacity of our Biopark factory.

Reverse Merger Filing

Investor Alert

Fri, 03 Jun 2011 04:00:00 GMT

On June 1, 2011, the People’s Court of Guandong Jiangmen Pengjiang District held a hearing relating to our landlord’s claim for unpaid rent for our factory plus penalty interest and other claims. The landlord has made a claim for payment of overdue rent in the amount of RMB 1,236,000, penalty interest in the amount of RMB 1,067,930 and a claim for potential loss of income in the amount of RMB 618,000, for a total amount claimed of RMB 2,921,930 (approximately $451,379). At the hearing, we were informed that the court intends to issue a judgment on June 14, 2011.

If a settlement with the landlord with respect to this matter is not reached by then, we expect that our factory assets will be seized and the process of selling them by auction to satisfy the claim will begin on June 14, 2011. We anticipate the enforcement date will be effective 7 to 10 days from June 14, 2011. We understand that the court will randomly select a valuation company and an auction company to assist it in this process and that this auction proceeding will last two to three months. Once the assets are sold, the court will decide on the distribution of the proceeds from the auction proceeding.

Acquisition Activity

Wed, 01 Jun 2011 04:00:00 GMT

On May 31, 2011, we entered into a cancellation agreement with Well Talent Technology Limited pursuant to which we cancelled our agreement dated July 9, 2010 with Well Talent Technology for the sale and purchase of the shares and shareholders’ loans of our two subsidiaries, Roots Biopark Limited and Biopack (Intellectual Property) Limited. In the cancellation agreement, each of Well Talent Technology and our company agreed to release the other from any claims under the cancelled agreement.

Deal Flow

Mon, 19 Jul 2010 04:00:00 GMT

On July 9, 2010, Biopack Environmental Limited (“Biopack”), a wholly-owned subsidiary of Starmetro Group Limited, which is our wholly-owned subsidiary, entered into a share purchase agreement with Well Talent Technology Limited (“Well Talent”), a company incorporated in the British Virgin Islands, whereby Well Talent will purchase:

Al of the issued and outstanding shares of Roots Biopark Limited (“RBL”), which wholly owns Jiangmen Roots Biopack Ltd., and Roots Biopack (Intellectual Property) Limited (“RBIPL”);
The shareholder’s loan in the amount of HK$26,017,413.91 (approximately US$3,348,444) advanced by Biopack to RBL and the shareholder’s loan of HK$193,442.56 (approximately US$24,896) advanced by Biopack to RBIPL.