Carbon Friendly Solutions (CNSX: CFQ) said July 8 that its Board of Directors has passed a unanimous resolution allowing for the name of the company to change to MicroCoal Technologies.
Both the CUSIP number and the ticker symbol for the company will change; however, the share capital remains unchanged. The company said it will immediately file all necessary documentation with the CNSX, which will issue an effective date for the name change once the documentation has been accepted.
Slawek Smulewicz, CEO and Director of the company, said: “Our name change to MicroCoal Technologies Inc. marks an important milestone in our progress as we seek to further capitalize on our core business MicroCoal Inc. Having recently signed two separate agreements in Asia (as previously announced June 12 and June 20, 2013), and with agreements expected shortly in North America and the Philippines, the time has come to rebrand our company. Concurrent with the name change we invite all investors and interested parties to visit our new website www.microcoaltechnologies.com.”
The company is focused on commercializing its clean-coal technology through its 100% owned subsidiary MicroCoal Inc. MicroCoal is a microwave technology that reduces moisture in low-rank coal, thereby upgrading the energy content of low-rank coal to that of more expensive high-rank coals. One of the keys to commercial success for the application is its integration directly on-site at the utility’s location thus providing direct access to unused electricity during off-peak times, the company noted. The resulting effect is that the power required in the drying process has a greatly reduced input cost. Benefits of the technology include major reductions in fuel costs, improved boiler efficiencies, and up to a 70% reduction in emissions of SOx, NOx and mercury.