Deep Green to acquire assets of FoamShield

Deep Green Waste & Recycling Inc., a Woodinville, Washinton-based sustainable waste and recycling management services company for commercial customers, has announced that it signed a nonbinding Letter of Intent (LOI) to acquire the assets of FoamShield Inc. and Martin International Industries Inc. from William R. Martin, including related patents and other associated intellectual property.

These entities are environmental remediation and abatement solutions companies whose products, equipment and consulting services assist with the cleanup of asbestos and other toxic materials.

"This potential acquisition builds upon and advances our environmental remediation services for commercial and residential customers, including the safe removal of asbestos, mold and microbial infestations, and toxic chemicals such as lead," says Bill Edmonds, chairman of Deep Green. "We look forward to bringing the FoamShield assets and patents into the Deep Green family and complementing the companies' business and distribution networks with Lyell Environmental Services"

The FoamShield patented product was developed primarily for the asbestos and demolition industry using biodegradable chemicals that are safe for humans and the environment. The foam containment system was developed in recognition of the need to provide a safer workplace for asbestos removal employees.

Deep Green expects to sign a definitive asset purchase agreement immediately after satisfactorily completing its due diligence.