For Immediate Release
May 28, 2013
For More information: Wayne D. King
MOPN Completes New Management and Distribution Agreements
Option includes Pathway to a Merger with JPO Absorbents
JPO anticipates Strong Growth of Sales for Both MOP and JPO
Bath, NH - MOP CEO Wayne D. King today announced agreements with JPO Absorbents of Fairfield CT. The Agreements in their totality have JPO Absorbents assume the management of MOP Environmental Solutions, Inc. and to control the manufacture and distribution of MOP Sorbent and Products.
The agreements complete a year-long process of restructuring following the death of MOP sorbent inventor and original CEO Charles Diamond.
“We are very pleased about this agreement” said Wayne King, MOP’s outgoing CEO. JPO represents the new breed of Green Absorbent Manufacturers and Distributors who are going to change the face of Oil Absorbent sales and distribution. They won’t be afraid to challenge clay as a medium for cleaning up oil in the home or in businesses and they will broadly encourage Oil companies and others to use sustainable approaches to meeting the challenges of both environmental management and spill cleanup.
“The real winners in this process will be the MOPN shareholders.” said King. “A little more than a year ago it looked as though MOP might not survive in the wake of the death of founder Charles Diamond and the collapse of a plan to take over an aging papermill in Groveton, NH. But we did not give up. We stayed with it and now we have an agreement that will put the MOP Absorbent in the hands of one of the best young Absorbent Companies in the country, continued King. “A dynamic company and an energetic young CEO who will oversee the renaissance of MOP coupled with a national chain of warehouses and distribution centers to compliment a team of distributors form the basis of what we see as a recipe for future success”, said King.
“If all goes well, we will be having a shareholders meeting on September 29th of this year to present a plan to shareholders for a merger between MOPN and JPO. If the Shareholders approve we will move forward to complete the merger within a 24 month period.”