Renovare Environmental to merge with Harp Renewables and Harp Electric Engineering

Renovare Environmental Inc., a circular economy and sustainability technology services provider for the treatment of organic waste based in Chestnut Ridge, New York, has announced it signed a nonbinding letter of intent to merge with Harp Renewables and its affiliate, Harp Electric Engineering, Kentstown, Ireland.  

Details of the proposed transaction and a time frame for completing the proposed merger will be announced when the parties execute a definitive agreement. The parties have entered a period of exclusivity to negotiate the proposed transaction in good faith. Following the definitive agreement, the transaction will require approval by Renovare's shareholders.  

The letter of intent supersedes and replaces all prior oral and/or written discussions or understandings between the Company and Harp. Pursuant to the letter of intent, the Company and Harp each agree that it will not enter any public offering, merger, combination, divestiture, financing, joint venture, sale and/or acquisition agreement. Additionally, the letter of intent provides that if the Company terminates the letter of intent, it will be required to pay Harp a breakup fee in the amount of $850,000.