The subsidiary unit of StereoVision (OTCMKTS: SVSN), Eco Allies was in focus on Wednesday after it made a significant new announcement. The company announced that it had reached an agreement with Biochar Now LLC to expand its joint venture terms. As a result of the expansion, a second plant in Mexico would be added.
Additionally, there would also be a boost in the number of kilns for each plant to be built to 180 from 120. That would work out to a total of 360 kilns. Jack Honour, the Chief Executive Officer of StereoVision and Eco Allies spoke about the development as well. He thanked the current CEO of Biochar James Gaspard, who is also a member of the board of directors, for providing the company with the opportunity to collaborate.
He went on to add that the biochar industry experienced exponential growth in recent times, hence, the expansion of the agreement was a positive for both StereoVision and Eco Allies shareholders. The parent company of Eco Allies is StereoVision Entertainment Inc, which is based out of Nevada and is publicly listed. The company is involved in ecological restoration and preservation. Eco Allies had been established by the company as a Nevada benefit corporation.
Last week it emerged that it went into collaboration with Climate Cure Capital, a fully owned subsidiary of StereoVision for a significant project. It was revealed that the two companies had teamed up with Melissa Gonzalez to grow a SuperGreenTree at her Rancho San Miguel De La Soledad located in Chihuahua, Mexico spanning 20000 acres.
The forest that would be created is expected to span an area of 5000 acres. The companies noted that their mission was to aim for opportunities in the Ecological Restoration and Preservation space. It believes that such a pursuit would not only be a benefit for the planet but also the shareholders.
Jack Honour stated that Climate Cure Capital owned 75000 SuperGreenTrees which were being grown under the trademark SuperGreenTree in Leon, Mexico. He went on to state that the trees in question are Paulownia Elongatas and everyone at Eco Allies was glad at having been able to form a strategic partnership with an internationally well-known name in the field of brng water. It now remains to be seen if the Eco Allies stock gets any traction from investors in the coming days or not.