SCAC HOLDINGS ANNOUNCES PROGRESS ON NEGOTIATIONS WITH UAE OFFSET GROUP
Kansas City, Missouri, June 10 – SCAC Holdings (NASDAQ BB: SCAH) and the UAE Offset Group (UOG) today expressed their joint satisfaction at progress made in negotiations to have the Solplax biodegradable plastic system manufactured and marketed from the UAE under the auspices of the UAE Offset Programme.
Dr. Amin Badr-El-Din, chairman of the UOG, stated that the technical due diligence process was nearly complete and that commercial and market issues were under negotiation. Dr. Amin hoped to make a further progress report at the Paris Air Show in mid-June.
Michael Cunningham, chairman of SCAC Holdings, also expressed satisfaction with progress and stated, “The launch initiative in the UAE is on track, as are our plans for launch in Europe and the U.S.” The advisor to SCAC Holdings Inc. is Portcullis Capital Group LLC, an investment banking services company based in Kansas City, with offices in London, Geneva and Washington, D.C. Portcullis can be contacted at 001 816-753-1551.
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Distributed by PR Newswire on behalf of SCAC Holdings