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Poly-Pacific International Inc. Announces Debt Settlement

  • Press Release
  • Source: Poly-Pacific International Inc.
  • On 1:17 pm EST, Wednesday December 31, 2008

CALGARY, ALBERTA--(Marketwire - Dec. 31, 2008) - Poly-Pacific International Inc. ("Poly-Pacific" or the "Company") (TSX VENTURE:PMB - News; OTCBB:PLYPF - News; BERLIN:A0LGDN - News; FRANKFURT:POZ - News) is pleased to announce that on December 31, 2008 it settled outstanding indebtedness of $89,000 through the issuance of common shares of the Company ("Common Shares") at deemed prices of $0.03 per Common Share and $0.05 per Common Share (the "Debt Settlement"), subject to TSX Venture Exchange final approval. The outstanding debt is comprised of management fees and consulting fees. A total of 2,626,667 Common Shares were issued under the Debt Settlement. The Common Shares are subject to a four month hold period that expires on May 1, 2009.

Randy Hayward, a director and officer of the Company subscribed for 510,000 Common Shares under the Debt Settlement. The Company has determined that exemptions from the valuation and minority approval requirements of Multilateral Instrument 61-101 are available.

Poly-Pacific is an innovator in eco-friendly solutions to Industrial Waste by-products. We are actively and successfully pursuing the reclamation of industrial polymers throughout the world. The significance and importance of recycling and reclaiming industrial waste has become an important global issue. At Poly-Pacific, we are focused on benefiting our planet by exploring and pursuing new environmentally sound methods and technologies in recycling, while creating significant value for our shareholders as the leading company in the reclamation sector.

For further information please register for our newsletter to receive news, updates and background information on a regular basis, visit www.poly-pacific.com or see below contact information.

Contact:

Randy Hayward
Poly-Pacific International Inc.
President
(604) 324-2110
Email: info@poly-pacific.com
Website: www.poly-pacific.com

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