OGL Resources enters food and beverage sector with acquisition

OGL Resources is entering the food and beverage sector with an acquisition.

OGL Resources (ASX: OGL) has entered into an agreement to purchase The Primary Food Company (PFC), and intends to develop an Integrated Food Ingredient Project and alcohol production plant at Tamworth in New South Wales.

PFC has developed partnerships with leading technology providers to develop a unique plant configuration that can produce various grades of alcohol, protein products, wheat germ and specialty brans, glucose based products and stockfeed meals.

Consideration for the acquisition is $80,000, payable in notes convertible to shares at $0.005; subject to obtaining shareholder approval and raising additional working capital.

OGL also controls coal projects in Queensland and is currently capped at $2 million.

Source: Proactive Investors - 2 April 2014