Carbon Green Inc. acquires Greenwood Commerce Ltd.

Carbon Green Inc. has announced the completion of the acquisition of all of the shares of Greenwood Commerce Ltd. from CBp Carbon Industries, Inc. The transaction closed on January 15, 2010 pursuant to the terms of a share purchase agreement dated November 30, 2009 among Carbon Green, CBp Carbon and Greenwood.

Carbon Green acquired all of the issued and outstanding common shares of Greenwood from CBp Carbon in exchange for the issuance by Carbon Green to CBp Carbon of 33,346,262 shares of Carbon Green’s common stock and 1,056,041 share purchase warrants, with 868,541 of the warrants entitling the holder thereof to purchase one share of Carbon Green common stock at an exercise price of $2.50 per share and 187,500 of the warrants entitling the holder thereof to purchase one share of Carbon Green common stock at an exercise price of $2.00 per share, all until January 15, 2013.

In connection with the closing of the agreement, the Company accepted the resignation of J. David Brow as president of the company, and has appointed John T. Novak as president and Ken Lee as secretary. In addition, on January 13, 2010, the Company mailed to each of its shareholders and filed with the United States Securities and Exchange Commission (SEC), an information statement with respect to the proposed appointment of John Novak, Ken Lee, Adi Muljo and Peter Jensen to the Company’s board of directors and the resignation of J. David Brow as director. These resignations and appointments took effect January 23, 2010.

John Novak, newly appointed president of Carbon Green Inc. stated, “Over 10 billion tires are stockpiled around the world and this number is growing at an alarming rate. The disposal and management of these tires has become a crisis of global proportion. Through the acquisition of Greenwood and its state of the art commercial production plant, Carbon Green has acquired a technology that will dramatically change how tires are recycled and positions Carbon Green as a leader in the clean tech recycling industry.”