TVI Pacific Inc. currently holds an approximate 2.95% equity stake in Integrated Green Energy Solutions Ltd. (“IGES”).  IGES was incorporated in New South Wales, Australia on 16 December 1988 and its shares re-listed on the ASX on January 30, 2018 but subsequently suspended from quotation on the ASX on January 20, 2020, and removed from the official list on August 27, 2021 for nonpayment of its annual listing fees. On June 2, 2021, the Supreme Court of New South Wales ordered the winding-up of IGES and appointed a liquidator for this purpose.

While active, IGES was focused on converting to fuel waste plastic that is destined for landfill or discarded into the environment and, further to the IGES public disclosure documents, was implementing a patented plastic to fuels process that was said to result in a range of fuels and products, including EN590 (Road Ready Diesel), EN228 (Road Ready Petrol), Naphtha, Marine fuel and Marine Diesel Oil.  

The business of IGES had historically been the exploration of mineral sands in Papua New Guinea (“PNG”).  Pursuant to a Heads of Agreement signed between TVI Pacific and IGES on August 28, 2012, TVI Pacific and IGES established a Joint Venture Agreement relating to the Amazon Bay Iron Sands Project (“Amazon Bay”) in PNG which was comprised of Exploration Licenses totaling 1,171 square km containing an iron, titanium and vanadium sand deposit.  Both TVI Pacific and IGES have since fully written-down their interest in Amazon Bay and no longer hold an interest in this project.

IGES had established several joint ventures and business partnerships committed to the conversion of plastics to fuel, the most advanced of which was their Amsterdam project, where site work commenced in March 2018 and IGE reported that equipment was last delivered to site in July 2019.  IGE reported that funding delays further hampered by the outset of the COVID-19 pandemic stalled completion of the Amsterdam project and the global strategy previously announced by IGES to establish sites in key locations.   

TVI continues to hold 11,705,894 shares of IGES (2.95% direct equity interest) at September 30, 2021, but has written-down to nil its equity interest in IGES at March 31, 2020 following the suspension from trading of IGES securities announced by the ASX on January 20, 2020, under Listing Rule 17.3 pending further enquiries by the ASX on issues of funding.  At the time of write-down, TVI also considered in the valuation of its investment the negative net asset position of IGES in IGES’ most recent report and a creditor claim placed against IGES as announced on June 19, 2020 whereby a foreign entity that invested AUD $10 million into the IGES Amsterdam project had received a consent judgement through the Supreme Court of New South Wales (Australia) for AUD $12.5 million plus costs and had subsequently served a creditor’s statutory demand on IGES.  On June 2, 2021, the Supreme Court of New South Wales ordered the winding-up of IGES and appointed a liquidator for this purpose.