MPM Technologies and its subsidiaries, AirPol, Nupower and MPM Mining, has entered into an eight-party 'Release and Settlement Agreement' with Greenwich Insurance Company, JFLI Trust and HMAT Associates.
Under the terms of the agreement, MPM Mining, will assume from the parent company approximately $6.7m of the company’s outstanding indebtedness to Greenwich Insurance Company.
MPM said that the release and settlement agreement also sets forth the terms and conditions for the repayment of the debt by MPM Mining, and the release of the company and its subsidiaries for any and all liabilities.
MPM chairman and CEO Michael Luciano said the conclusion of this agreement insures the successful reorganization of MPM Technologies, which will bring forth substantial improvements to MPM’s financial standing, and most importantly, allow MPM to develop its businesses to their fullest potential.
"The addition of a new subsidiary that includes sustainable biofuel, feedstock production and energy parks will bring MPM business to the next level," Luciano said.
MPM Technologies is a holding company with three subsidiaries: Nupower, which is engaged in the development and commercialization of Skygas; AirPol, which builds, installs, and services industrial air pollution control systems; and MPM Mining, an exploration and development company with gold and silver mining properties in Montana.