Byzen Digital Inc (OTCMKTS: BYZN) continues to move up the charts recently surpassing $0.35 per share and emerging as one of the top most traded stocks in small caps.
RM stocks are some of the most volatile in small caps and BYZN has been no accpetion. The stock took off in March after the Company announced the LOI with Clean-Seas. Microcapdaily has been reporting on BYZN since the beginning stating in April – BYZN is making a strong move up the charts running off its $0.05 base on significant volume in recent days.
Byzen Digital Inc (OTCMKTS: BYZN) was originally set up to operate exclusively in the blockchain sector, Byzen Digital’s scope has grown beyond its initial focus to incorporate start up’s, SME’s and established companies from the wider tech arena including cybersecurity, data storage, cloud-tech, analytics, software and digital applications. The Byzen Digital family provides vital strategic insight, global funding access and robust corporate governance structure to support its incorporated ventures in positioning concepts for global success.
In March BYZN entered into a now consummated LOI to merge with Clean-Seas. According to the press release – Waste plastic affects every country and all major corporations that use plastics in their production or packaging of products. It has been said that by 2050 there will be more plastic in the oceans than fish, with the equivalent of 1 garbage truck full of plastic entering the ocean every minute. Only a small percentage, 8%, of all plastic produced has been recycled, the remainder has been sent to landfills, to incineration or to China. As more and more corporations and countries strive to achieve a “plastic neutral” footprint, Clean-Seas is poised to become the world’s leader in turning waste plastic into clean burning energy.
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Clean-Seas is a solutions provider coupling advanced technologies with customer need to solve this growing problem. The Company’s business model takes mixed waste plastic and using advanced pyrolysis technologies, recycles it into commodities for sale such as: clean burning fuels for energy generation, eco diesel, carbon black, and gasses. Additional expected lines of revenue for the Company include: gate fees to accept the waste plastic, carbon credits and plastic credits. The Company has letters of intent for projects in the South Pacific, Asia and Africa.
Clean-Seas was established in 2019 to address the global plastic waste issue on-land, mitigating what waste ends up in the oceans. “90% of the plastic waste in our oceans comes from just 10 rivers in the world,” said Dan Bates, CEO of Clean-Seas. “If we don’t tackle the problem of the waste that is generated on-land, we will never begin to clean up the problem that exists in the oceans; we must shut off the spigot.”
On May 28 BYZN announced it has acquired a 100 percent interest in Clean-Seas Inc., pursuant to the exchange agreement dated May 19, 2020. Clean-Seas is a technology driven solutions provider for waste plastic recycling with offices in the U.K., California, New York and India. The Company has developed relationships with governments, municipalities and corporate stakeholders around the world from which it expects to begin providing plastic recycling solutions to meet the needs of the specific customer. Byzen Digital acquired Clean-Seas in order to have a foundation to build upon in the sustainable energy sector. Byzen believes that in the near term, a significant growth sector of the economy will be in clean energy and sustainable products and services, which was a key driver for this acquisition.
Chris Percy, President of Byzen Digital, announced the acquisition to its shareholders stating, “Clean-Seas plans to bring new recycling technologies to bear on the global waste plastic crisis and we could not be more thrilled with the closing of this acquisition. This marks an important step forward for the Company and opens up global opportunities for growth and revenue generation.”
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Currently trading at a $29 million market valuation BYZN is a clean shell with $2.7 million in liabilities according to a recent unaudited filing. BYZN took off in April after announcing the now consummated LOI with Clean-Seas. Clean-Seas has established relationships with plastic recycling technology providers and will leverage its global experience in the renewable energy sector to set up waste to energy facilities in emerging and developed nations, all of whom must address their own waste plastic issues. Microcapdaily has been reporting on BYZN since the stock was .05. We will be updating on BYZN when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with BYZN.
Disclosure: we hold no position in BYZN either long or short and we have not been compensated for this article.