Rentech to Acquire Majority Ownership of ClearFuels Technology (RTK)

Rentech RTK announced today that it has given notice of exercise of its option to acquire additional equity in ClearFuels Technology. Upon closing of the transaction, Rentech would own a substantial majority of the equity of ClearFuels, with existing ClearFuels investors retaining a minority interest. The transaction will be accomplished through the merger of a subsidiary of Rentech into ClearFuels, with ClearFuels continuing as the surviving company in the merger. The option was exercised pursuant to the terms of an option agreement signed by the two companies in September 2010. The merger is expected to close within a month. The companies expect no interruption of the project and technology development activities of ClearFuels.