Makati—(PHStocks)—MRC Allied Inc. (PSE: MRC) executed a Memorandum of Understanding (MOU) with Merge Energy and Environment Corp. (MEEC) to confirm that both parties have an interest in developing renewable energy projects in the properties identified by MEEC as target or locations.
MEEC is a domestic private corporation engaged in the business of exploration and development of renewable energy resources such as but not limited to biomass, geothermal, oil and gas.
The MOU has the following salient features:
- MRC will conduct due diligence within 60 days from MOU signing;
- The purpose of the due diligence is to allow the company to make a decision to pursue a project with MEEC;
- The parties are bound by the terms of confidentiality while the MOU is in force and within one year thereafter.