NNRF Inc. (OTCPK:NNRI) agreed to acquire 51% stake in Zeolite Australia Pty Ltd for AUD 7.2 million on January 31, 2023. NNRF Inc. (OTCPK:NNRI) entered in to a definitive agreement to acquire 51% stake in Zeolite Australia Pty Ltd on March 30, 2023. NNRF will have the option to purchase the remaining shares over the next five years.

Gerard Stephen, Managing Director of Zeolite Australia, will join the NNRF board as an invited observer and Tomi Holden, CEO of NNRF will join the Zeolite Australia board as the same. The transaction is subject to completion of due diligence reasonable or customary in a transaction of a similar nature, and entering into a definitive agreement, among other conditions, as well as a joint venture in Australia and New Zealand to explore additional green solutions through on-going research and development. NNRF and Zeolite Australia hope to complete all of the regulatory, financial and legal documentation within the next couple of months.