Environmental Energy Resources Limited signed a letter of intent to acquire RVB Holdings Ltd. (OTCBB: RVBH.F) from Greenstone Industries Ltd. (TASE: GRTN), SR Accord Ltd. and other shareholders in a reverse merger on May 23, 2011. The exchange ratio for the transaction is 11.65 shares of RVB Holdings for 1 share of Environmental Energy Resources Limited.

The audit committee and Board of Directors of RVB Holdings Ltd. approved the deal in principle. The deal is also subject to approval by shareholders of RVB Holdings Ltd., entry into detailed agreement, third party approval, resignation of target's directors and gaining other required approvals. Environmental Energy Resources Limited signed the agreement to acquire RVB Holdings Ltd. (OTCBB: RVBH.F) on July 3, 2011. As of August 22, 2011, the shareholders of RVB Holdings Ltd. approved the transaction. J. Zaltzman, Gilat, Knoller, Graus, Salomon & Co. acted as legal advisor to Greenstone Industries and Gross, Kleinhendler, Hodak, Halevy, Greenberg & Co. acted as legal advisor to RVB Holdings.

Environmental Energy Resources Limited cancelled the acquisition of RVB Holdings Ltd. (OTCBB: RVBH.F) from Greenstone Industries Ltd. (TASE: GRTN), SR Accord Ltd. and other shareholders in a reverse merger on November 23, 2012.