Phoenix Renewable Technologies, Inc entered into a contract to acquire 26.9 acre industrial site and the tire recycling business from Vista International Technologies, Inc. (OTCPK:VVIT) for $3 million on March 16, 2015. Phoenix shall deposit earnest money of $0.075 million for the transaction. The closing of acquisition is contingent on various closing conditions and deliveries, including deposit of earnest money, Phoenix Renewable Technologies's review of the physical and environmental condition of the property, and satisfactory completion of customary due diligence. The transaction is expected to complete by end of June 30, 2015.

As of august 19, 2015, sale is expected to close prior to September 30, 2015. Vista plans to use the proceeds from the sale to pay off the debt, and to devote considerable resources Waste-to-Energy projects currently under development. Gregory Hoffman of Colliers International North Texas, LLC acted as broker in the transaction.