A joint venture agreement to carry out the Clean Development Mechanism Program of the United Nations involving the production of organic fertilizer from plant and animal wastes was held during the simple but fitting ceremonies at the Central Luzon State University, Science City of Muņoz, Nueva Ecija, Philippines on February 11, 2007.

The joint venture agreement was signed by Terra Bio Plus Corporation, a business entity in Ontario, Canada represented by its President, Mr. Stephen Q. S. Lee; the Central Luzon State University, a model comprehensive institution of higher learning in Science City of Muņoz, Nueva Ecija, Philippines represented by its President, Dr. Rodolfo C. Undan and the Central Luzon State University Alumni Association, Inc. a non-profit, non-stock organization located at the main campus of CLSU represented by its President and Chairman, Engr. Genaro M. Tolentino.

The signing of MOA was witnessed by Dr. Eliseo L. Ruiz, President of the CLSU Alumni Foundation, Inc., CLSU officials namely: Dr. Raul D. Divina, Dr. Miguel Aragon, Dr. Ruben C. Sevilleja and Dr. Teotimo M. Aganon, the CLSUAAI Board of Directors and Officers namely, Dr. Mario B. Agustin, Dr. Romeo L. Saplaco, Dr. Quirino D. Dela Cruz, Dr. Eduardo G. Marzan, Jr. Dr. Onofre F. Ringor, Engr. Ofero A. Capariņo, Mr. Arturo O. Manipon and Prof. Mila S. Ringor.

The TBPC has the capability of securing Certified Emission Recovery (CERs) credits out of the organic fertilizer produced and the corresponding payments thereto from bonafide buyers. Moreover, it has access to an advanced bio-fermentation technology that can efficiently convent biodegradable and highly cellulosic waste materials into a superior organic fertilizer.

CLSU has the hand suitable for the establishment of the organic fertilizer manufacturing plant in solution to the source of the raw materials needed for the project. Also, it has the facilities and professional expertise to do research and development works.

The CLSUAAI, on the other hand, has the managerial and technical expertise to provide competent management for the successful and smooth operation of the project. Moreover, it will arrange for the supply of raw materials based on the terms and conditions defined in the TBPC-CLSUAAI Plant and Animal Waste Materials Supply Agreement.

The joint venture project entered into by the three parties involves the production of organic fertilizer from indigenous waste materials that are environmentally hazardous because of improper or inadequate disposal.

The organic fertilizer manufacturing plant with a total area of approximately three (3) hectares including the service areas will be established within the premises of CLSU.

The capital outlay needed for the project specifically for infrastructures include production, warehouse, and office cum laboratory including machineries and equipment. An initial working capital shall also be provided by TBPC.

The a joint venture greement shall be for an initial period of seven years with an option of extension for another seven years in consonance with the timetable of the CDM Program.