MagIndustries Corp. (TSE: MAA) provided an update on the proposed transaction with China National Complete Plant Import & Export Corporation Limited (“COMPLANT”).

The press release is quoted as saying:

Following recent meetings COMPLANT and MagIndustries have agreed on material commercial terms and are drafting the Project Development Agreement (“PDA”). The PDA is scheduled to be signed by both parties in Toronto by the end of August 2010, subject to the completion and results of final due diligence and technical evaluation by COMPLANT and receipt of authorizations by the boards of directors of each party.

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Click here to access MagIndustries Corp. Corporate Site