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(CECU.PK) - Clean Energy announces multimillion
dollar final agreement with Lucky Power International for rights to
compressed natural gas technology in the People's Republic of China
The Board of Clean Energy Combustion Systems Inc. ("Clean Energy")
("CECU") is
pleased to announce terms of the final agreement with Lucky Power
International Limited (a BVI company registered in Hong Kong) for an
exclusive license of technology patented in the People's Republic of
China for the recovery, purification and compression of raw landfill
gas into high quality Compressed Natural Gas (CNG). The raw gas is
collected from the decomposition of municipal waste in the landfills
associated with large Chinese cities. The quality of the output fuel
is outstanding for powering all sizes of diesel engines.
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Under the terms of the agreement Clean Energy will issue seven
million treasury shares in return for exclusive access to all the
commercial development of this technology in the People's Republic
of China. Clean energy will own a 70% interest in an exclusive
operating license for this patented technology in China. The Company
anticipates achieving net cash flow next year growing substantially
over the next five years.
The technology is operating at a pilot facility in Shenzhen,
China. The CNG produced in Shenzhen is sold via a long-term contract
to the local municipality which uses it to fuel its municipal
vehicles. Commitments are being made for the development of a
minimum of two new landfill sites over the next two years and a
total of 10 new installations during the next five years. Each
facility will enjoy a production lifespan approaching 30 years.
Clean Energy is responsible for providing the equity financing
for each new project. Lucky Power wil l retain a 30% interest in the
Chinese operations and provide management expertise on a contractual
basis in China. With the same agreement Clean Energy has also
acquired first rights of refusal for the commercial development of
this technology in all other global markets outside the People's
Republic of China.
The Company anticipates capacity 11,250,000 cubic metres (M(3))
of CNG per annum in the first year of operations, growing to
2,925,000 M(3) of CNG per annum by year five. In addition to the
marketable CNG, a substantial source of additional revenues for
Clean Energy and Lucky Power is anticipated through international
trading of Carbon Emission Reduction (CER) credits.
This technology should provide significant benefits for all
stakeholders: significant savings in the cost of fuel for the local
municipality; reliable cash flow for the joint venture local
operators; healthy and secure ROI for owners and investors; major
enhancement to local air quality; creation of a significant
non-fossil clean burning alternative fuel; long-term benefit to the
global environment.
The Board of Clean Energy is pleased to announce that this
agreement with Lucky Power and its recently announced agreement with
North Island Green Energy (NIGE) in British Columbia, Canada, for
run-of-river hydro electricity generation demonstrates Clean
Energy's intention to transition from a development stage US Public
Corporation to an operating corporation in the international clean
energy marketplace.
About Clean Energy
Clean Energy is a development-stage US public company based in
Vancouver, BC, Canada, that is moving forward aggressively to
acquire long-term contracted and indexed revenues with customers
such as government, non-government and utility agencies that will
provide stable revenues and incur minimal costs with respect to
sales and collections. The company also seeks to achieve revenues
from the commercialization of its proprietary technologies and
development of renewable energy projects.
The company's shares trade on the OTC Pink Sheets under the
trading symbol CECU.
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Forward Looking Statements: Clean Energy's development plans and
the prospective potential as described in this news release
constitute "forward looking statements" within the meaning of the
United States federal securities laws that involve risks and
uncertainties. Actual results may vary substantially from
expectations as a result of a variety of factors including, by way
of example and not limitation, Clean Energy's financial requirements
and current lack of capital; Clean Energy's inability to
satisfactorily complete pending or new project proposals (including
with prospective licensee or joint venture partners) and enter into
binding revenue-producing contracts based upon those proposals;
including as a result of insufficient consumer acceptance of and
demand for pulse combustors; regulatory constraints; changes in
Clean Energy's business plan and corporate strategies; and the
various risks and uncertainties disclosed by Clean Energy in its
various reports filed from time-to-time with the SEC. Readers are
urged to carefully review and consider the various disclosures made
by Clean Energy in its various reports filed from time-to-time with
the SEC that attempt to advise interested parties of the risks and
uncertainties that may affect Clean Energy's business and an
investment in its securities.
CONTACT: visit
www.clean-energy.comm, or
contact: Clean Energy Combustion Systems Inc. at (604) 647-6474 or
info@clean-energy.com
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