NEW YORK, May 16, 2011 /PRNewswire/ -- Arrow Resources
Development, Inc. (OTCBB: ARWD) The Company has received a
$1,400,000 grant from the Asian
Development Bank (ADB) to commence the design planning for two
Geothermal Power Plant in Indonesia and the
Philippines. This funding for these initial site development
plans requires approximately 90 days and site selection has already
commenced.
Peter Frugone, CEO of Arrow
Resource Development commented, "After two years of planning, we
are finally ready to start operations that will have a profound
environmental impact on Indonesia
and will eventually lead to significant financial gains for the
Company."
About Arrow Resources Development, Inc.
Arrow Resources Development, Inc. develops and coordinates
corporate operations, finance, sales and marketing activities along
with administrative activities, both in the Unites States and
Indonesia and manages the
corporate citizen program for this natural resource development
company in the Asian market. Its relationship with Arrow Pacific
Resources Group Limited (BVI Company) is for the development of
large scale plantation, farming and geothermal operations in
Indonesia. The Joint Venture
partners include Arrow Pacific, Gerakan Masyarakat Pelestari
Lingkungan Hidup (GMPLH), one of Indonesia's larger non-profit organizations
and PT Tiga Daun (Indonesian company owned by Arrow Pacific's
Indonesian operating Company). Arrow Resources' agreements entitle
the Company to 10% of all gross revenue generated by all their
partners' plantation/farming including any and all sales of natural
resources and derivative products.
Safe Harbor: Statements regarding financial matters in this
press release other than historical facts are "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934, and as
that term is defined in the Private Securities Litigation Reform
Act of 1995. The Company intends that such statements about the
Company's future expectations, including future revenues and
earnings, technology efficacy and all other forward-looking
statements be subject to the Safe Harbors created thereby. The
Company is a development stage firm that continues to be dependent
upon outside capital to sustain its existence. Since these
statements (future operational results and sales) involve risks and
uncertainties and are subject to change at any time, the Company's
actual results may differ materially from expected results. For
more information about the company, please visit their website at
www.arrowrd.com.
SOURCE Arrow Resources Development, Inc.
