GEECF / XETRA: GLI. China: Biosphere Development Corp Energy / Mining Joint Venture
February 05 2007 - 4:00AM
PR Newswire (US)
NASSAU, Bahamas, Feb. 5 /PRNewswire-FirstCall/ -- Global
Environmental Energy Corp (Deutsche Bourse GLI [DE:GLI] -- USA OTC
Bulletin Board: GEECF) subsidiary Biosphere Development Corp., has
formed a Joint Venture Company with the Shenzhen YanFeng Coal
Company Limited, a subsidiary of the Yankuang Group Holding Co.,
Ltd.. The new joint venture company, Biosphere (HK) Company Limited
has been formed as a result of the ongoing success of Biospheres'
other joint ventures with Yankuang. These joint ventures have
resulted in the acceptance and permitting of the Biosphere Process
System for operation in China by the State Environmental Protection
Administration (SEPA). The new joint venture company will acquire
eight operating coal mines in China over the next 24 months, to be
operated by Shenzhen YanFeng Coal Company Limited. Biosphere
Process Systems will be installed at each mine to generate
electricity from coal tailings, coal mining wastes, and local
municipal and industrial wastes. This power generation will
increase the profitability of these mines by approximately 25%
whilst substantially reducing the environmental pollution caused by
the accumulation of mine tailings. Each mine will generate its own
electricity, and in addition will sell electrical energy to local
domestic and industrial clients. Yankuang estimate that the annual
production from these eight mines when acquired will be
approximately 23,750,000 of coal with an estimated sales value of
USD$570,000,000. In addition 2,300,000 tonnes of coal tailings will
be produced per annum which it is estimated will generate 2,300,000
MW hours of electricity with an estimated sales value of
USD$142,500,000; a combined annual sales value of approximately
USD$712,500,000. In accordance with the provisions of 1994 profit
tax number 1 regulation, the revenue derived from the sale of
electricity generated using coal mine waste is tax free for 5
years. This tax free status makes the installation of the Biosphere
technology an attractive investment for the thousands of coal mines
in China. The Yankuang Group Co., Ltd., is engaged in coal mining,
coal chemistry, electrolytic aluminum, real estate development,
electricity generation, construction materials, mechanical process,
environmental remediation, trading etc. The Yankuang Group Co.,
Ltd.'s subsidiary Yangzhou Coal Mining Company Limited is listed on
the New York Stock exchange (NYSE:YZC), the Hong Kong Stock
Exchange (Code number 1171) and Shanghai Securities Exchange (Code
number 600188). Global is a Bahamian Company publicly traded on
stock markets in Germany and the United States. Global maintains a
web site at http://www.gli-geecf.com/. This press release contains
forward-looking information within the meaning of Section 27A of
the Securities Act of the 1933 and Section 21E of the Securities
Exchange Act of 1934, and is subject to the safe harbor created by
those sections. DATASOURCE: Global Environmental Energy Corp
CONTACT: CGlobal, +1-242-323-0086, Web site:
http://www.gli-geecf.com/
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