GEECF: Agricultural Bank of China Joins Shaoxing Financing Consortium With CNY 70 Million
March 17 2008 - 6:00AM
PR Newswire (US)
NASSAU, Bahamas, March 17 /PRNewswire-FirstCall/ -- Global
Environmental Energy Corp., (Deutsche Borse: GLI; OTC Bulletin
Board: GEECF http://www.geecf.ru/ -) has received a commitment from
the Agricultural Bank of China to join the financing consortium
funding the expansion of Shaoxing (Biosphere) Company Limited.
Shaoxing already has a USD$600,000,000 funding commitment from the
US Fund Conversion Consultants LLC. The initial CNY 70 million (USD
$9.8 million approx) commitment from the Agricultural Bank of
China, is the first substantial financial endorsement for the
Shaoxing project from a mainland Chinese Bank. GEECF recently
restructured its Chinese businesses to consolidate its revenue
interest, acquiring 97.12% of the Shaoxing business which will see
the deployment of 72 six megawatt per hour Biosphere Power
Stations, with a complete capital investment of USD$1,440,000,000
and an expected EBIDTA of USD$1,061,961,993 per annum. This revenue
is derived from tipping fees, electricity sales and the sale of
Carbon Credits. Shaoxing has been permitted by the State
Environmental Protection Administration of China to build and
operate its Biosphere Power Stations consuming municipal solid
waste and generating saleable electricity anywhere in China.
Biosphere Process Systems also consume coal mine wastes as a Clean
Coal Technology generating electricity and tradable Carbon Credits.
Global is a fully integrated energy company whose interests include
electrical power generation, oil and gas exploration and
production, clean coal and waste management technologies. "Carbon
Credit" means a unit issued pursuant to the Kyoto Protocol as well
as all other relevant International Rules and represents a GHG
Reduction of one metric tonne of Carbon Dioxide Equivalent,
calculated in accordance with the International Rules.
"International Rules" means the UNFCCC, the Kyoto Protocol, the
Marrakesh Accords, decisions of the CDM Executive Board, decisions
of the COP/MOP and any successor or supplementary international
agreements or decisions, as amended from time to time. 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: Global Environmental Energy Corp.,
+1-242-323-0086 Web site: http://www.globalenvironmentalenergy.com/
Copyright