ATLANTA, GA--(InvestorsHub Newswire - Nov 29, 2016) -
Dominovas Energy Corporation (OTCQB:
DNRG) announces today it has concluded a business trip to
Madagascar, Africa, which by invitation specifically and
purposefully coincided with the Francophonie Summit 2016
event that was held last week in the island nation’s capital city
Antananarivo, Madagascar. Neal Allen, Dominovas Energy
Chairman and CEO continued discussions with the government for the
deployment of a nation-changing 650MW power plant for Madagascar.
This announcement, closely follows Dominovas Energy’s having
recently filed an 8K chronicling the execution of a reciprocal
letter of Interest (LOI) with the Government of Madagascar for the
deployment of a baseload power supply.
The President of Madagascar has an unequivocal resolve to end the
energy deficit of the country and is a primary objective. As
such, this 650MWs of base-load power will create a substantial
baseload of electricity generation that, heretofore, has not
existed for the nation. It is anticipated that Dominovas
Energy and the Government of Madagascar will next sign a binding
Memorandum of Agreement that defines the deliverables and
responsibilities of both parties, as it pertains to the
installation, deployment, and operation of the 650MW power plant
within Dominovas Energy’s BOOTT (Build, Own, Operate, Train,
Transfer) construct.
Dominovas Energy officials were also invited to participate in
significant events and meetings that took place during the
Francophonie Summit 2016 and they were hosted by the newly created
agency AMDP (Agence Malagasy de Développement économique et de
Promotion des Entreprises), as headed by the Directeur Général Mr.
Hugues Ratsiferana. AMDP was envisioned by the President and
was created early September of this year to specifically spur and
accelerate economic development and investment within
Madagascar. One of the first objectives of the agency is to
lay a foundation for primary baseload power for the country.
Dominovas Energy is working hand-in-hand with government officials
and key members of AMDP to provide this baseload power from the
proposed 650MW plant which will allow for large scale critical
economic development on Madagascar.
In addition to meeting Madagascar’s president Hery
Rajaonarimampianina at the inauguration of the “Industry Salon of
Madagascar”, productive meetings were held with the Minister of
Energy Lieutenant-General Herilanto Raveloharison, as well as with
the Directeur Général Délégué of the AMDP Mr. Joana Ravaloson.
Neal Allen CEO and Chairman of Dominovas Energy noted, “I applaud
the President’s leadership, vision and commitment to the future of
Madagascar. Several countries were considered by Dominovas
Energy as a possible “ground zero” for this power plant, but
Madagascar has exhibited an unyielding commitment to this project
from the initial introduction of the opportunity and has put in
place exceptionally competent people to shepherd this project.
From the beginning, President Rajaonarimampianina recognized
the significance of this project and further, if successfully
deployed, its paramount importance for Madagascar’s short and long
term national development. We are quite excited to have
converted a well-structured project idea into a material project
that will literally light this island nation. After visiting
the island earlier this year, and with several subsequent visits
prior to last week’s visit, Dominovas Energy worked relentlessly to
development a sound and comprehensive energy solution for
Madagascar. We jointly recognize that a legacy project of
this nature and magnitude is clearly a once in a lifetime
opportunity.”
The power project's spillover effect from a macroeconomic point
starts with the significant augmentation of Madagascar’s present
energy capacity that will serve to not only “electrify” its
population, but also this electricity will serve as the ignition
for many of the mining, manufacturing, and resort enterprises as
necessary for them to act as force-multipliers and major employers
that will energize and support Madagascar’s economy as a whole.
These industries and others, will be natural off-takers for a
large portion of the electricity produced. Madagascar is
experiencing, first-hand, the effect of suppressed demand of power.
Studies have shown that corporations and people will access,
use, and pay for power if it is available, sustainable, and
reliable. Madagascar’s lack of sufficient base-load power has
constrained and significantly limited the country's growth
potential. Ultimately, the anticipated increase in power
production and the revival of the manufacturing and mining sectors
will also directly positively affect the service and hospitality
industries. Job creation in excess of 3,000 people during the
construction period of the plant is expected, along with a
significant number of people to be employed as ongoing operation of
the plant will be necessary. With an anticipated investment
by Dominovas Energy of between US$1.2 billion and US$1.5 billion,
Madagascar’s Gross Domestic Product (GDP) could very well double
within the next 3-5 years. Madagascar should anticipate that
because of this substantial investment in the plant that subsequent
major investments will follow from the manufacturing, hospitality,
mining, and agriculture sectors.
Neal Allen CEO and Chairman of Dominovas Energy further noted,
“This project is of paramount importance for Madagascar’s national
development. Dominovas Energy’s investment will support a
multitude of opportunities moving Madagascar from its current
modality, to a substantial global economic competitor. We are
honored and equally excited to have the privilege to begin this
journey with Madagascar.”
During the coming months, Dominovas Energy will perfect all
feasibility studies as well as execute all documents required for
successful financial close during 2017. It will also
subsequently structure the project in concert with the Government
of Madagascar and a “best in class” EPC. With the requisite
funding and financial close anticipated with the next several
months, Dominovas Energy will immediately commence the building of
the power plant and will support the expansion of the footprint of
the present power transmission network throughout the country, all
concomitant with the plant installation.
About Dominovas Energy
Corporation (OTCQB:
DNRG)
Founded in 2005, Dominovas Energy
Corporation (DEC) is a publicly traded company, based in
Nevada. With its operating headquarters in Atlanta, Georgia,
USA, Dominovas Energy Corporation is a leading power solutions
provider to emerging markets around the world. DEC seeks to
deploy its energy solutions for deployment in multi-megawatt power
generation worldwide. The worldwide pursuit of ecologically
sustainable and efficient production of electricity inspired its
founders to create an "energy solutions" company. Recognizing
that Emerging markets offer immense potential for growth, Dominovas
Energy is aggressively moving to allocate its intellectual and
financial capital forthwith, in order to, strategically address
energy solutions that are reliable, efficient, and sustainable
baseload solutions. By deploying these solutions
throughout of the world, Dominovas Energy
is committed to creating shareholder value by not only generating
guaranteed revenue streams, but also by increasing the value of
"human and community capital." Devoted to core values by
operating under the utmost of honesty and integrity in all its
business transactions, Dominovas Energy is additionally dedicated
to respecting the rights of all individuals, while acknowledging
and respecting all cultures necessary to support the growth and
development of the communities and countries in which it
operates. The Company strongly believes that the impact that
advanced technologies will make on the world is undeniable and the
Company is resolute in its mission to provide electricity where and
when economically viable.
For more information, visit
www.dominovasenergy.com.
About
Madagascar
Madagascar, officially the Republic of
Madagascar (French: République de Madagascar), and previously known
as the Malagasy Republic, is an island country in the Indian Ocean,
off the coast of Southeast Africa. The nation comprises the
island of Madagascar (the fourth-largest island in the world), and
numerous smaller peripheral islands. Following the
prehistoric breakup of the supercontinent Gondwana, Madagascar
split from the Indian peninsula around 88 million years ago,
allowing native plants and animals to evolve in relative
isolation. Consequently, Madagascar is a biodiversity
hotspot; over 90% of its wildlife is found nowhere else on
Earth.
Until the late 18th century, the island
of Madagascar was ruled by a fragmented assortment of shifting
sociopolitical alliances. Beginning in the early 19th
century, most of the island was united and ruled as the Kingdom of
Madagascar by a series of Merina nobles. The monarchy
collapsed in 1897 when the island was absorbed into the French
colonial empire, from which the island gained independence in
1960. The autonomous state of Madagascar has since undergone
four major constitutional periods, termed republics. Since 1992,
the nation has officially been governed as a constitutional
democracy from its capital at Antananarivo. However, in a
popular uprising in 2009, president Marc Ravalomanana was made to
resign and presidential power was transferred in March 2009 to
Andry Rajoelina. Constitutional governance was restored in
January 2014, when Hery Rajaonarimampianina was named president
following a 2013 election deemed fair and transparent by the
international community. Madagascar is a member of the United
Nations, the Organisation internationale de la francophonie, and
the Southern African Development Community (SADC).
In 2012, the population of Madagascar was
estimated at just over 22 million. Malagasy and French are
both official languages of the state. The majority of the
population adheres to traditional beliefs, Christianity, or an
amalgamation of both. Ecotourism and agriculture, paired with
greater investments in education, health, and private enterprise,
are key elements of Madagascar's development strategy.
For more information, please visit:
https://www.cia.gov/library/publications/the-world-factbook/geos/ma.html
and/or https://en.wikipedia.org/wiki/Madagascar
Forward-Looking
Statements
This press release, as well as other
statements made by Dominovas Energy Corporation (the "Company"),
contain forward-looking statements that reflect, when made, the
Company's current views with respect to current events and
financial performance. Such forward-looking statements are
subject to many risks, uncertainties and factors relating to the
Company's operations and business environment, which may cause the
actual results of the Company to be materially different from any
future results. All statements that address future operating,
financial or business performance or the Company's strategies or
expectations are forward-looking statements. Factors that
could cause actual results to differ materially from these
forward-looking statements as is applicable would be discussed
under captions as follows: "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" in the Company's filings as would be filed with the
Securities and Exchange Commission as required. New
risks and uncertainties arise from time to time, and it is
impossible for us to predict these events or how they may affect
the Company. It should be remembered that the price of
the ordinary shares and any income from them can go down as well as
up. The Company disclaims any intention or obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events and/or otherwise, except
as may be required by law.
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Investor Questions:
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