SASKATCHEWAN, Canada,
Jan. 28, 2011 /PRNewswire/ --
Clean Power Concepts Inc. (OTC Bulletin Board: CPOW) and its
subsidiary General Bio Energy Inc., announced today that it
has signed a Memorandum of Understanding ("MOU") with the
Chongqing Grain Group Co., Ltd. ("CGG") of China.
The MOU creates a new Joint Venture ("JV") that has as the
stated objective to explore the feasibility of jointly building and
managing a 600,000 metric ton (MT) food canola crush plant located
in Western Canada.
CGG agrees to commit to purchase all oil output/off-take of the
JV. CPOW will purchase all meal output/off-take of the Joint
Venture. CPOW will secure required input seed from western
Canadian producers by contracting with producers to provide the
input required for the Joint Venture. The JV has agreed to
appoint CPOW as the Manager, with responsibility for the design and
construction of the crush plant. The plant will be
constructed in compliance with Canadian legal, environmental and
safety rules, regulations and statutory requirements. The
signatories to the MOU were Mr. Shenher, CEO of Clean Power and Mr.
Hu, Secretary of the Party Committee and President of Chongqing
Grain Group Co., Ltd. The final structure of the JV has not
yet been determined, but CGG will be the majority owner.
Mr. Shenher commented, "Our partners in China have immediate demand for the planned
capacity of the new Canola plant. The site while not yet
selected will be situated close to railway transportation transit
points available in Western Canada
to ensure logistical efficiency. We are excited about the
demand existing in China for
canola oil and world wide for off-take canola meal. We look
forward to a long successful future with our partners in
China as we work to fulfill their
demand."
The Chongqing Grain Group Co., Ltd. is located in
Chong Qing, municipality in
China. The Group owns 51
subsidiaries and has 21,507 employees. Total assets of the Group
have reached 6.1 Billion Yuan
Renminbi ('RMB'), or approximately US$920 million.
Clean Power Concepts and its subsidiary General
Bio Energy are producers of Canola
Oil, Canola Feed Meal, eco-lubricants, and nutraceuticals.
The Company manufactures and markets products under CLEAN
POWER CONCEPTS®, MOPO®, for more information
www.cleanpowerconcepts.com
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Safe Harbor Statement
This release includes forward-looking statements covered by the
Private Securities Litigation Reform Act of 1995. Because such
statements deal with future events, they are subject to various
risks and uncertainties and actual results for fiscal year 2011 and
beyond could differ materially from the Company's current
expectations.
Forward-looking statements are identified by words such as
"anticipates," "projects," "expects," "plans," "intends,"
"believes," "estimates," "targets," and other similar expressions
that indicate trends and future events.
Factors that could cause the Company's results to differ
materially from those expressed in forward-looking statements
include, without limitation, variation in demand and acceptance of
the Company's products and services, the frequency, magnitude and
timing of paper and other raw-material-price changes, general
business and economic conditions beyond the Company's control,
timing of the completion and integration of acquisitions, the
consequences of competitive factors in the marketplace including
the ability to attract and retain customers, Additional information
concerning factors that could cause actual results to differ
materially from those projected is contained in the Company's
filing with The Securities and Exchange Commission, including its
report on Form 10-K for the year ended April
30, 2010. The Company undertakes no obligation to revise or
update forward-looking statements as a result of new information
since these statements may no longer be accurate or timely.
SOURCE Clean Power Concepts Inc.