EESTech Signs USD$60 Million Indian Energy Generation Agreement
April 07 2009 - 10:30AM
PR Newswire (US)
LOS ANGELES, April 7 /PRNewswire-FirstCall/ -- EESTech, Inc.
(EESH.PK) has signed a joint venture agreement with Aryan Clean
Coal Technologies of India, to install three 10-mega watt Hybrid
Coal Gas Technology systems over the next five years, valued at
more than USD$60 million. The Aryan Group of India is a privately
owned company which started in 1980 and has an annual turnover of
more than USD$130 million. EESTech (which stands for Economically
and Environmentally Sustainable Technologies) owns or holds the
rights to three important environmentally sustainable technologies
relating to the water, coal mining and energy industries. EESTech's
Hybrid Coal Gas Technology (HCGT) is a waste-to-energy system that
uses waste coal and ventilated air methane from underground
coalmines to produce energy. By using the methane, which is 21
times more damaging to the environment as a greenhouse gas than
carbon dioxide, HCGT can generate over 250,000 tons of carbon
credits per year. The electricity generated by the three 10-mega
watt HCGT systems, which are planned to be installed over a
five-year period, will be sold to the coalmine companies by way of
twenty-year power purchase contracts with any surplus being
distributed onto the national grid. Aryan Group and its associated
companies are acknowledged as India's leading mining contractor.
The group has business interests in a number of power generation
facilities, coal mining, coal washeries, manufacturing of coal
washery equipment, manufacturing of sponge iron and steel,
logistics services and related engineering services. The group was
responsible for introducing an eco-friendly method of mining to the
Indian coal industry, which is now being used at a number of
coalmine sites across the country. The joint venture with EESTech
is in keeping with the group's philosophy of adopting technologies
that promote environmental sustainability to the mining and energy
industries. "Both parties recognise the commercial synergies and
areas of mutual collaboration that exist and have formed the joint
venture to introduce EESTech's Hybrid Coalmine Gas Technology
(HCGT) to the mining and power generation industries of India,"
said EESTech CEO Murray Bailey. For further information on EESTech
Inc or its products visit http://www.eestechinc.com/, or for more
background on the Aryan Group visit
http://www.sainikaryangroup.com/ Released for EESTech, Inc by
Dennis Rutzou Public Relations (http://www.drpr.com.au/) For
further information please call Dennis Rutzou or Joanna Gitsham on
+612 9413 4244. Forward Looking Statement: This media release
includes statements that may constitute 'forward-looking'
statements. The statements can generally be identified by phrases
such as EESTech, Inc. or its management 'believes' 'forecasts',
'estimates' or other words or phrases of similar import. These
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Similarly, such
statements herein that describe the Company's business strategy,
outlook, objectives, plans, intentions or goals are forward-looking
statements. Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from forward-looking statements. Factors which could cause or
contribute to such differences include, but are not limited to our
ability to recruit and retain key personnel, the availability of
funding for future operating requirements, our ability to protect
our intellectual property, our ability to secure contracts for the
installation of our products and our ability to develop and operate
such projects successfully. We urge you to carefully consider these
factors and the information detailing other factors (which may
cause actual results to differ materially) included in EESTech,
Inc.'s press releases and other historical SEC filings. The
forward-looking statements are based on current expectations and
neither the Company nor its management assumes any obligation to
update these statements. DATASOURCE: EESTech, Inc. CONTACT: Dennis
Rutzou or Joanna Gitsham, both of EESTech, Inc., +612 9413 4244 Web
Site: http://www.eestechinc.com/
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