Clean Power Concepts Inc. & China Based Chongqing Grain Group Co., Ltd. Complete Agreement to Create a Joint Venture for Crea...
May 06 2011 - 11:57AM
Business Wire
Clean Power Concepts Inc. (listed as CPOW on the NASD
OTC:BB) and its subsidiary company General Bio Energy Inc., today
announced that it has entered into an agreement with the
Chongqinq Grain Group Co., Ltd. (“CGC”) of China.
The agreement creates a new Joint Venture (“JV”) for the purpose
of managing, leasing or acquiring one or more facilities suitable
for oilseed crushing. The parties have contributed an aggregate of
Three Million Dollars ($3,000,000) to the Joint Venture. The
Agreement provides that CPOW will be committing to source canola
seed to the Joint Venture.
Mr. Shenher, commenting upon the creation of the new Joint
Venture stated, “CPOW looks forward to the anticipated increased
capacity with the creation of Oilseed crushing facilities in
Western Canada. These new operations are planned to be situated
close to transportation hub transit points in an effort to ensure
that efficiencies are achieved in the delivery of orders. This new
Joint Venture will serve to continue CPOW’s effort to develop the
marketing of Canadian filtered canola oil and off-take canola meal
for export. We look forward to a successful new future with our
partners in China.”
Clean Power Concepts produces Filtered Canola Oil, Canola
Feed Meal, Lubricants, Chemicals and Additives that are marketed
under the CLEAN POWER CONCEPTS®, MOPO® brand names.
For more information is available at CPOW’s website at
www.cleanpowerconcepts.com.
Safe Harbor Statement:
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. The
forward-looking statements are based on current expectations,
estimates and projections made by management. The Company intends
for the forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements. Words such as
"anticipates," "expects," "intends," "plans," "believes," "seeks,"
"estimates," or variations of such words are intended to identify
such forward-looking statements. The forward-looking statements
contained in this press release include, statements regarding the
anticipated increased capacity, the planned location of the new
operations, the achievement of efficiencies and the success of the
operations. All forward-looking statements in this press release
are made as of the date of this press release, and the Company
assumes no obligation to update these forward-looking statements
other than as required by law. The forward-looking statements are
subject to risks and uncertainties that could cause actual results
to differ materially from those set forth or implied by any
forward-looking statements and include the risk that the new joint
venture will not be as successful as anticipated, that suitable
locations at suitable prices will not be available for the new
operations, that the demand for the products produced by the joint
venture will not be as great as anticipated and the risk factors
discussed in our Annual Report on Form 10-K and subsequent
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Copies of these filings are available at www.sec.gov.