Solverdi Worldwide, Ltd. Announces $1,900,000.00 Sale of Narangba Real Estate
August 26 2009 - 6:00PM
Business Wire
Solverdi Worldwide Ltd. (ASX: SWW), the world’s first renewable
utility, today announced that it has completed the sale of Narangba
Refinery to Accensi Party, Ltd. for AUD $1.9 million in cash as
consideration for these assets, which consist of real estate, and a
distribution depot.
Chief Executive Officer Dennis Danzik commented, “The sale of
our Narangba Refinery is another strategic step towards
repositioning our Company in the renewable fuels and energy market.
In less than a year, we are successfully launching our business
model as a producer of renewable fuels in Australia to become a
worldwide producer of renewable fuel and energy. Solverdi’s
technology provides a means for our customers to develop renewable
energy ‘behind the meter’ directly to their place of business,
including farms, manufacturing facilities, military installations,
office buildings, hotels, restaurants, heath care facilities and
nearly all commercial sites on a global basis. The sale proceeds
from this transaction will provide us additional growth capital to
fund our immediate growth opportunities as we advance our
technology and expand our presence in Australia, and the U.S.”
Opened in August 2006, Narangba Refinery is the largest
renewable fuel production facility in Australia with a production
capacity of 160 million liters per annum and was the first
large-scale renewable fuel plant in Australia, similar in size to
leading European facilities. Narangba manufactures a high quality
renewable fuel, that meets the demanding European standards.
About Solverdi Worldwide Ltd.
Solverdi Worldwide Limited is the world’s first renewable
utility. It offers customers a “behind the meter” solution for
generating electricity during peak utilization periods at 15 - 25%
below peak rates per kilowatt hour. In addition, the Solverdi
Process is used to produce steam, compressed air, and recapture
non-potable water. The Solverdi Process includes a solar cracking
(thermal) system that delivers renewable electricity and
incorporates the use of solar and renewable fuels and utilizes a
commercial building’s uninterruptable power supply and interior
energy infrastructure. The average system is installed on the
exterior of the building and fits inside a 10’ x 10' area. All
systems are designed and supervised by professional engineers, and
meet LEED standards in the U.S. The company also operates
Australia’s largest capacity renewable fuel production facility,
near Brisbane, Queensland, and an additional facility in Berkley
Vale, New South Wales that is currently being converted to the
Solverdi Process.
Forward-Looking Statements
The Information herein contains forward-looking statements that
involve risks, uncertainties, assumptions and other factors, which,
if they do not materialize or prove correct, could cause Solverdi
results to differ materially from historical results, or those
expressed or implied by such forward-looking statements. All
statements, other than statements of historical fact, are
statements that could be deemed forward-looking statements,
including statements containing the words "planned," "expects,"
"believes," "strategy," "opportunity," "anticipates," and similar
words. These statements may include, among others, plans,
strategies and objectives of management for future operations; any
statements regarding proposed new products, services or
developments; any statements regarding future economic conditions
or performance; statements of belief; and any statements of
assumptions underlying any of the foregoing. The potential risks
and uncertainties may include, but are not limited to, competition
in our target markets; potential capital needs; management of
future growth and expansion; risk of third-party claims of
infringement; protection of proprietary information; customer
acceptance of the company's products and fee structures; the
success of Solverdi brand development efforts; risks associated
with strategic alliances; reliance on distribution channels;
product concentration; need to develop new and enhanced products;
potential product defects; our ability to hire and retain qualified
employees and key management personnel; and risks associated with
changes in domestic and international market conditions and the
entry into and development of international markets for the
company's products. Solverdi assumes no obligation to update any
forward-looking statement to reflect events or circumstances
arising after the date on which it was made.
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