Peat Resources Limited: Statement of Intent With Altentech Power Inc.
May 27 2008 - 12:42PM
Marketwired
TORONTO, ONTARIO was formed to explore, develop and produce peat
fuel for use in electricity generating stations and other
facilities that require a long-term assured supply of economically
competitive, environmentally favourable, and consistent quality
fuel.
Over many years of intense international research and strategic
relationship-building Peat Resources Limited has distinguished
itself as one of the pre-eminent experts in the field of
environmentally sensitive, sustainable biomass energy fuel
commercialization.
In addition to its worldwide connections, Peat Resources has
contractually secured a strong, evergreen resource base in Ontario
and Newfoundland and is currently establishing a pilot plant
facility in Stephenville (Newfoundland) for production of peat fuel
pellets. In its 2007 energy plan, the Government of Newfoundland
and Labrador recognized the abundant peat resources of the province
and their potential for contributing to future energy needs.
Peat Resources is seeking applications and markets for its peat
fuel - a biomass fuel that offers significant economic and
environmental benefits.
Altentech Power Inc. is the developer of a unique,
biomass-fuelled power generation system. Their proprietary
technology results in vastly improved combustion efficiencies while
substantially reducing critical emissions into the environment.
While there are many applications for Altentech's system(s)
their business plan calls for establishment of the first of several
10-mega watt peat powered plants in Canada before proceeding on in
a timely manner to other international peat and non-peat fuelled
opportunities.
Altentech will build and operate these Canadian plants to feed
power into local and North American energy grids and/or potentially
in some cases, to supply co-generated power and heat (steam) to
remote off-line communities or industrial customers. For example,
remote communities around the shores of Newfoundland and Labrador
are potential locations for these peat-fuelled energy systems.
Clearly there is synergy between the two companies: Peat
Resources as the holder of vast peat inventories and developer of a
way to harvest them in an environmentally acceptable, even
beneficial way, and Altentech Power with the ground-breaking
technologies to convert said fuel into highly saleable electrical
power in an efficient and environmentally superior manner.
To that end, Peat Resources is working with Altentech to
facilitate location of their first plant adjacent to our
Newfoundland peat holdings and on consummating a long-term (20
year/evergreen) contract that provides Peat Resources Limited with
a high volume customer and Altentech Power Inc. with a consistent
fuel supply.
Phase two of the engagement calls for similar mutually
beneficial Altentech/Peat Resources' related projects in Northern
and Central Ontario linking established peat resources and bio
energy consumers.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy of this news release.
Contacts: Peat Resources Limited Peter Telford President and CEO
(416) 862-7885 (416) 862-7889 (FAX) Email:
peatfuel@peatresources.com Website: www.peatresources.com
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