NEW YORK, June 26, 2012 /PRNewswire/ -- 3Power Energy Group
Inc. ("3Power" and "the Company") (OTCBB: PSPW) (Frankfurt: PSD),
is pleased to announce that the company signed a strategic alliance
and partnership agreement with Green World Development Inc.,
(OTCBB: GREW), to jointly acquire and to develop US multifunctional
Energy Centres.
Initially 3Power and Green World will Jointly acquire the North
Carolina Biomass/Wood Pellet Plant to develop multifunctional
Energy Centres on the landfill site in the Green Mountain Area in
Alabama USA. This site will be
used to effect energy transformations of waste tar, Municipal Waste
and Biomass for energy production plants. It's also the intention
of the partnership to utilize the expertise and experience of
3Power to further develop a Wind Power plant in the near
future.
Mr. Mohammed Falaknaz, Chairman 3Power stated, "We at 3Power are
extremely delighted with this partnership and Strategic alliance
with Green World and also to have this opportunity to enter the US
energy market to showcase our expertise."
Mr. Umamaheswaran Balasubramaniam, CEO 3Power stated, "This
strategic alliance with Green World signifies our synergies in the
field of renewable energy and we are very pleased as a US Company
with global operations to finally enter the US Energy Market and
initially add that to the Biomass area, which truly would
complete our sectors in renewable energy with the existing project
pipelines portfolio of wind, hydro and solar."
Forward Looking Statements
This release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
with respect to 3Power, its business and prospective development
plans. These forward-looking statements can be identified by the
use of terminology such as "subject to," "believe," "expects,"
"plan," "project," "estimate," "intend," "may," "will," "should,"
"can," or "anticipates," or the negative thereof, or variations
thereon, or comparable terminology, or by discussions of strategy.
Although all of the forward-looking statements set forth in this
press release are believed to be reasonable, actual results may
differ materially from those expressed in forward-looking
statements as a result of factors outside of the control of 3Power.
3Power cannot provide assurances that any prospective matters
described in the press release will successfully close or otherwise
be completed or that 3Power will realize the anticipated benefits
of any such transactions. Important factors that may cause actual
results to differ materially from those expressed in the
forward-looking statements are discussed in 3Power's Securities and
Exchange Commission filings. Readers are cautioned not to place
undue reliance on forward-looking statements. 3Power does not
undertake and specifically disclaims any obligation to update,
republish or revise forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrences
of unanticipated events. All forward-looking statements should be
regarded solely as 3Power's current plans, estimates and
beliefs.