Pax Evaluating New Technology Company for Acquisition
January 22 2009 - 9:00AM
Marketwired
Pax Clean Energy, Inc. (OTCBB: PXCE) ("Pax" or the "Company")
announced today that it has formally ceased plans for the proposed
biodiesel plant located in Serbia and that it continues to evaluate
several promising technology projects in an effort to bring
increased value to shareholders.
During its feasibility studies relating to the biodiesel
facility in Serbia it became clear that Pax's ability to source raw
material would be constrained due to a variety of negative factors.
These factors include European Union regulations, rising raw
material costs due to competing land use requirements and the
introduction of competitive forces within the targeted market
areas.
Whereas Pax is a fully reporting OTCBB company with the ability
to raise capital in the public markets, the Company has sought a
technology project with an experienced management team that has had
previous success on major U.S. exchanges. Pax management believes
that this is the most important element in developing and marketing
a successful project, and moving the company onwards to a major US
exchange such as NASDAQ.
Of the projects Pax is currently evaluating, one in particular
has excellent market potential and meets the criteria used for
success and risk evaluation by Company management. If Pax reaches
an agreement with respect to this project, a requirement would
include the cancellation of all restricted stock held by the
current management, resulting in a significant reduction in the
outstanding shares of the company.
Pax will keep shareholders informed on a timely basis as matters
develop.
NOTICE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains 'forward-looking statements.' These
are statements concerning plans, objectives, goals, strategies,
expectations, estimates, intentions, projections, developments,
future events, or performance, underlying (expressed or implied)
assumptions and other statements that are other than historical
facts. In some cases forward-looking statements can be identified
by the use of forward-looking words such as 'believes,' 'expects,'
'may,' 'will,' 'should,' or 'anticipates,' 'estimates,' or the
negative of these words or other variations of these words or
comparable words, or by discussions of plans or strategy that
involve risks and uncertainties. Management wishes to caution the
reader that these forward-looking statements, including, but not
limited to, statements regarding the Company's plans, goals,
estimates and assumptions, and the business strategy of the Company
and other matters that are not historical facts are only
predictions. No assurances can be given that such predictions and
the estimates regarding mineral reserves, success of mining plans,
or other projections will prove correct or that the anticipated
future results will be achieved. Actual events or results may
differ materially. Forward-looking statements should be read in
light of the cautionary statements and risks that include, but are
not limited to, the risks associated with a small company, the
intense competition the company faces from others, and
technological changes. Any one or more of these or other risks
could cause actual results to differ materially from the future
results indicated, expressed, or implied in such forward-looking
statements.
Pax Clean Energy, Inc.
P.L. Hammond, President
Add to Digg Bookmark with del.icio.us Add to Newsvine
Contact: Pax Clean Energy 1-250-655-3776