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