ENVIROTEK Announces 20 Year Strategic Alliance Contract With Northern California Power Supply Company
October 29 2009 - 6:00AM
Marketwired
ENVIROTEK (PINKSHEETS: ENTK) today announced the execution of a
signed agreement with a Northern California-based power supply
company.
ENVIROTEK President Robert Thompson today announced the company
recently entered into an exclusive strategic alliance agreement for
multiple contracts with a Northern California-based Waste Heat
Electric Power Generation Company supplying electricity directly to
the national grid system. The base term of each contract is 20
years in duration. The alliance company, who has been supplying the
Northern California grid system for over 5 years using their
patented landfill based technology, is in the process of emerging
as a publicly traded entity.
Mr. Thompson commented, "ENVIROTEK, under the terms of the
agreement, has a 'first right of refusal' to provide up to 20%
equity financing and ownership participation for all future
projects worldwide. The Waste Heat Electric Power Generation
Company currently has California-based project orders with an
estimated raw cost of $40 Million that are assigned for development
on California landfills. These fully executed contracts represent
an estimated gross revenue, over the current 20 year power purchase
contracts in hand, in excess of $330,000,000. This figure is based
on the renewable wholesale rate currently paid by the utility at
the 'Market Price Referent' of 11.2 cents/kw set by the California
Public Utility Commission. This rate is also subject to incremental
increase reviews during the 20 year term. This represents a secured
20 year residual income per contract, based on the contracts in
hand, for ENVIROTEK's participation by way of the strategic
alliance partnership agreements. ENVIROTEK has already invested
significant funding into the Waste Heat Electric Power Generation
Company towards the first scheduled California waste heat project
contracts."
Mr. Thompson further commented, "The Company is also avidly
pursuing additional avenues of 'Green' power generation process
from the use of ALGAE with the company's strategic contract
alliances with BioCentric Energy Holdings, Inc. (PINKSHEETS:
BEHL)"
VOD Newswire Video Format:
http://vodnewswire.com/vodnewswire/news/envirotek-20091029/
Safe Harbor Statement: This release includes forward-looking
statements intended to qualify for the safe harbor from liability
established by the Private Securities Litigation Reform Act of
1995. These forward-looking statements generally can be identified
by phrases such as ENTK or its management "believes," "expects,"
"anticipates," "foresees," "forecasts," "estimates" or other words
or phrases of similar import. Similarly, statements herein that
describe the Company's business strategy, outlook, objectives,
plans, intentions or goals also are forward-looking statements. All
such forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those in forward-looking statements.
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Envirotek Investor Relations: Office: 920-273-7941
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