Minerco Resources, Inc. Signs Definitive Agreement to Acquire 6 Megawatt Hydro-Electric Project in Honduras
May 27 2010 - 4:14PM
Marketwired
Minerco Resources, Inc. (OTCBB: MINED), a progressive developer,
producer and provider of clean, renewable energy solutions in Latin
America, announced today the company has entered into a definitive
agreement for the acquisition of a Hydro-Electric Project known as
"Chiligatoro Hydro-Electric" in Honduras in Central America.
The Agreement provides for the Company to acquire 100% of the 6
megawatt Chiligatoro Project, located in the Municipality of
Intibuca, in the Department of Intibuca in Honduras, C.A. from ROTA
INVERSIONES S.DE R.L., a Corporation formed and operated under the
laws of Honduras. ROTA will receive 18 million restricted shares of
MINED in three installments while the Company is responsible for
outstanding costs to date and ongoing expenses through final design
and continued operations of the Project. Minerco will provide
funding for the construction and development of the Project, which
the company anticipates will begin in the latter part of 2010. The
Company will retain full control for the life of the Project.
As previously released, The Chiligatoro Project is currently in
the Feasibility Stage of development allowing Minerco to
participate in the design and construction of the Project. The
Feasibility Study has been completed and submitted to the
Secretaria de Recursos Naturales y Ambiente ("SERNA"), Honduras's
Natural Resources as well as the Environmental Ministry. The
Feasibility Study was approved by SERNA in January, 2010, and has
been submitted for approval by the National Energy Commission of
Honduras. The Commission's approval of the Project and ensuing
contract is pending. The Environmental Impact Study has also been
submitted to SERNA for approval which the company expects to
receive in the near future.
"We are excited to enter into this definitive agreement to
acquire the Chiligatoro Project in Honduras," said President &
CEO V. Scott Vanis of Minerco Resources, Inc. "Honduras represents
an excellent environment to develop small to mid-range clean energy
projects. The Project, once approved, will provide Minerco with a
substantial, long-term revenue base for years to come."
Safe Harbor Statement
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Act of 1934 that are based upon current
expectations or beliefs, as well as a number of assumptions about
future events. Although we believe that the expectations and
assumptions upon which they are based are reasonable, we can give
no assurance that such expectations and assumptions will prove to
have been correct. Some of these uncertainties include, without
limitation, the company's ability to perform under existing
contracts or to procure future contracts. The reader is cautioned
not to put undue reliance on these forward-looking statements, as
these statements are subject to numerous factors and uncertainties,
including without limitation, successful implementation of our
business strategy and competition, any of which may cause actual
results to differ materially from those described in the
statements. We undertake no obligation and do not intend to update,
revise or otherwise publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of any unanticipated
events. Although we believe that our expectations are based on
reasonable assumptions, we can give no assurance that our
expectations will materialize. Many factors could cause actual
results to differ materially from our forward-looking statements.
C. Jones Consulting, Inc. is being compensated $4000.00/month to
handle Investor Relations.
Please contact: C. Jones Consulting, Inc.
cjones@cjonesconsulting.com
Minerco (CE) (USOTC:MINE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Minerco (CE) (USOTC:MINE)
Historical Stock Chart
From Jul 2023 to Jul 2024