Minerco Resources, Inc. Provides Corporate and Operational Update
December 16 2010 - 9:45AM
Marketwired
Minerco Resources, Inc. (OTCBB: MINE), a progressive developer,
producer and provider of clean, renewable energy solutions in Latin
America, has provided a corporate update as well as updated
information on its operations.
Corporate Update
- Termination of our Shell Status
- $5 Million Equity Line
"The Equity Line and the termination of our shell status have
provided the Company with a better opportunity to restructure and
properly capitalize moving forward. The details are available in
its Current Report on Form 8k filed on December 6, 2010," said Sam
J Messina III, Minerco's CFO.
Operations Update
- Rio Toco -- Minerco is engaged in the due diligence process for
the Rio Toco Project. Minerco entered into negotiations for the 9
MW Rio Toco Hydro Project in November 2010. Subject to favorable
due diligence results the Company anticipates finalizing this
transaction in the first calendar quarter of 2011.
- Chiligatoro -- Minerco has started negotiations to acquire the
necessary parcels of land required to build its Chiligatoro
Project. As previously released, final studies and documentation
are being prepared for submission to Empresa Nacional de Energia
Electrical (ENEE) for Power Purchase Agreement (PPA) and to the
Honduran Congress for final approval of the Chiligatoro Project.
The local communities have formally approved the Chiligatoro
Project; the Environmental Impact Study has been submitted to
Secretaria de Recursos Naturales y Ambiente ("SERNA"), Honduras's
Natural Resources and Environmental Ministry. The Honduran National
Commission of Energy has approved and SERNA has signed the 30 Year
Operations Contract and Water Contract for the Chiligatoro
Project.
"We are very pleased with the progress we've made on the
Chiligatoro Project over the last 7 months. With the signing of our
equity line, we are yet another step closer to realizing our vision
of providing clean, green energy in Central America," said V. Scott
Vanis, Minerco's President and CEO.
Safe Harbor Statement
This news release contains forward-looking statements within the
meaning of the Safe Harbor Provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
often identified by the words "believe," "anticipate," "expect,"
"intend," "estimate," and similar expressions. All statements in
this document regarding the future outlook related to Minerco are
forward-looking statements, including, but not limited to
statements regarding the finalizing the Rio Toco Project, the
equity lines' impact on our ability to move forward with our
business operations and the expected date of commencement of
construction. Such statements are based on the current
expectations, beliefs, estimates and projections of management and
are subject to a number of risks and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements, such as the financing not being as
successful as anticipated, our inability to meet the conditions
necessary in order to effectuate the financing, delays in the
construction of the Project and the failure of the Project to
result in anticipated revenue. Additional uncertainties and risks
are described in our most recently filed SEC documents, such as our
most recent annual report on Form 10-K. For a more detailed
discussion of factors that affect our operations, please refer to
our Securities and Exchange Commission filings. Copies of this
filing are available through the SEC website at http://www.sec.gov.
All forward-looking statements are based upon information available
to us on the date hereof. The Company undertakes no obligation to
update this forward-looking information.
Please contact: Minerco Resources, Inc.
info@minercoresources.com 281-994-4187
Minerco (CE) (USOTC:MINE)
Historical Stock Chart
From May 2024 to Jun 2024
Minerco (CE) (USOTC:MINE)
Historical Stock Chart
From Jun 2023 to Jun 2024