Minerco Resources, Inc. Signs Definitive Agreement to Acquire 4 Megawatt Hydroelectric Asset in Honduras
January 06 2011 - 10:20AM
Marketwired
Minerco Resources, Inc. (OTCBB: MINE), a progressive developer,
producer and provider of clean, renewable energy solutions in Latin
America, announced today that the Company has signed an agreement
for the acquisition by it of a 4 mega-watt, Hydro-Electric Project
known as "Iscan" located in the Municipality of Guata, in the
Department of Olancho in Honduras, C.A. from Energetica de
Occidente S.A. de C.V. ("Enercosa"), a corporation formed and
operated under the laws of Honduras.
The Agreement provides for the Company to acquire 100% of the 4
mega-watt Iscan Project. ENERCOSA will receive 1 million restricted
shares of MINE in two installments while the Company is responsible
for ongoing expenses through final design and continued operations
of the Project. The project is estimated to have the potential
capacity to gross $2.4 million per year once fully operational and
has an estimated internal rate of return of 21%; however such
estimates are based upon preliminary results and assume all studies
produce anticipated results and that expenses do not exceed their
estimated amount and therefore there can be no assurance that the
results will be as anticipated..
"We are very excited to acquire the Iscan Project," said Sam J
Messina III, Minerco's CFO. "We believe that the project, once
approved, will provide Minerco with substantial, long term revenue
base for years to come."
The Iscan Project is a 4 mega-watt run of the river
hydro-electric project and is currently in the early Feasibility
Stage of development and in the process of completing all studies
and obtaining all necessary approvals allowing Minerco to
participate in the feasibility, development, design and
construction stages of the Project. The Project is expected to
start construction in 2012; however there can be no assurance that
such date will not be delayed.
For a step by step look at the approval process in Honduras,
visit our website at www.minercoresources.com/process.php.
"We are continuing to build a portfolio of clean, renewable
projects in Central America. The Iscan Project is a perfect fit to
help us develop our 'green' vision," 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 anticipated revenue to be derived from the
project 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 our inability to receive necessary regulatory
approvals, unanticipated expenses, 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
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