Minerco Resources, Inc. Signs Definitive Agreement to Acquire 100 Mega-Watt Wind Project in Honduras
January 19 2011 - 9:45AM
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 a Definitive
Agreement for the acquisition of a 100 mega-watt Wind Project known
as "Sayab Wind Project" located in the Municipality of San Marcos
de Colon, in the Department of Choluteca in Honduras, C.A. from
Energia Renovable Hondurenas S.A. ("ERHSA"), a corporation formed
and operated under the laws of Honduras.
The Agreement provides for the Company to acquire 100% of the
100 mega-watt Sayab Wind Project. ERHSA 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 $48 million per year once fully
operational; 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 our first wind project," said
Sam J. Messina III, Minerco's CFO. "We believe that the project,
once developed, will provide Minerco with a substantial, long term
revenue base for years to come."
The Sayab Project is a 100 mega-watt wind project and is
currently in the early Feasibility Stage of development, allowing
Minerco to control in the feasibility, development, design and
construction phases of the Project. The Project has secured the
necessary land and is expected to start construction in 2013;
however there can be no assurance that such date will not be
delayed.
"The great benefit of wind projects is that they are scalable.
The Sayab Wind Project is another great addition to the Minerco
portfolio of clean, renewable projects 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 potential capacity of and anticipated long
term 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 the 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 is 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. Email Contact
281-994-4187
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