Minerco Resources, Inc. Signs a Binding Letter of Intent to Acquire an Interest in a 2.6 Mega-Watt Hydroelectric Asset in Hondur
January 25 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 binding
letter of intent for the acquisition of a minimum 30% and a maximum
80% of the interest currently owned by Sesecapa Energy Company S.A.
de C.V. ("SENCO") in a 2.6 mega-watt, Hydro-Electric Project known
as "Rio Sixe" located in the La Labor, Ocotepeque, Honduras, C.A.
from SENCO, a corporation formed and operated under the laws of
Honduras.
The Agreement provides for the Company to acquire a minimum of
30% and a maximum of 80% interest of the 2.6 mega-watt Rio Sixe
Project. The actual ownership percentage will be defined after
completion of all studies and permitting. The project is currently
in the Feasibility Stage of development allowing Minerco to
participate in the feasibility, development, design and
construction stages of the Project. The Project is expected to
start construction in 2012.
Minerco's expected revenue from its interest in the Rio Sixe
Project is between $500 thousand and $1.4 million depending on the
interest acquired in the Project. However, such estimates are based
upon preliminary results and assume all studies produce anticipated
results and that expenses do not exceed budget estimates. There can
be no assurance that the final results and timing will be as
anticipated.
"We are very excited to have a binding agreement for an interest
in the Rio Sixe Project," said Sam J Messina III, Minerco's CFO.
"The project is another great addition to our growing portfolio of
clean, renewable projects in Central America, and we are very
pleased to expand our partnership with the experienced team at
SENCO."
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 revenue to be provided by the
project. 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
produce the anticipated 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. Email Contact
281-994-4187
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