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Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge
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To: Nick Morvay who wrote (1146)3/22/2001 8:22:07 PM
From: Al Collard  Read Replies (2) of 11802
 
APK-v...news release:

Altek signs final Fort Macleod JV agreement

Mr. Dale Peterson reports
Altek Power has signed a final joint venture agreement with Texas-Australia
Power Inc. of Wichita Falls, Tex., known as the Fort Macleod joint venture
agreement. The purpose of the joint venture is to acquire 10 acres of land
in Fort Macleod, Alta., develop an electrical power plant on the land and
operate the project thereafter. The first phase of the project is intended
to produce between 40 and 50 megawatts of electricity, which will be sold
to the Power Pool of Alberta, together with the generation of thermal power
for local businesses and institutions. A second phase is also planned for
the project to boost electrical output to 100 megawatts. The second phase
will commence once the first phase has been completed and commissioned, and
appropriate equipment has been procured.
A new Alberta corporation, Altek - Texas Power Inc. (ATP) is being
incorporated for the purpose of holding all of the assets including the
land, building, power generation and infrastructure of the joint venture.
Texas-Australia Power Inc. will hold 50 per cent of the issued shares of
ATP and Altek will hold 50 per cent of the issued shares of ATP. The board
of directors of ATP will comprise two members designated by Texas-Australia
Power and two member designated by Altek.
The term of the joint venture is 40 years.
Generally, the joint venture will receive contributions from
Texas-Australia Power and Altek equally. These contributions will be in the
form of equipment for the project and cash. The joint venture facilitates
the development and continuing operation of the power plant. Actual costs
for the project are currently being developed and the resultant capital
budget will set out the capital requirements for the project. Once the
project is operational, the joint venture agreement provides that all
profits and losses will be allocated equally to Texas-Australia Power and
to Altek.
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