Global Environmental Energy Corp's Subsidiary Biosphere Development Corp. Receives Confirmation from Diamond Ridge Advisors on Funding 50% of an $8,600,000 Municipal Contract
NASSAU, Bahamas, Mar 1, 2005 (BUSINESS WIRE) -- Global Environmental Energy Corp. (OTCBB: GEECF) (FWB:LFT) today announced that it had received permission from its financiers Diamond Ridge Advisors to fund 50% of Biosphere Development Corp's Joint Venture with the Municipality of Silistra Bulgaria.
On December 21, 2004 Biosphere Development Corp and The Municipality of Silistra signed a Confidentiality Agreement and Letter of Intent for the establishment of a Joint Venture Company.
On February 21, 2004 Biosphere Development Corp received from The Municipality of Silistra a signed Letter of Confirmation from the Mayor of Silistra. This letter committed to advance 50% or $4,300,000 of the required financing, and the establishment of a Joint Venture Company.
On February 23, 2004 Global Environmental Energy Corp received notification from Diamond Ridge Advisors that Global could advance to Biosphere the additional $4,300,000 as required under the agreement with Silistra.
Accordingly the new Joint Venture Company in Bulgaria is now fully funded and will shortly place its purchase order with Biosphere Development Corp for its first Biosphere Process System.
The Joint Venture Company will employ Biosphere(TM) Process technology to process municipal solid waste whilst producing electricity and potable water. It is intended that this new joint venture company will purchase a Biosphere(TM) Process System and a water bottling plant from Biosphere Development Corp for approximately USD$8,600,000 with sufficient capacity to process 70,000 tonnes of municipal solid waste per annum producing approximately 43,500 MWH of electricity and 43,500,000 litres of bottled potable water per annum.
About The Municipality of Silistra.
In 2001 Bulgaria consumed 32.52 billion kWh of electricity with an average value of approximately USD$60 per MWH (www.indexmundi.com). A report by Zenith International in January 2004 (www.zenithinternational.com) identified the East Europe Bottled Water market as a thirst unquenched. According to the Bulgarian Soft Drinks Association, consumption of soft drinks in Bulgaria has increased by 13 million litres during the first quarter of 2004 in comparison with the same period in 2003 with an average value of approximately USD$0.25 per litre (www.novinite.com). According to the Bulgarian Soft Drinks Association (www.bia-bg.com), bottled water enjoyed greatest interest and is one of the best scorers together with fruit juices. Bulgarian brands continue to dominate the segment, making up 90% of the sales.
Now one of 28 administrative provinces in Bulgaria, Silistra (http://bulgaria.domino.bg/silistra/) has been in existence since as early as 106AD and became a Municipality in 169 AD. Located at the crossroads of the Danube and the Black Sea, the region provides easy access to several countries. The Danube connects Silistra with 11 countries in Central and Eastern Europe. The black sea ports of Varna (144km) and Konstansa (80km) connect the city with Russia and Asia. The 2,000-year-old city of Silistra is already home to several joint ventures and foreign investments. Foreign direct investment (FDI) inflow in Bulgaria for 2004 amounted to 2,020 million euros, whilst domestic investment has increased by 1,813 million euros for January-September 2004 (www.countrywatch.com). Such investments are rapidly expanding the Bulgarian economy. In January through September 2004 Bulgarian GDP is estimated to have increased by 5.7% (www.countrywatch.com) as compared to an increase of only 4.8% in the 12 months of 2002. Bulgaria is a country of 7.8 million people (www.cia.gov). Bulgaria -- like Croatia, Romania and Turkey -- are candidate countries for entry to the European Union. Bulgaria is scheduled to become a member of the European Community on January 1 2007. The European Union currently has 25 member states. In advance of its accession to the European Union, Bulgaria in common with other countries joining is experiencing an explosion in economic growth.
About Biosphere Development Corp
Biosphere Development Corp is a subsidiary of Global Environmental Energy Corp. Global Environmental Energy Corp intends to become a fully integrated energy company whose interests will include traditional oil and gas and alternative energy sources, environmental infrastructure and electrical micro-power generation. Biosphere Development Corp's unique proprietary technology, EcoTechnology(TM), supplies energy through an efficient and environmentally safe process. The Biosphere Process(TM) System, a central part of the EcoTechnology(TM) system, can safely and efficiently processes traditional and non-traditional waste materials into electricity and other beneficial by-products. The Biosphere Process(TM) can assist in solving the global waste problem by converting into clean, green electricity such waste materials as: municipal solid waste (MSW), agricultural surpluses, agricultural effluents, forestry wastes, sewage sludge, medical waste, industrial wastes, flared natural gas, shale oil, sour natural gas, high sulfur oils, waste bilge oil, waste drilling muds and fluids, and many other traditional and non-traditional waste materials.
It is the intention of Global Environmental Energy Corp that Biosphere Development Corp will become a fully reporting and trading company in the future if accepted by the SEC and the NASD for trading. Global Environmental Energy Corp maintains a web site at globalenvironmentalenergy.com
SOURCE: Global Environmental Energy Corp.
Global Environmental Energy Corp.
Dr. C.A. McCormack, 877-723-6315
www.globalenvironmnetnalenergy.com
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