GEECF: Fifth USD$8,500,000 Sale to China
By PR Newswire
Last Update: 12/15/2005 6:06:23 AM Data provided by
NASSAU, Bahamas, Dec 15, 2005 /PRNewswire-FirstCall via COMTEX/ -- Global Environmental Energy Corp. (GEECF) (Global) confirmed today that its subsidiary, Biosphere Development Corp (Biosphere)., has concluded its fifth Chinese Biosphere Process(TM) System sale for USD$8,500,000.
The system has been sold at a price of USD$8,500,000 which is payable upon delivery to ShengZhou in Zhejiang Province.
This confirmed sale further increases Biospheres' February 2006 projected Chinese sales target of from 30 systems at USD$8,500,000 each or USD$255,000,000, to 35 systems at USD$8,500,000 each or USD$297,500,000.
Biosphere Asia Pacific Company Limited (ASIA PACIFIC) has confirmed that a licensing fee of USD$50,000 has already been received for this ShengZhou Biosphere Process(TM) System..
ASIA PACIFIC and ShengZhou, have agreed that Dongxiang County will build a Biosphere Process(TM) System for municipal solid waste treatment and electricity generation. ASIA PACIFIC and ShengZhou are now forming a local operating company in ShengZhou to develop the project. ASIA PACIFIC is owned 49% by the Shenzhen Rayes Group Co., Ltd., and 51% by Biosphere. The municipal government in ShengZhou is contributing a 30-acre site to the local operating company, on which the Biosphere Process(TM) System will be operated.
Additional Biosphere Process(TM) Systems' for ShengZhou will be manufactured in China by International Environmental Energy Corporation (IEEC). The Shenzhen Branch of Yankuang Group Co., Ltd., owns 30% of and is investing USD$4.5 million (Approx. RMB 36.5 million) in cash to capitalize IEEC. Biosphere owns 70% of IEEC and has invested 13,125,000 shares of Global in IEEC with an agreed value of USD$13.125 million (Approx. RMB106.3Million).
About the Yankuang Group Co., Ltd.
Yankuang Group Co., Ltd., has assets of RMB 22.844 billion (@USD$2.82 Billion United States Dollars) and more than 50 subsidiaries. The Yankuang Group is engaged in coal production and sales, coal chemical, civil engineering, etc. with annual total sales income of RMB 11.258 billion (@USD$1.39 Billion United States Dollars). The Yankuang Group Co., Ltd.'s subsidiary Yangzhou Coal Mining Company Limited is listed on the New York Stock exchange (YZC), the Hong Kong Stock Exchange (Code number 1171) and Shanghai Securities Exchange (Code number 600188).
About Global Environmental Energy Corp.
Global is a Corporation registered in the Commonwealth of the Bahamas and Publicly Traded on Stock markets both in Germany and the United States. Biosphere is a subsidiary of Global.
Note to Investors
This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of the 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. The forward-looking information is based upon current information and expectations regarding Global. These estimates and statements speak only as of the date on which they are made, are not guarantees of future performance, and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results could materially differ from what is expressed, implied, or forecasted in such forward-looking statements.
Global assumes no obligation to update the information contained in this press release. Global 's future results may be impacted by risks associated with rapid technological change, new technological developments and implementations, execution issues associated with new technology, manufacturing production to meet demand, litigation, media publicity and the negative impact this could have on sales, competition, financial and budgetary constraints of prospects and customers, international order delays, dependence upon limited source suppliers, fluctuations in component pricing, government regulations, dependence upon key employees, and its ability to retain employees. Global's future results may also be impacted by other risk factors listed from time to time in its SEC filings, including, but not limited to previous filings, future filings and the Company's Annual Report on Form 20-F.
SOURCE Global Environmental Energy Corp.
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