21/02/2008
GEECF: Completes Biosphere Shaoxing Acquisition to consolidate Chinese businesses.
February 21 2008
NASSAU, Bahamas--(BUSINESS WIRE)- Global Environmental Energy Corp., (Deutsche Borse:GLI, OTCBB:GEECF www.geecf.ru ) has on 24th January 2008 completed the restructuring of its Chinese businesses with the acquisition of 97.12% of Shaoxing (Biosphere) Company Limited, of Shengzhou, a company formed in the Peoples Republic of China in 2005 with a registered capital RMB 60 million.
Following on the success of the AnJi Biosphere project in 2007, GEECF decided to restructure its Chinese businesses to consolidate its revenue interest. When complete the Shaoxing business will see the deployment of 72 six megawatt per hour Biosphere Power Stations, with a complete capital investment of USD$1,440,000,000 and an expected EBIDTA of USD$1,061,961,993 per annum.
Shaoxing has been permitted by the State Environmental Protection Administration of China to build and operate its Biosphere Process Systems consuming municipal solid waste and generating saleable electricity anywhere in China
This consolidation has been made possible by the appointment of the Shenzhen Branch of the Yankuang Group Company Limited, to manufacture all Biosphere Power Stations in China. The Yankuang Group reported sales income for 2007 of CNY 35 billion, up by 11.78% year-on-year. Pre-tax profit was CNY 8.7 billion, up by 18.53% year-on-year.
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.
Contact: Global +1 242 323 0086 PO Box CB-13277 Nassau Bahamas www.geecf.ru
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This web site 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. In order to provide our site visitors with additional services and resources, Global has provided herewith both information provided by third parties and links to external "third party" sites. Any third party information provided or third party site you visit by a link from this site is solely the responsibility of the vendor, merchant, or other party providing the information or the site. Third party information and links to third party sites are here for the convenience of our site visitors only. The content (including information in the form of text or graphics) of any third party information provided or third party site which is visited via a link from this site is solely the responsibility of the provider of that third party information provided or the web site visited. Any business, financial or other transactions or agreements you enter into with a vendor, merchant or other party listed in this site or linked to from this site are solely between you and that vendor, merchant and / or other party. Global makes no attempt and is in no way responsible for ensuring that the information provided by third party information provided or through third party sites linked hereto is reliable and accurate, Global is not responsible for any such content (or the accuracy thereof) of any third party information provided or third party information found on any third party site that may be accessed via a link from this site. Global hereby disclaims any responsibility for the content of third party information provided or information found on any third party web site accessed via a link from this site.