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17/03/2008
GEECF: Agricultural Bank of China joins Shaoxing Financing Consortium with CNY 70 million.
March 17 2008
NASSAU, Bahamas--(PRNewswire)- Global Environmental Energy Corp., (Deutsche Borse:GLI, OTCBB:GEECF www.geecf.ru –) has received a commitment from the Agricultural Bank of China to join the financing consortium funding the expansion of Shaoxing (Biosphere) Company Limited.
Shaoxing already has a USD$600,000,000 funding commitment from the US Fund Conversion Consultants LLC. The initial CNY 70 million (USD $9.8 million approx) commitment from the Agricultural Bank of China, is the first substantial financial endorsement for the Shaoxing project from a mainland Chinese Bank.
GEECF recently restructured its Chinese businesses to consolidate its revenue interest, acquiring 97.12% of the Shaoxing business which 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. This revenue is derived from tipping fees, electricity sales and the sale of Carbon Credits.
Shaoxing has been permitted by the State Environmental Protection Administration of China to build and operate its Biosphere Power Stations consuming municipal solid waste and generating saleable electricity anywhere in China. Biosphere Process Systems also consume coal mine wastes as a Clean Coal Technology generating electricity and tradable Carbon Credits.
Global is a fully integrated energy company whose interests include electrical power generation, oil and gas exploration and production, clean coal and waste management technologies. “Carbon Credit” means a unit issued pursuant to the Kyoto Protocol as well as all other relevant International Rules and represents a GHG Reduction of one metric tonne of Carbon Dioxide Equivalent, calculated in accordance with the International Rules. “International Rules” means the UNFCCC, the Kyoto Protocol, the Marrakesh Accords, decisions of the CDM Executive Board, decisions of the COP/MOP and any successor or supplementary international agreements or decisions, as amended from time to time.
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.