NEW YORK, Jan. 9 /PRNewswire-FirstCall/ -- SpongeTech® Delivery Systems, Inc., America's Cleaning Company(TM), (OTC Bulletin Board: SPNG - News), is pleased to announce today that the corporate buy-back of the company's 50,000,000 common shares is completed. Repurchased stock will be returned to company's treasury and removed from the trading float. The Board of Directors had convened a meeting to discuss additional positive measures to reduce the total outstanding shares in SpongeTech®'s stock. As a result of the meeting, the next action being taken by the company will be to exercise a new repurchase of 25,000,000 shares of the company's common shares from the open market. The repurchase would again reduce the number of outstanding shares of the company stock thereby decreasing the company's overall market cap and reduce the trading float.
SpongeTech® Delivery Systems, Inc., COO, Steven Moskowitz said, "The management is committed and prepared to support any and all permissible actions to maintain the fundamental value of our common stock. We feel strongly about the company and its growth prospects, and feel that a repurchase plan, at this time, is justified and prudent in its development, as well as enhancing shareholder value."
For more information, please contact Investor Relations at 1-877- SPONGE-T, and/or visit the Company's website at: www.spongetech.com
Saturday, January 10, 2009
(GTXO.ob) - GTX Corp Receives New Patent for Tracking Device Footwear
LOS ANGELES, CA--(MARKET WIRE)--Jan 9, 2009 -- GTX Corp (OTC BB:GTXO.OB - News), a leader in the 2-Way GPS/PLS marketplace, is pleased to announce its state of the union as it commences the new year with an increase in its IP portfolio, a consumer-ready mobile product, and the acquisition of a new company dedicated to locating missing persons across the country.
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GTX Corp was awarded US Patent No. 7,474,206 B2 entitled "Footwear with Embedded Tracking Device and Method of Manufacture." The company continues to pursue licensing opportunities with footwear brands for its embedded 2-Way GPS/PLS platform. This significant patent addition adds to the increasing portfolio of intellectual property specifically designed for use in the footwear category. GTX Corp believes footwear is the best consumer product to house its miniaturized GPS module to monitor children and seniors.
To capture market share for those not included in the children or senior segments, GTX Corp plans to release consumer product LOCime, a mobile tracking application that turns the latest iPhone into a tracking device capable of using the GTX Corp platform. LOCime version 1.2 will be distributed through the Apple App Store (pending the App Store certification). Currently LOCime versions 1.0 and 1.1 are available through the company. Version 1.2 will be the first national commercial release of LOCime followed by versions 2.0, 2.1, and 2.2 in Q1 and Q2.
In an ongoing effort to locate missing persons, GTX Corp entered into an Asset Purchase Agreement with BigHits.Com, Inc. on Dec. 24, 2008. GTX Corp purchased certain assets of BigHits to operate the business of Code Amber News Service (CANS), the predominant online news publisher of local, state and national missing person's alerts. CANS' websites include www.codeamber.com, www.codeamber.org, and www.codeamber.net. In addition, GTX Corp retained the services of Code Amber's management team, Bryant Harper (President) and Linda Spagnoli (Director of Communications), pursuant to consulting agreements.
Many companies have been impacted by the current economic climate and face significant near-term challenges. The company's cash position gives us the ability to help weather this storm. Management is making adjustments to preserve its cash position while the economy works to overcome the temporary setbacks caused by the collapse of the global financial markets, such as reducing management's cash compensation.
True to its seven year history, GTX Corp is committed to providing innovative technology platforms that locate people in real-time and continues to invest in its future for the benefit of its shareholders, employees, customers and the communities it serves.
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GTX Corp was awarded US Patent No. 7,474,206 B2 entitled "Footwear with Embedded Tracking Device and Method of Manufacture." The company continues to pursue licensing opportunities with footwear brands for its embedded 2-Way GPS/PLS platform. This significant patent addition adds to the increasing portfolio of intellectual property specifically designed for use in the footwear category. GTX Corp believes footwear is the best consumer product to house its miniaturized GPS module to monitor children and seniors.
To capture market share for those not included in the children or senior segments, GTX Corp plans to release consumer product LOCime, a mobile tracking application that turns the latest iPhone into a tracking device capable of using the GTX Corp platform. LOCime version 1.2 will be distributed through the Apple App Store (pending the App Store certification). Currently LOCime versions 1.0 and 1.1 are available through the company. Version 1.2 will be the first national commercial release of LOCime followed by versions 2.0, 2.1, and 2.2 in Q1 and Q2.
In an ongoing effort to locate missing persons, GTX Corp entered into an Asset Purchase Agreement with BigHits.Com, Inc. on Dec. 24, 2008. GTX Corp purchased certain assets of BigHits to operate the business of Code Amber News Service (CANS), the predominant online news publisher of local, state and national missing person's alerts. CANS' websites include www.codeamber.com, www.codeamber.org, and www.codeamber.net. In addition, GTX Corp retained the services of Code Amber's management team, Bryant Harper (President) and Linda Spagnoli (Director of Communications), pursuant to consulting agreements.
Many companies have been impacted by the current economic climate and face significant near-term challenges. The company's cash position gives us the ability to help weather this storm. Management is making adjustments to preserve its cash position while the economy works to overcome the temporary setbacks caused by the collapse of the global financial markets, such as reducing management's cash compensation.
True to its seven year history, GTX Corp is committed to providing innovative technology platforms that locate people in real-time and continues to invest in its future for the benefit of its shareholders, employees, customers and the communities it serves.
(INTK.pk) - Industrial Nanotech Announces Record Revenues and Decreased Expenses
NAPLES, Fla.--(BUSINESS WIRE)--Industrial Nanotech, Inc. (Pink Sheets:INTK - News), an emerging global leader in nanotechnology, today announced that the Company experienced record high revenues for its patented Nansulate® energy saving coatings during the normally slow holiday season.
"We historically experience a drop off in sales from early November through the first of the new year," stated Francesca Crolley, VP of Operations and Marketing for Industrial Nanotech, Inc. “Last year, for the two months between November 5, 2007 and January 5, 2008, total revenues were $219,761.73. This year, between November 5, 2008 and January 5, 2009, total revenues jumped to $447,584.75. This was achieved without resorting to sales or unusual discount offers and with a more than 50% reduction in operating expenses. We are pleased to see that the extra effort and hard work which we have invested to offset the general economic conditions worldwide is paying off. It is fortunate and advantageous for Industrial Nanotech, Inc. and our shareholders that, in this era of increasing fiscal constraint by consumers and businesses, our products are easy-to-use, practical, cost effective, and save our customers money by lowering their expenses month after month and year after year."
About Nansulate(R)
Nansulate(R) is the Company's patented product line of specialty coatings containing a nanotechnology based material and which are well-documented to provide the combined performance qualities of thermal insulation, corrosion prevention, resistance to mold growth, fire resistance, chemical resistance, and lead encapsulation in an environmentally safe, water-based, coating formulation. The Nansulate(R) Product Line includes both industrial and residential energy saving coatings. Additional information about the Company and its products can be found at their websites, (www.industrial-nanotech.com) and (www.nansulate.com).
"We historically experience a drop off in sales from early November through the first of the new year," stated Francesca Crolley, VP of Operations and Marketing for Industrial Nanotech, Inc. “Last year, for the two months between November 5, 2007 and January 5, 2008, total revenues were $219,761.73. This year, between November 5, 2008 and January 5, 2009, total revenues jumped to $447,584.75. This was achieved without resorting to sales or unusual discount offers and with a more than 50% reduction in operating expenses. We are pleased to see that the extra effort and hard work which we have invested to offset the general economic conditions worldwide is paying off. It is fortunate and advantageous for Industrial Nanotech, Inc. and our shareholders that, in this era of increasing fiscal constraint by consumers and businesses, our products are easy-to-use, practical, cost effective, and save our customers money by lowering their expenses month after month and year after year."
About Nansulate(R)
Nansulate(R) is the Company's patented product line of specialty coatings containing a nanotechnology based material and which are well-documented to provide the combined performance qualities of thermal insulation, corrosion prevention, resistance to mold growth, fire resistance, chemical resistance, and lead encapsulation in an environmentally safe, water-based, coating formulation. The Nansulate(R) Product Line includes both industrial and residential energy saving coatings. Additional information about the Company and its products can be found at their websites, (www.industrial-nanotech.com) and (www.nansulate.com).
Tuesday, January 06, 2009
(OCTL.ob) - Octillion Corp. Files Patents and Looks to Harness Vehicular Kinetic Energy
WASHINGTON--(BUSINESS WIRE)--Octillion Corp. (OTCBB: OCTL - News), a next-generation alternative and renewable energy technology developer, today announced the appointment of energy-capture experts and engineers, Mr. Stuart Brown, PhD, MBA, and Mr. Brian S. Hendrickson, to the Company’s Advisory Board.
Dr. Stuart Brown and Mr. Brian S. Hendrickson are published authorities in the field of energy harvesting, and are credited with numerous inventions, innovations, and patents in several engineering applications, including the capture of wasted energy for generating electricity -- a key objective in Octillion’s research and development of technologies to generate electricity from the wasted energy of moving vehicles.
Engineers envision that wasted kinetic energy from the movement of an estimated 6,000,000 trucks and 250,000,000 cars on America’s roadways could serve as a potential source for generating valuable electricity, the fastest growing form of end-use energy in the world. Octillion’s engineering teams have designed specific systems and patent-pending technologies to enable the capture of such wasted energy of vehicles in motion for converting it into electricity.
In recent weeks, the Company has accelerated its engineering efforts and unveiled early details of its designed energy capture systems, which engineers anticipate are manufacturable, reliable, and resistant to damage from vehicles, road debris or weather. Among key feature considerations of the systems are the important ability to:
* Adapt to the unique characteristics of different vehicles to optimize the amount of energy captured;
* Reduce or avoid potentially undesirable effects on safety, comfort of vehicle occupants, and the stability of cargo;
* Adaptively monitor or regulate the speed or acceleration (or deceleration) of vehicles.
Incorporating these important features, Octillion recently filed several patents with the United States Patent and Trademark Office as part of the Company’s initiative to build its intellectual property portfolio and protect its future commercial rights as inventor-developer of these new technologies.
[View Octillion’s December 16, 2008 press release, unveiling key features of the Company’s energy capture system and related patent filings: http://www.octillioncorp.com/OCTL_20081216.html]
“As an early inventor, innovator, and commercial player in this space, we’re committed to making every effort to successfully advance our transformational energy harvesting technologies towards prototyping, and ultimately, along the commercialization path,” stated Mr. Meetesh V. Patel, Esq., President and CEO of Octillion Corp.
“In order to meet our goals, we’ve recently accelerated our engineering efforts, undertaken the aggressive build-out of our intellectual portfolio, and now bolstered our Advisory Board with the addition of energy-capture experts, Dr. Stuart Brown and Mr. Brian Hendrickson. I’m honored to welcome them to our team.”
Mr. Stuart Brown, PhD, MBA & Mr. Brian Hendrickson:
Engineers, Inventors and Energy Capture Experts.
Dr. Stuart Brown and Mr. Brian S. Hendrickson are published authorities in the field of energy harvesting, and are credited with numerous inventions, innovations, and patents in several engineering applications, including the capture of wasted energy for generating electricity.
Working with the Office of Naval Research, recent advances by Dr. Brown and Mr. Hendrickson in harvesting energy from motion were featured in the September 2008 issue of Mechanical Engineering Magazine, an award-winning publication of the American Society of Mechanical Engineers (ASME), published since 1880. The featured article titled, “Harvest of Motion,” highlighted their unique skills in energy harvesting by way of the development of a small-scale device which uses human motion to generate five-times greater power output (per volume) than conventional energy harvesting systems.
Recently, Mr. Hendrickson and Dr. Brown co-authored an article titled “Motion Energy Harvesting Using Catch-and-Release Mechanism” for the Proceedings of the 2008 ASME Energy Sustainability Conference.
Dr. Stuart Brown is currently managing partner of Veryst Engineering, LLC, a respected Boston-based engineering firm with expertise in energy capture technologies. Prior to founding Veryst Engineering, Dr. Brown was director of the Boston Office of Exponent, Inc., a leading engineering and scientific consulting firm with over 90 scientific and engineering disciplines and approximately 800 staff. Previously, Dr. Brown served on the faculty of the Department of Materials Science and Engineering at the Massachusetts Institute of Technology.
Dr. Brown earned his Ph.D. in Mechanical Engineering from the Massachusetts Institute of Technology, an M.S. degree in Mechanical Engineering from Stanford University, an M.B.A. in Business Administration, a B.S. in Mechanical Engineering, and an A.B. in English Literature.
Mr. Brian Hendrickson is currently an engineer with Veryst Engineering, LLC. His expertise includes systems design, modeling, and prototyping electromechanical devices. Mr. Hendrickson has lectured on renewable energy and has assistant taught graduate and undergraduate courses in mechanical and electrical engineering at Dartmouth College.
Mr. Hendrickson holds a B.E. in Mechanical Systems from the Thayer School of Engineering at Dartmouth College and a B.A. in Engineering Sciences.
Dr. Stuart Brown and Mr. Brian S. Hendrickson are published authorities in the field of energy harvesting, and are credited with numerous inventions, innovations, and patents in several engineering applications, including the capture of wasted energy for generating electricity -- a key objective in Octillion’s research and development of technologies to generate electricity from the wasted energy of moving vehicles.
Engineers envision that wasted kinetic energy from the movement of an estimated 6,000,000 trucks and 250,000,000 cars on America’s roadways could serve as a potential source for generating valuable electricity, the fastest growing form of end-use energy in the world. Octillion’s engineering teams have designed specific systems and patent-pending technologies to enable the capture of such wasted energy of vehicles in motion for converting it into electricity.
In recent weeks, the Company has accelerated its engineering efforts and unveiled early details of its designed energy capture systems, which engineers anticipate are manufacturable, reliable, and resistant to damage from vehicles, road debris or weather. Among key feature considerations of the systems are the important ability to:
* Adapt to the unique characteristics of different vehicles to optimize the amount of energy captured;
* Reduce or avoid potentially undesirable effects on safety, comfort of vehicle occupants, and the stability of cargo;
* Adaptively monitor or regulate the speed or acceleration (or deceleration) of vehicles.
Incorporating these important features, Octillion recently filed several patents with the United States Patent and Trademark Office as part of the Company’s initiative to build its intellectual property portfolio and protect its future commercial rights as inventor-developer of these new technologies.
[View Octillion’s December 16, 2008 press release, unveiling key features of the Company’s energy capture system and related patent filings: http://www.octillioncorp.com/OCTL_20081216.html]
“As an early inventor, innovator, and commercial player in this space, we’re committed to making every effort to successfully advance our transformational energy harvesting technologies towards prototyping, and ultimately, along the commercialization path,” stated Mr. Meetesh V. Patel, Esq., President and CEO of Octillion Corp.
“In order to meet our goals, we’ve recently accelerated our engineering efforts, undertaken the aggressive build-out of our intellectual portfolio, and now bolstered our Advisory Board with the addition of energy-capture experts, Dr. Stuart Brown and Mr. Brian Hendrickson. I’m honored to welcome them to our team.”
Mr. Stuart Brown, PhD, MBA & Mr. Brian Hendrickson:
Engineers, Inventors and Energy Capture Experts.
Dr. Stuart Brown and Mr. Brian S. Hendrickson are published authorities in the field of energy harvesting, and are credited with numerous inventions, innovations, and patents in several engineering applications, including the capture of wasted energy for generating electricity.
Working with the Office of Naval Research, recent advances by Dr. Brown and Mr. Hendrickson in harvesting energy from motion were featured in the September 2008 issue of Mechanical Engineering Magazine, an award-winning publication of the American Society of Mechanical Engineers (ASME), published since 1880. The featured article titled, “Harvest of Motion,” highlighted their unique skills in energy harvesting by way of the development of a small-scale device which uses human motion to generate five-times greater power output (per volume) than conventional energy harvesting systems.
Recently, Mr. Hendrickson and Dr. Brown co-authored an article titled “Motion Energy Harvesting Using Catch-and-Release Mechanism” for the Proceedings of the 2008 ASME Energy Sustainability Conference.
Dr. Stuart Brown is currently managing partner of Veryst Engineering, LLC, a respected Boston-based engineering firm with expertise in energy capture technologies. Prior to founding Veryst Engineering, Dr. Brown was director of the Boston Office of Exponent, Inc., a leading engineering and scientific consulting firm with over 90 scientific and engineering disciplines and approximately 800 staff. Previously, Dr. Brown served on the faculty of the Department of Materials Science and Engineering at the Massachusetts Institute of Technology.
Dr. Brown earned his Ph.D. in Mechanical Engineering from the Massachusetts Institute of Technology, an M.S. degree in Mechanical Engineering from Stanford University, an M.B.A. in Business Administration, a B.S. in Mechanical Engineering, and an A.B. in English Literature.
Mr. Brian Hendrickson is currently an engineer with Veryst Engineering, LLC. His expertise includes systems design, modeling, and prototyping electromechanical devices. Mr. Hendrickson has lectured on renewable energy and has assistant taught graduate and undergraduate courses in mechanical and electrical engineering at Dartmouth College.
Mr. Hendrickson holds a B.E. in Mechanical Systems from the Thayer School of Engineering at Dartmouth College and a B.A. in Engineering Sciences.
(LBAS.ob) - Location Based Technologies Achieves Product Landmark
ANAHEIM, Calif.--(BUSINESS WIRE)--Location Based Technologies, Inc. (OTCBB:LBAS - News), a leading-edge provider of personal locator devices and services for families, today announced that its feature rich PocketFinder® service has been downloaded more than 10,000 times since its debut as an Apple (NASDAQ:AAPL - News) iPhone and Google (NASDAQ:GOOG - News) Android smartphone application two months ago.
Moreover, respected online media portal www.iappcat.com named the mobile PocketFinder services as the best iPhone personal locator. Also, www.gisuser.com awarded the PocketFinder service the Google G1 Android application App of The Day.
“We are absolutely delighted that the PocketFinder service has received such unprecedented attention,” said Dave Morse, CEO of Location Based Technologies. “The response has been gratifying to say the least and to have reached this milestone in only eight weeks is astounding. We look forward to serving thousands more smartphone users as the need for our service becomes increasingly validated around the world.”
Morse noted that the smartphone market is about to explode as more and more companies adapt applications to meet the needs of many different consumers. “In fact, now that Wal-Mart is selling the iPhone and the G1, consumers previously not exposed to the market will begin to purchase smartphones and forward-thinking application developers like us are adjusting business models to meet the anticipated demand.”
PocketFinder has succeeded in combining its versatility and innovative features with the flexibility of the iPhone and Google Android platforms in order to make it easier for families to stay connected. With this application, now any authorized family member can locate any PocketFinder-enabled smartphone. The service also allows users to easily integrate with the PocketFinder family of products when they become available for sale in the U.S. in Q1 2009.
As the smallest known single-board GSM/GPS device, the PocketFinder easily fits into a pocket, purse or backpack and can be accessed via the Internet, cell phone or landline to show its exact location in real time. In addition, the device includes several advanced features such as designating customizable alert areas as electronic “fences” to notify when a family member or pet leaves or enters a specified area. The device can even track vehicle speeds to encourage safe driving decisions.
The Apple iPhone-based Mobile PocketFinder application is available to download from the iTunes’ AppStore at www.apple.com/iphone/features/appstore. The Google Android-based (sold exclusively by T-Mobile (NYSE: DT)) Mobile PocketFinder application is available to download from the Android Market at www.android.com/market.
About Location Based Technologies
A publicly traded company (OTCBB:LBAS - News), Location Based Technologies designs and develops leading-edge personal locator devices and services that incorporate patented, proprietary technologies designed to enhance and enrich the lives of families globally. The company is headquartered in Anaheim, Calif. For more information, visit http://www.pocketfinder.com.
Moreover, respected online media portal www.iappcat.com named the mobile PocketFinder services as the best iPhone personal locator. Also, www.gisuser.com awarded the PocketFinder service the Google G1 Android application App of The Day.
“We are absolutely delighted that the PocketFinder service has received such unprecedented attention,” said Dave Morse, CEO of Location Based Technologies. “The response has been gratifying to say the least and to have reached this milestone in only eight weeks is astounding. We look forward to serving thousands more smartphone users as the need for our service becomes increasingly validated around the world.”
Morse noted that the smartphone market is about to explode as more and more companies adapt applications to meet the needs of many different consumers. “In fact, now that Wal-Mart is selling the iPhone and the G1, consumers previously not exposed to the market will begin to purchase smartphones and forward-thinking application developers like us are adjusting business models to meet the anticipated demand.”
PocketFinder has succeeded in combining its versatility and innovative features with the flexibility of the iPhone and Google Android platforms in order to make it easier for families to stay connected. With this application, now any authorized family member can locate any PocketFinder-enabled smartphone. The service also allows users to easily integrate with the PocketFinder family of products when they become available for sale in the U.S. in Q1 2009.
As the smallest known single-board GSM/GPS device, the PocketFinder easily fits into a pocket, purse or backpack and can be accessed via the Internet, cell phone or landline to show its exact location in real time. In addition, the device includes several advanced features such as designating customizable alert areas as electronic “fences” to notify when a family member or pet leaves or enters a specified area. The device can even track vehicle speeds to encourage safe driving decisions.
The Apple iPhone-based Mobile PocketFinder application is available to download from the iTunes’ AppStore at www.apple.com/iphone/features/appstore. The Google Android-based (sold exclusively by T-Mobile (NYSE: DT)) Mobile PocketFinder application is available to download from the Android Market at www.android.com/market.
About Location Based Technologies
A publicly traded company (OTCBB:LBAS - News), Location Based Technologies designs and develops leading-edge personal locator devices and services that incorporate patented, proprietary technologies designed to enhance and enrich the lives of families globally. The company is headquartered in Anaheim, Calif. For more information, visit http://www.pocketfinder.com.
(LLEG.pk) - Laidlaw Energy Group Closes Financing for Energy Plant
NEW YORK--(BUSINESS WIRE)--Laidlaw Energy Group, Inc. (Ticker Symbol “LLEG”), through its affiliate, Laidlaw Berlin BioPower, LLC (“Laidlaw”), announced today that it has completed the acquisition of the former Fraser Paper pulp mill site where it has been engaged for the last two years in the development of a 66 megawatt biomass-to-energy project, along with the requisite financing for the development of the project.
“The complex history of the facility, which has been an industrial site for over 100 years, along with the many complexities associated with a project of this size and scope added significant time to our acquisition and financing negotiations,” stated Michael Bartoszek, Laidlaw Energy President and CEO. “We are pleased to have concluded this transaction, which will allow these assets to be put to good use in support of clean energy and the economic recovery of the North Country,” stated Bartoszek.
The Berlin Project involves the conversion of the boiler and related equipment situated at the former Fraser Paper pulp mill site into a highly advanced biomass-to-energy project. Power from the Berlin Project is expected to be sold to the Public Service Company of New Hampshire (“PSNH”) pursuant to a long-term agreement. Laidlaw announced in September that is has reached agreement with PSNH on the material terms of a contemplated 20 year power purchase agreement.
“Now that the acquisition and financing have closed, the next step will be to apply for our permits with the New Hampshire Environmental Facilities Site Evaluation Committee,” stated Lou Bravakis, Laidlaw’s Vice President of Planning and Development. The permitting process if expected to take nearly a year. The projected commencement of commercial operations is currently slated for late 2010.
The Berlin Project is expected to utilize approximately 700,000 tons of clean wood biomass chips per annum and is expected to directly employ 40 skilled workers and create or support over 500 indirect jobs associated with wood chip supply and transportation. Requiring a capital investment of over $100 million, the 66 megawatt plant is expected to be among the largest and most environmentally advanced biomass-energy plants in North America.
About Laidlaw Energy Group
Laidlaw Energy is engaged in the development of independent power plants that generate electricity from renewable resources, with a particular emphasis on biomass power. Laidlaw Energy's mission is to build and manage a profitable portfolio of biomass facilities through the development of new facilities and acquisition of existing facilities, and in so doing become the leading supplier of biomass power in the United States. Laidlaw Energy is headquartered in New York, New York. For more information, please visit our website at www.LaidlawEnergy.com.
“The complex history of the facility, which has been an industrial site for over 100 years, along with the many complexities associated with a project of this size and scope added significant time to our acquisition and financing negotiations,” stated Michael Bartoszek, Laidlaw Energy President and CEO. “We are pleased to have concluded this transaction, which will allow these assets to be put to good use in support of clean energy and the economic recovery of the North Country,” stated Bartoszek.
The Berlin Project involves the conversion of the boiler and related equipment situated at the former Fraser Paper pulp mill site into a highly advanced biomass-to-energy project. Power from the Berlin Project is expected to be sold to the Public Service Company of New Hampshire (“PSNH”) pursuant to a long-term agreement. Laidlaw announced in September that is has reached agreement with PSNH on the material terms of a contemplated 20 year power purchase agreement.
“Now that the acquisition and financing have closed, the next step will be to apply for our permits with the New Hampshire Environmental Facilities Site Evaluation Committee,” stated Lou Bravakis, Laidlaw’s Vice President of Planning and Development. The permitting process if expected to take nearly a year. The projected commencement of commercial operations is currently slated for late 2010.
The Berlin Project is expected to utilize approximately 700,000 tons of clean wood biomass chips per annum and is expected to directly employ 40 skilled workers and create or support over 500 indirect jobs associated with wood chip supply and transportation. Requiring a capital investment of over $100 million, the 66 megawatt plant is expected to be among the largest and most environmentally advanced biomass-energy plants in North America.
About Laidlaw Energy Group
Laidlaw Energy is engaged in the development of independent power plants that generate electricity from renewable resources, with a particular emphasis on biomass power. Laidlaw Energy's mission is to build and manage a profitable portfolio of biomass facilities through the development of new facilities and acquisition of existing facilities, and in so doing become the leading supplier of biomass power in the United States. Laidlaw Energy is headquartered in New York, New York. For more information, please visit our website at www.LaidlawEnergy.com.
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