Solverdi Worldwide, Ltd. Announces First Government Supply Contract
November 25 2009 - 9:00AM
Business Wire
Solverdi Worldwide Ltd (ASX:SWW), the world’s renewable utility,
today announced it executed a US$14.8 million annual contract for
biofuels energy supply to Turkish Republic Northern Cyprus. Under
the terms of a three term (five years per term), renewable contract
between Solverdi and IBI, Inc, IBI has assigned to Solverdi a 15
year commitment for the supply of biofuel from the Turkish Republic
of Northern Cyprus. The government commitment was issued through a
tender offer in March 2009 by the Agriculture Department of
Northern Cyprus.
Solverdi’s contract calls for a guaranteed government minimum of
15,000 metric tons per year, and will increase to 20,000 metric
tons in January 2010. The contract is based on a blended rate of
5.75% of all diesel fuel consumed or sold in Northern Cyprus.
Chief Executive Officer Dennis M. Danzik stated, “The contract
in Cyprus offered up the opportunity to ship and convert our former
Narangba facility, which was located outside Brisbane Australia, to
Cyprus. Solverdi technology is currently being incorporated into
the reactor portions of our former Narangba refinery in Los
Angeles, before shipment to our new plant site at Famagusta, in the
Turkish Republic of Northern Cyprus.”
Danzik also stated, “Our current success in Cyprus is based on
the diligent work in the United States of Dane Woods, CEO of IBI
and Cruz Bustamante, former Lt. Governor of California. Leading
Solverdi’s effort in Cyprus, our newest management team member,
Hasan Ozbafli, has done a superior job in winning this opportunity
to supply biofuels to the Northern Cyprus government.”
“Our contracted business for 2010 is now very strong, and with
this new foundation, we intend to move into other Mediterranean
countries from our base in Cyprus, headed by Mr. Ozbafli. The
delivery of our plant equipment is already underway, and
installation of Phase I will begin in January. Cyprus is a
manageable, business friendly opportunity in a Country that is
acting in good faith to expand access and use of renewable fuels
and energy.” Danzik added.
Dane Woods, CEO of IBI, Inc stated, “In 2008 our firm began a
search to identify the best technology partner to fulfill the
biofuels supply requirement. In identifying Solverdi, we have found
a competent operator with superior engineering and manufacturing
skills. Solverdi is actually delivering renewable product. The
Solverdi business model will allow for steady growth for years to
come. ”
Cruz Bustamante, former California Lt Governor, and House
Speaker stated, “Solverdi’s business is unique in the world of
renewable energy. I have had the experience of hearing and seeing
dozens of renewable opportunities, most are just that,
opportunities. Solverdi’s renewable energy delivery is a working
business, and Solverdi’s team is laser focused on installations. I
look forward to working with the Solverdi team.”
Solverdi has the distinct advantage, through utilization of its
licensed technology, to produce valuable renewable byproducts--all
from various wastewater materials, in turn resulting in renewable
fuels, steam, and water. The Solverdi Process leverages its
renewable fuels and specially engineered equipment with the use of
amplified solar energy to supply electricity to an industrial or
commercial building’s uninterruptable power supply.
About Solverdi Worldwide Ltd.
Solverdi Worldwide Limited is the world’s first renewable
utility. It offers customers a “behind the meter” solution for
generating electricity during peak utilization periods at 15 - 25%
below peak rates per kilowatt hour. In addition, the Solverdi
Process is used to produce steam and compressed air, and to
recapture non-potable water. The Solverdi Process includes an
amplified solar cracking (thermal) system that delivers renewable
electricity and incorporates the use of solar and renewable fuels
and utilizes a commercial building’s uninterruptable power supply
and interior energy infrastructure. The average system is installed
on the exterior of the building and fits inside a 10’ x 10' area.
All systems are designed and supervised by professional engineers,
and meet LEED standards in the U.S. The company also operates
Australia’s largest capacity renewable fuel production facility,
near Brisbane, Queensland, and an additional facility in Berkeley
Vale, New South Wales.
Forward Looking Statements
The Information herein contains forward-looking statements that
involve risks, uncertainties, assumptions and other factors, which,
if they do not materialize or prove correct, could cause Solverdi
results to differ materially from historical results, or those
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and uncertainties may include, but are not limited to, competition
in our target markets; potential capital needs; management of
future growth and expansion; risk of third-party claims of
infringement; protection of proprietary information, customer
acceptance of the company's products and fee structures; the
success of Solverdi brand development efforts; risks associated
with strategic alliances; reliance on distribution channels;
product concentration; need to develop new and enhanced products;
potential product defects; our ability to hire and retain qualified
employees and key management personnel; and risks associated with
changes in domestic and international market conditions and the
entry into and development of international markets for the
company's products. Solverdi assumes no obligation to update any
forward-looking statement to reflect events or circumstances
arising after the date on which it was made.
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