West Hawk Signs Agreement with Power Ecalene Fuels to Market and License Advanced Syngas Liquids Conversion Technology in China
February 27 2008 - 8:59AM
Marketwired
DENVER, COLORADO (TSX VENTURE: WHD)(FRANKFURT: H5N) (the
"Company") is pleased to announce that following the Press Release
dated November 28, 2007, where the Company stated that it was
evaluating all gasification technologies, that it has signed an
agreement with Denver, Colorado based Power Ecalene Fuels, Inc.
(PEF) to exclusively market and license PEF's advanced coal/biomass
Syngas to liquids conversion system. The coal feedstock is the base
for West Hawk as it has coal available in various regions within
North America and has access to coal via its partner Luan in China.
Also the potential exists to commercialize and develop projects
with this technology in Latin America and Europe. PEF's technology
is an efficient system that converts the syngas to liquids, with
the design based mainly on jet fuels, ethanol and high quality
alcohols. This technology will meet all the Kyoto environmental
standards.
Under the terms of the agreement West Hawk will market and
license PEF's technology in Colorado, West Virginia, Wyoming,
Arkansas, and Oklahoma in the United States. In Canada, West Hawk
will market and license the technology in British Columbia,
Alberta, Northwest Territories, and Nunavut. It is West Hawk's
intent to utilize PEF's technology at each of the Company's coal
properties, where West Hawk has substantial coal feedstock, to
produce clean energy as premium liquids such as jet fuel and
ethanol.
Additionally, West Hawk will market and license the PEF
technology in Asia with initial focus in the Shanxi Province and
the Xinjiang Autonomous Region in China, and then Taiwan and Inner
Mongolia. It is also West Hawk's intent to supply this technology
to two plants in China, owned by Lu'An, when final demonstration
tests have been completed.
Currently, PEF is in the process of constructing a demonstration
plant in the United States in order to advance the commercial
status of the technology. West Hawk is planning to make an equity
investment in the demonstration plant in order to have a showcase
facility for future customers and investors.
"PEF technology is a liquids technology in which West Hawk has
confidence and it will be part of the backbone of the Company's
coal gasification to premium liquids program around the world. PEF
technology will process the syngas from the coal/biomass and will
convert it to premium liquids fuels. This PEF process technology of
Coal to Liquids will give West Hawk strength in the development of
our various coal projects." commented Gonzalo Torres Macchiavello,
President & CEO of North American Operations.
"We are very excited with this coal to liquids processing
package. It is our intent that this technology will be part of the
project that we intend to develop with Lu'An in China. The liquid
fuels market has increased significantly in China in the past
several months and the trend will continue to grow," said Dr.
Jinsheng Chen, President & CEO of Asian Operations.
The strategic alliance with PEF closes the technological loop of
the Coal to Liquids process enhancing and materializing West Hawk's
focus in coal to synthetic fuels production. West Hawk's revenue
stream will result from the sale and licensing of each syngas to
liquids unit, while other revenue sources will originate from the
sales of products from West Hawk's coal properties and gasification
facilities (energy products such as jet fuels, ethanol and other
high quality alcohols). West Hawk sees other applications for clean
advanced syngas to liquids technology in waste management and the
oil sands.
"We are extremely pleased with our partnership with West Hawk.
We believe that West Hawk's management team has the technical and
commercial knowledge necessary to advance the PEF patented
technology and this is a real addition to PEF's development and
commercialization. We are working diligently to complete our
showcase facility in the United States in the upcoming months"
stated Gene Jackson, Chairman of Power Ecalene Fuels, Inc.
On behalf of the Board of Directors,
Dr. William Mark Hart, President and Chief Executive Officer
About the Company: West Hawk Development Corp is focused on
providing valuable, high-demand clean energy products from a
variety of sources. Assets include the Figure Four natural gas
property located in the Piceance Basin, Colorado, being developed
under a drilling and development agreement; the Groundhog coal
property located in northwest British Columbia; the Tulita coal
property in the Northwest Territories; and the Ellesmere Island,
Nunavut Territory coal property.
About Power Ecalene Fuels, Inc: PEF is an advanced syngas to
liquids technology with special focus on the premium liquids
spectrum. PEF has developed advanced technology to convert syngas
from different feedstock to high quality fuels like jet fuel and
ethanol. This process is patented by PEF.
Cautionary Note: This report contains forward looking
statements, particularly those regarding cash flow, capital
expenditures and investment plans. Resource estimates, unless
specially noted, are considered speculative. The Company has filed
a National Instrument 51-101 Report on the Figure Four property.
The Company has filed National Instrument 43-101 Reports for each
of the Tulita coal property in the Northwest Territories, the
Nunavut Coal property and the Groundhog Coal property. Any and all
other resource or reserve estimates are historical in nature, and
should not be relied upon. By their nature, forward looking
statements involve risk and uncertainties because they relate to
events and depend on factors that will or may occur in the future.
Actual results may vary depending upon exploration activities,
industry production, commodity demand and pricing, currency
exchange rates, and, but not limited to, general economic factors.
Cautionary note to U.S. investors: The U.S. Securities and Exchange
Commission specifically prohibits the use of certain terms, such as
"reserves" unless such figures are based upon actual production or
formation tests and can be shown to be economically and legally
producible under existing economic and operating conditions.
THE TSX VENTURE EXCHANGE HAS NOT YET REVIEWED AND DOES NOT TAKE
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS
NEWS RELEASE.
Contacts: West Hawk Development Corp. Dr. William Mark Hart
President and Chief Executive Officer (303) 357-4720 (303) 357-4726
(FAX) Website: www.westhawkdevelopment.com
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