Golden Spirit Enterprises Ltd. Announces Proposed Terralene Joint Venture With State Owned Chinese Company
May 19 2011 - 8:45AM
Golden Spirit Enterprises Ltd. (OTCBB:GSPT) reports that the
Company has prepared a budget and proposal as per the request of
the Library of Guangxi Zhuang Autonomous Region Giu Lin Su Qiao
Development Zone Co. Ltd. (LGSR) to develop and market Terralene
Fuel in Guangxi, China. LGSR is a state owned Company based in
Guangxi.
The proposed joint venture between the Company and LGSR calls
for an investment of US$2 Million by LGSR, which will allow for the
construction of a blending facility, holding tanks, land, building
and blending components as well as working capital. The blending
facility will produce approximately 4.3 million gallons of
Terralene per month which is in line with LGSR's mandate in
developing an alternative fuel that will not only assist in
reducing China's carbon emissions problem but is economically
viable as well to the consumer.
"This joint venture will be a very big step towards getting
Terralene Fuel recognized and used in the fuel market," states
President, Jaclyn Cruz. According to news agency, Headlineauto,
"With China's government considering proposals to invest
around 100 billion yuan (US$15 Billion) into the alternative
fuel vehicle market, reports of the country's central
government's desire to place China as the
world's leading market for alternative-energy
vehicles by 2020, and China's National Development and Reform
Commission comments that it was looking to subsidize the purchase
of at least four million alternative energy vehicles by
2012." We view this as a very positive step for our
Company.
About Terralene Fuels
Terralene® is a patented, proprietary, alternative fuel
formulation which reduces greenhouse gases and other
environmentally damaging emissions which are prevalent in existing
gasoline combustion engines. Although the formulation is somewhat
based on fossil fuels and other non food chain agricultural
components, it is designed as a Green and Clean Alternative
Renewable Fuel. The internationally known law firm of
Gowling Lafleur Henderson LLP is retained to manage the Terralene
Patents and Trade Marks.
Visit our site: www.terralenefuels.com
/s/ Jaclyn
Cruz
Jaclyn Cruz,
President
For further information contact: 1-888-488-6882
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: The statements contained herein which are not
historical fact are forward-looking statements that are subject to
risks and uncertainties that could cause actual results to differ
materially from those expressed in the forward-looking statements,
including, but not limited to, certain delays in testing and
evaluation of products and other risks detailed from time to time
in Golden Spirit's filings with the Securities & Exchange
Commission.
CONTACT: Golden Spirit Enterprises Ltd.
1-888-488-6882
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