Clean Energy Unwinds Pulse Blade License and Pursues Local Application for Gasifier Technology
March 21 2006 - 6:00AM
PR Newswire (US)
VANCOUVER, March 21 /PRNewswire-FirstCall/ -- Mr. Douglas Wilson,
currently a consultant to the company, will join the Board of
Directors and assume the position of President and CEO from 1st
April 2006. Mr. Wilson brings over 25 years of senior managerial
experience to the company. With service in both public and private
companies including positions as a Trading Director and Compliance
Officer, he brings a wealth of knowledge that will enable the
Corporation to develop wide interest among investors, balanced with
the rigorous demands of being a reporting company in keeping with
the spirit and intent of securities regulations. A professional
investor relations department will be established under the control
of the new President. Mr. John Maskell, a corporate structure and
management advisor, has joined the Board of Directors, to add
strength to the corporate executive team. As the revitalized
Company plans to grow through joint venture, merger and acquisition
in the new era of sustainability in clean energy technologies of
all types, Mr. Maskell brings solid and respected experience in
inter-corporate team building and management consolidation. The
Board of Directors recently authorized a resolution to unwind the
March, 1999 license transaction with Mr. R. Dirk Stinson. Due to
Mr. Stinson's inability to perfect his acquisition of the
underlying technology, the agreements have been frustrated. As a
consequence, the 593,750 (197,917 post-consolidation) common shares
and the 1,000 Class "A" preference shares granted to Mr. Stinson
will be cancelled. The company has initiated a Joint Venture with
ecoGROW Corporation ("ecoGROW"), a privately owned federal
corporation controlled by C. Victor Hall. Under the terms of the
agreement, a newly formed subsidiary, Clean Energy Technology Inc.,
(CETI) will develop farm-scaled micro waste to energy systems based
on the Company's gasification technology for the agricultural
market (local market size estimated at $750 Million). CETI proposes
to fund the development of a new model ecoPHASER by means of a $1.6
million program featuring a tax-assisted flow-through share
offering and/or VCC capital with a conversion feature allowing the
investors to convert their CETI shares to Clean Energy shares in
the fifth year of the program. The company expects to have its
demonstration systems operational within a year of funding, with
end user sales to follow. As a consequence of the focus of
resources and manpower to this project, the company will be taking
a brief hiatus from work on its flare gas mitigation systems and
other ongoing research and development activities. Background on
Clean Energy. Clean Energy is a development-stage U.S. public
company based in Vancouver, British Columbia, Canada. The company
has acquired or developed a number of solid to gas phase thermal
reactors and sonic standing wave combustion systems, which we
believe are superior to the standard, steady-state combustion
technology currently used, in terms of both energy efficiency and
consequential fuel cost savings, as well as significantly reduced
emission levels. For further information visit Clean Energy's
Website at: http://www.clean-energy.com/ or contact: Investor
Relations Clean Energy Combustion Systems Inc. Phone:
1.604.681.9383 Email: Forward Looking Statements: Clean Energy's
development plans and the prospective potential of its Gasifier and
pulse combustion technologies as described in this news release
constitute "forward looking statements" within the meaning of the
United States federal securities laws that involve risks and
uncertainties. Actual results may vary substantially from
expectations as a result of a variety of factors including, by way
of example and not limitation, Clean Energy's financial
requirements and current lack of capital; Clean Energy's inability
to satisfactorily complete pending or new project proposals
(including with prospective licensee or joint venture partners) and
enter into binding revenue-producing contracts based upon those
proposals; the overall inability of Clean Energy (or its licensee
or joint venture partners, if any) to design, test, manufacture and
sell pulse combustors on a profitable basis, including as a result
of insufficient consumer acceptance of and demand for pulse
combustors; regulatory constraints; changes in Clean Energy's
business plan and corporate strategies; and the various risks and
uncertainties disclosed by Clean Energy in its various reports
filed from time-to-time with the SEC. Readers are urged to
carefully review and consider the various disclosures made by Clean
Energy in its various reports filed from time-to-time with the SEC
that attempt to advise interested parties of the risks and
uncertainties that may affect Clean Energy's business and an
investment in its securities. DATASOURCE: Clean Energy Combustion
Systems Inc. CONTACT: visit Clean Energy's Website at:
http://www.clean-energy.com/ or contact: Investor Relations, Clean
Energy Combustion Systems Inc., Phone: (604) 681-9383, Email:
Copyright