Clean Energy Combustion Systems Inc.
May 03 2006 - 9:00AM
PR Newswire (US)
VANCOUVER, May 3 /PRNewswire-FirstCall/ -- Clean Energy Combustion
Systems Inc. (trading symbol CECU) is pleased to announce a letter
of intent with Liqwood Inc., a sawmill operator in Northern British
Columbia, Canada. The company has entered into a Joint Venture with
Liqwood Inc. to build a wood waste based co- generation system
based on our Gasifier technology. The Gasifier will drive an oil
turbine system providing electricity in addition to heat, which
will augment Liqwood's current milling operations with several
applications, such as two stages of drying kilns, pyrolizing wood
flour, extraction of lignin and making wood-derived bio oil. Once
the primary site system in Fort St. James is up and running the
company will share in the carbon credits and the joint venture will
be positioned to market the completed solution to sawmill operators
wherever wood waste is generated. The use of the gasifier and the
proprietary burner technology will allow the utilization of a
higher percentage of a tree. The Joint venture which will generate
license and royalty fees in addition to design and consulting fees
will be funded by a CCRE flow through investment offering targeted
to the northern BC areas where these technologies will be applied.
CECU announces the following financial arrangements. A share for
debt financing with various vendors at USD. @$ 0.25 per share
600,000.USD. Forgiveness of unpaid compensation by management staff
and contractors of the company in the amount of $710,000 USD
Private Placement by a number of subscribers of $300,000. USD @
0.25 cents per share plus a warrant at the same price for a year.
As a result of the above financial arrangements the company will
benefit from a stronger balance sheet helping to lay a solid
foundation for the ongoing financial success of the company. CECU
is pleased to report the completion of the offering documents and
the commencement of fundraising for the Fraser Valley Farm Waste to
Energy program. The previously announced joint venture was named
Clean Thermal Energy Inc. upon incorporation. Accordingly, CECU has
made arrangements to house the Research and Demonstration
Laboratory in Abbotsford B.C. co-located with Clean Thermal and
ecoGROW Corporation in a new facility at Angus Campbell Road.
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: For further information 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:
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