Digital Gas, Inc.(fka DIGGQ)

[Buckey]

2004-09-16 00:01 ET - News Release



NEW YORK -- (Business Wire) -- Sept. 16, 2004

Digital Gas, Inc. (OTC Pink Sheets: DIGG) Digital Gas
announced today that its subsidiary, Digital Energy & Farming Asia LLC
("DEFA"), has signed an agreement to join the Quanta Energy
Environment Consortium, which has received approval from the Taiwan
Government to build two 400-MW waste-to-energy plants in Taiwan.
¶ Quanta received foreign investment approvals from the Investment
Commission of the Ministry of Economy on August 10, 2004 for the
plants which are anticipated to cost $425 million each. After it
obtains a business license, which is a formality after the payment of
a fee, the Taipei County Government, which has reserved a 50-acre site
for the Quanta Consortium in the Economic Development Zone, will
transfer the land to the consortium. Known as the "Reclaimed Land
Under Sanying Bridge," the property is valued at US$142,830,000. The
consortium's second plant will be located in Kao-hsiung County.
¶ DEFA, which owns a 2.5% non-dilutable equity interest in the two
projects, will coordinate all financing for the consortium, as well as
technical matters relating to an adjacent farming facility and the use
of fuel cells and nanotechnology. DEFA can earn up to 37.5% of the
equity in the two projects.
¶ The waste-to-energy plants will employ a waste-processing
technology that converts municipal, industrial, and residential waste
streams to a by-product that, when burned, is not only environmentally
clean and safe, but is 50-80% more efficient than burning conventional
RDF.
¶ The Taiwan principals, led by Henry T. Hsu of Taipei, have more
than 50 years of experience in business in the Asian market. The US
principals, led by Kenneth Ealba of Detroit, Michigan, have more than
30 years of experience with corporations such as Asia Pacific
Petrochemicals Company, Taiwan, and Qingdao Liancheng Petrochemical
Company, Shangdong Province, PRC and the Almana Group, one of the
largest business houses in Qatar. The Quanta Consortium has extended
to DEFA the right to partner in future projects in Korea, Japan, and
the PRC.
¶ Digital Gas is pleased to announce that it has opened an office in
Hong Kong and that Ferdi Stolzenberg, CEO of Elegant Fortune Limited,
a long-established consultant group in the niche markets of shipping,
finance, the trading of bulk commodities and petroleum products, has
agreed to serve on the Board of Directors of DEFA.
¶ Mr. Stolzenberg was born in Germany and has lived and worked in
the corporate communications industry for some 35 years, 23 of which
have been in Hong Kong. In 1990 he became one the founding partners of
the MTI Network, an international network specializing in crisis media
management and other marketing communications exclusively for the
shipping industry, worldwide. He has been involved in importing and
distribution of wine and various bulk commodity-trading interests,
focusing on the China import/export market with local contacts in Hong
Kong. His 23 years of living and working in Asia have given him
extensive and practical experience of Asian cultural and business
practices, specifically in the shipping and international trade areas.
He is fluent in English and German and is a member of the Foreign
Correspondents' Club, the Royal Hong Kong Yacht Club, and the
Australian Chamber of Commerce; the company is a member of the Hong
Kong Shipowners' Association and the Hong Kong Chamber of Commerce.
¶ Digital Gas is pleased to announce that Richard A. Earle, a
partner at Patton Boggs LLP, based in Washington, DC, has agreed to
serve on the Board of Directors of Digital Energy & Farming Asia.
Patton Boggs, LLP is the Legal Counsel for the Quanta Consortium.
¶ Mr. Earle has been practicing private international law for over
30 years. In this capacity he has participated in numerous
international transactions, including export financing transactions
involving the Export-Import Bank, the Overseas Private Investment
Corporation, the U.S. Agency for International Development, the
Economic Development Corporation of Canada, COFACE of France, and
Hermes of Germany. He has served as counsel for U.S. and foreign
exporters, borrowers, and lending institutions. He is currently
assisting a country in rescheduling its international debt with the
IMF, World Bank, and commercial lenders. Mr. Earle has negotiated a
number of loan agreements with the Arab Republic of Egypt under the
U.S.A.I.D. program, arranged Asian dollar financing in connection with
export financing for third-country projects, and arranged for the
discount of LDC corporate and sovereign debt instruments with coverage
from the Foreign Credit Insurance Association. He has litigated
international corporate and financial disputes with the cooperation of
local counsel in Singapore and other countries. Mr. Earle received his
J.D., his MBA, and his B.B.A., from the University of Michigan.
¶ Ms. Bing Xu, an Associate at Patton Boggs, LLP, has been the
person responsible for coordinating and administrating the logistics
between the Quanta Consortium and the various corporate and
governmental entities in Taiwan. In addition, she was responsible for
the negotiations leading to the entrance of DEFA into the Quanta
Consortium.
¶ Ms. Xu specializes in international trade matters, including
export control and compliance, as well as customs and trade policy
issues. Her trade policy experience extends to matters involving the
WTO, NAFTA, and other regional and bilateral agreements. On behalf of
foreign sovereigns, Ms. Xu monitors legislative and regulatory issues
related to world trade. Ms. Xu works with clients to develop business
opportunities in Asia, particularly in China and Taiwan, including
communication and negotiation with various foreign government
agencies, product registration and distribution, market penetration
and joint-ventures. Ms. Xu helps clients identify potential sources of
finance and prepare business plans for project finance and draft
documentation in the applications and funding process. Ms. Xu is
published in leading international trade publications and is a
frequent guest lecturer. She received her J.D. at Catholic University
of America; her M.A. at the University of Texas at Dallas and her B.A.
at the Foreign Affairs College, Beijing, China.
¶ A subsidiary of Digital Gas signed an agreement this week that
gave it an assignment of an option to purchase a small, but quite
strategic, gas company based in Montgomery County, Kansas. The gas
company currently nets approximately $1 million from gross combined
oil & gas revenue of $1.75 million. The purchase price will be $3
million and will include 8,000-10,000 highly prospective acres to
drill additional oil & gas wells.
¶ An announcement regarding the finalization of debt and equity
funding for all of its gas company purchases in Southeastern Kansas is
imminent.
¶ For further information: call Brian Smith (732)-927-4073 or email
[e-mail].
Contacts:

For Digital Gas, Inc.
Brian Smith, 732-927-4073
[e-mail]
Source: Digital Gas, Inc.