Evergreen Energy Inc.(fka EVEIQ)

[califax]

Evergreen Energy Provides 2010 Update and Announces Timing of the Fourth Quarter and Year-End 2009 Results Conference Call to be on April 5th

01.04.2010 09:15
http://www.finanznachrichten.de/nachrichten-2010-04/16527419-evergreen-energy-provides-2010-update-and-announces-timing-of-the-fourth-quarter-and-year-end-2009-results-conference-call-to-be-on-april-5th-004.htm

- Buckeye Sale Now Expected to Close on or Before April 2nd -

- Reviews GreenCert&K-Fuel Progress -

Yesterday Evergreen Energy Inc. (NYSE Arca: EEE) filed with the SEC its Form 10-K for the period ended December 31, 2009 and intends to conduct a conference call on April 5th at 11:00 a.m. Eastern Daylight Time (9:00 a.m. MDT, 8:00 a.m. PDT) to discuss its financial results and recent company events. Management is also providing strategic updates regarding Buckeye Industrial Mining Co., K-Fuel® and GreenCert™.

"Evergreen has taken several very important steps toward executing on the strategic imperatives necessary to solidify our transition to a green technology company," stated Thomas H. Stoner, Jr., CEO of Evergreen. "We entered into an agreement to sell our Buckeye Industrial Mining Co. subsidiary. We progressed with the construction of a K-Fuel plant, continued to advance GreenCert, strengthened our balance sheet, and realigned our board of directors."

Buckeye Industrial Mining Co.

As previously announced, Evergreen signed a definitive agreement on March 12th with respect to the sale of certain assets of Buckeye for $32.9 million, including the release of $5.0 million of cash reclamation bonds. Further, $2.8 million of the purchase price will be placed in escrow for twelve months to cover amounts payable to the buyer pursuant to the indemnification provision of the sales agreement. The transaction is now expected to close on or before April 2nd, ahead of the original schedule of mid-May.

K-Fuel Technology

To further the letter of intent (LOI) to build a commercial scale reference K-Fuel plant in Inner Mongolia, as announced in January, Evergreen China, a Sino-US joint venture between Evergreen Energy Inc. and Chinese industry investors, has signed a three-way agreement with an integrated utility/chemical manufacturer and a large Chinese design institute to assess project scope and schedule for incorporation into a commercial agreement.

"A project of this magnitude takes time, yet Evergreen Energy continues to make significant progress," Stoner continued. "Now we have incorporated the design team that will complete the detailed engineering into the process. In addition, the application of K-Fuel as a pre-treatment for gasifier feed provides another market for Evergreen's proprietary coal upgrading technology. The coal chemical industry accounts for 50% of the Chinese chemical industry output, and K-Fuel will allow owners to capture greater profits through the efficient use of low-grade feedstock not directly suitable for gasification. Successful completion of the project will expand the interest in K-Fuel technology from coal and conventional power producers to chemical manufacturers and owners of integrated gasification combined cycle, or IGCC, facilities."

The Inner Mongolia K-Fuel facility is expected to consist of a single processor train to upgrade sub-bituminous coal that will produce feedstock for a slurry-type gasifier producing methanol and urea as end products within an integrated chemical facility. Design and construction of the chemical/fertilizer facility has already commenced and the K-Fuel plant would address a key project need to improve gasifier efficiency and capacity.

Since signing the LOI in January 2010, preliminary testing and analysis has been conducted to characterize product quality and performance and to provide process design information. Based on positive results, the three parties are moving forward with more detailed engineering analyses. This technical work will support the commercial agreement negotiations, including evaluation of options for integrating the K-Fuel plant into downstream processing units, development of a detailed design basis, validation of the site-specific heat and material balance, and definition of utility requirements. In an effort to accelerate the design and construction schedule US and China based engineers have also begun to pre-qualify key equipment and service suppliers that will support the technology implementation.

GreenCert

"We are excited about 2010 as we are making significant progress and believe the time is right as the market adoption for GreenCert is heating up. As reported by Bloomberg New Energy Finance, the greenhouse gas market is projected to grow to nearly $1.4 trillion by 2020," stated Miles Mahoney, president and chief operating officer of Evergreen. "We continue to focus on selling GreenCert as an on-premise offering and as a hosted software as a service, or SaaS solution, enabling a faster sales cycle and generating better returns with license, renewal and services fees incorporated into the offering. This is expected to create revenue streams for consulting and implementation services as well as the needed infrastructure for support, which we expect will help incentivize our partners' sales programs and sales channels."

The company has expanded GreenCert partnerships to increase market penetration; strengthening its localized sales and marketing expertise; and furthering product development programs for worldwide deployment capabilities.

Please refer to the 10-K for discussion of the December 31, 2009 financial results.

Copies of the 10-K are available on the SEC's website or on the company's website at www.evgenergy.com.

In the Form 10-K filed with the SEC for the year ended December 31, 2009, the company's auditors expressed an unqualified opinion on the company's consolidated financial statements as of and for the year ended December 31, 2009 and included an explanatory paragraph regarding substantial doubt about the company's ability to continue as a going concern.

Conference Call Information

Evergreen management will host a conference call on Monday, April 5th at 11:00 a.m. Eastern Daylight Time (9:00 a.m. MDT, 8:00 a.m. PDT) to discuss its fourth quarter and year end financial results. Participating on the call will be Tom Stoner, CEO, Miles Mahoney, President and COO, and Diana Kubik, CFO.

The call is being webcast live and can be accessed from the "Investor Relations" section of the company's website at http://www.evgenergy.com/. Participants may dial 877-407-9210 and International callers may dial 201-689-8049 ten minutes prior to the scheduled conference call time. The Conference ID will be #348431. A telephone replay will be available for two business days by dialing 877-660-6853 or 201-612-7415 and the following: Account #: 286, Conference ID #: 348431. The audio webcast will also be archived on Evergreen's website for 90 days.

Evergreen Energy Inc.

Evergreen Energy Inc. (NYSE Arca: EEE) has developed two proven, proprietary, patented, and transformative green technologies: the GreenCert™ suite of software and services and K-Fuel®. GreenCert, which is owned exclusively by Evergreen, is a scientifically accurate, scalable environment intelligence solution that measures greenhouse gases and generates verifiable emissions credits. K-Fuel technology significantly improves the performance of low-rank coals yielding higher efficiency and lowering emissions. Visit www.evgenergy.com for more information.

Safe Harbor Statement

Statements in this release that relate to future plans or projected results of Evergreen Energy Inc. are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended by the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), and Section 21E of the Securities Exchange Act of 1934, as amended by the PSLRA, and all such statements fall under the "safe harbor" provisions of the PSLRA. Our actual results may vary materially from those described in any "forward-looking statement" due to, among other possible reasons, the realization of any one or more of the risk factors described in our annual or quarterly reports, or in any of our other filings with the Securities and Exchange Commission, all of which filings any reader of this release is encouraged to study. In addition, our ability to execute our business plan and develop the GreenCert™ or K-Fuel® technologies may be adversely impacted by the inability to complete the sale of Buckeye, raise significant additional capital or effectively complete any restructure transaction on a timely basis to fund our business operations. Readers of this release are cautioned not to put undue reliance on forward-looking statements.

Contacts:

Evergreen Investor Contact:
Lippert / Heilshorn&Associates
Kirsten Chapman&Becky Herrick, 415-433-3777
[e-mail]



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