UPDATE: Clean Coal Technologies, Inc. Provides Updates on Status of Current Projects
Press Release Source: Clean Coal Technologies, Inc. On Monday May 17, 2010, 4:20 pm EDT
CORAL SPRINGS, FL--(Marketwire - 05/17/10) - Clean Coal Technologies, Inc. (Pinksheets:CCTC - News) announced that the final approval for its estimated $350 million dollar annual revenue clean coal project in Inner Mongolia is expected within the next few weeks, after which we will announce the date for the official ground breaking. This time frame represents a delay in our original estimate for April, due primarily to delays in the completion and acceptance of the myriad of environmental impact, health and safety, land use, and human resources studies required by the Chinese provincial government. On completion, this project will represent one of the largest clean coal projects in China, providing for a 30-year contract with an estimated value to the company of some 10.5 billion dollars.
CCTC continues its negotiations with Tianjin Tianning Coal Traders, Co., Ltd., (TTCT) to finance and construct an initial 1.5 million ton clean coal facility in Inner Mongolia under a Technology Licensing Agreement (TLA). Our discussions include separate contractual negotiations in conjunction with our sub-contractor Benham, who are responsible for all project engineering, procurement, and construction oversight. The final approval of the agreement is predicated on CCTC receiving the final project approval for its Inner Mongolia joint venture agreement.
On December 18, 2009, the Company signed an exclusive Technology Licensing Agreement (TLA) with INK Global Consulting for the deployment of CCTC's technology in India. The TLA provided for the funding and construction of clean coal facilities for an increasing production capacity of up to 100 million tons annually for a period of 20 years. This would represent some 100,000 million dollars in licensing fees, plus 200 million dollars per annum in royalties to CCTC. The initial license fee was payable as of the end of January 2010, however, the parties continue to negotiate on amendments to the TLA.
Further to our business development activities in China and India, we are pleased with the initial progress we are making in the US. Additionally, the outstanding results CCTC achieved from the assessments conducted using the same power plant simulation model developed by the US Department of Energy in conjunction with Carnegie-Mellon University, indicates that CCTC's patented clean coal technology may reduce GHG emissions significantly when used in a coal-fired plant. This could realize a source for accumulating Carbon Credits that can be traded as an additional source of revenue for a power plant, and potentially provide access to State and Federal funding for the Company.
Matters discussed in this press release contain forward looking statements. Investors are cautioned that such forward looking statements involve risk and uncertainties, which could significantly impact the actual results, performance or achievements of the Company. Such risks and uncertainties include, but are not limited to, the time frame for production of revenue, product development and commercial introduction, the impact of rapid price and technological change and competition, manufacturing and supply uncertainties and other risks.
