NewStream Energy Technologies Group Inc (NSGP)

[trader53]

This is what I read, and I'm interested in what the board has to say about it. It's from 8/24/09

Ground breaking on the plant site is estimated to take place during the last quarter, 2009, with initial clean coal production estimated to commence within 18 months thereafter.

Under the terms of the agreement, SMIRSC will be a 75% partner and appoint 3 directors to the board of the joint venture. We will be a 25% partner and appoint 2 directors to the board.

As its contribution to the joint venture, SMIRSC will provide approximately US$ 25 million in capital, land use rights and improvements, coal reserves for feed stock, delivery of raw materials and subsequent distribution of finished products, guaranteed purchase commitments for finished products.

We will provide approximately US$ 8.3 million in capital, a license to use our patented clean coal technology and technical supervision and support for the construction, installation and operation of the plant.

Each party has committed to contribute a minimum twenty percent (20%) of its share of the capital of the joint venture within 90 days of the completion of a feasibility study and receipt of formal Chinese government approval of the project , and shall make the remaining capital contributions within 2 years in accordance with the progress of the project.

The feasibility study was completed by the Shanghai Chemical Engineering Incorporation (SCEI) in April, 2009. On June 5, 2009, the joint venture company was issued a Certificate of Approval (Operating License) under the name of Inner Mongolian Nuomenhan Clean Coal Company, Ltd,

We are currently awaiting the project’s final approval by the Chinese government which we anticipate receiving during the third quarter of fiscal 2009, after which we will be required to make our initial capital contribution, and be able to complete the final design and commence construction.

Although we have experienced delays both in obtaining the feasibility study and the Certificate of Approval,

we do not expect the final approval to be further delayed and anticipate beginning plant construction by the end of 2009.

The stock at this time was $2.00
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