Global Environmental Energy Corp

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Press Release Source: Global Environmental Energy Corp.

Global Environmental Energy Corp. Subsidiary, Biosphere Development Corp., Signs Letter of Intent with Municipality of Silistra for the Purchase of $8,600,000 Biosphere System
Wednesday January 12, 10:04 am ET

NASSAU, Bahamas--(BUSINESS WIRE)--Jan. 12, 2005--Global Environmental Energy Corp. (OTCBB:GEEC - News; FWB:LFT) today announced that it has filed an 8K with the securities and Exchange Commission on 30 December 2004 confirming that Biosphere Development Corp. has signed and exchanged a Letter of Intent with the Municipality of Silistra, Bulgaria.

On December 21, 2004, Biosphere Development Corp. and the Municipality of Silistra signed a Confidentiality Agreement and Letter of Intent for the establishment of a Joint Venture Company. The intended Joint Venture Company will to employ Biosphere(TM) Process technology to process municipal solid waste while producing electricity and potable water. It is intended that this new joint venture company will purchase a Biosphere(TM) Process System and a water bottling plant from Biosphere Development Corp. for approximately USD$8,600,000 with sufficient capacity to process 70,000 tonnes of municipal solid waste per annum, producing approximately 43,500 MWH of electricity and 43,500,000 litres of bottled potable water per annum.

About the Municipality of Silistra

Foreign direct investment (FDI) inflow in Bulgaria for 2004 amounted to 2,020 million euros, whilst domestic investment has increased by 1,813 million euros for January-September 2004 (www.countrywatch.com). Such investments are rapidly expanding the Bulgarian economy. In January through September 2004, Bulgarian GDP is estimated to have increased by 5.7% (www.countrywatch.com) as compared to an increase of only 4.8% in the 12 months of 2002. Bulgaria is a country of 7.8 million people (www.cia.gov). Bulgaria, like Croatia, Romania and Turkey are candidate countries for entry to the European Union. Bulgaria is scheduled to become a member of the European Community on January 1, 2007. The European Union currently has 25 member states. In advance of its accession to the European Union, Bulgaria, in common with other countries joining, is experiencing an explosion in economic growth.

In 2001 Bulgaria consumed 32.52 billion kWh of electricity with an average value of approximately USD$60 per MWH (www.indexmundi.com). A report by Zenith International in January 2004 (www.zenithinternational.com) identified the East Europe Bottled Water market as a thirst unquenched. According to the Bulgarian Soft Drinks Association, consumption of soft drinks in Bulgaria has increased by 13 million litres during the first quarter of 2004 in comparison with the same period in 2003 with an average value of approximately USD$0.25 per litre (www.novinite.com). According to the Bulgarian Soft Drinks Association (www.bia-bg.com), bottled water enjoyed greatest interest and is one of the best scorers together with fruit juices. Bulgarian brands continue to dominate the segment making up 90% of the sales.

About Biosphere Development Corp.

Biosphere Development Corp is a subsidiary of Global Environmental Energy Corp. Global Environmental Energy Corp intends to become a fully integrated energy company whose interests will include traditional oil and gas and alternative energy sources, environmental infrastructure and electrical micro-power generation. Biosphere Development Corp's unique proprietary technology, EcoTechnology(TM), supplies energy through an efficient and environmentally safe process. The Biosphere Process(TM) System, a central part of the EcoTechnology(TM) system, can safely and efficiently processes traditional and non-traditional waste materials into electricity and other beneficial by-products. The Biosphere Process(TM) can assist in solving the global waste problem by converting into clean, green electricity such waste materials as: municipal solid waste (MSW), agricultural surpluses, agricultural effluents, forestry wastes, sewage sludge, medical waste, industrial wastes, flared natural gas, shale oil, sour natural gas, high sulfur oils, waste bilge oil, waste drilling muds and fluids, and many other traditional and non-traditional waste materials.

It is the intention of Global Environmental Energy Corp that Biosphere Development Corp will become a fully reporting and trading company in the future if accepted by the SEC and the NASD for trading. Global Environmental Energy Corp maintains a web site at http://www.globalenvironmentalenergy.com/index.htm.

Note to Investors

This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of the 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. The forward-looking information is based upon current information and expectations regarding Global Environmental Energy Corp. These estimates and statements speak only as of the date on which they are made, are not guarantees of future performance, and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results could materially differ from what is expressed, implied, or forecasted in such forward-looking statements.

Global Environmental Energy Corp. assumes no obligation to update the information contained in this press release. Global Environmental Energy Corp.'s future results may be impacted by risks associated with rapid technological change, new technological developments and implementations, execution issues associated with new technology, manufacturing production to meet demand, litigation, media publicity and the negative impact this could have on sales, competition, financial and budgetary constraints of prospects and customers, international order delays, dependence upon limited source suppliers, fluctuations in component pricing, government regulations, dependence upon key employees, and its ability to retain employees. GEEC's future results may also be impacted by other risk factors listed from time to time in its SEC filings, including, but not limited to, the Company's Form 10-QSBs and its Annual Report on Form 10-KSB.

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Contact:
Global Environmental Energy Corp.
Dr. C. A. McCormack, 877-723-6315
www.globalenvironmnetnalenergy.com