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Clean Coal to Invest $2 Mln on Pristine-M™ Technology in ASEAN


Thursday, 22 March 2012 09:09
Written by Hatman Bintang
Coal Mining


NEW YORK, Indonesia Today - Clean Coal Technologies, Inc. (CCTI) has received an investment ofUS$2 million from the Archean Group to develop its Pristine-M™ technology throughout the ASEAN region.

CCTI has issued a convertible debenture which will represent 6.7% of the outstanding shares of CCTI.

CCTI has entered into a binding terms of agreement for a joint venture with the Archean Group to develop, deploy and market CCTI’s Pristine M technology throughout the ASEAN region. It is anticipated that the joint venture company will be owned 55% by Archean and 45% by CCTI.

In exchange for a 55% ownership interest in the JV, Archean has committed to contribute US$4.0 million to the JV. Of this amount, it is anticipated that US$2.0 million will be used to fund the construction of a 1:10-scale pilot plant in Oklahoma.

The remaining US$2.0 million is a one-time license fee that will be payable to CCTI upon successful commissioning of the pilot plant.

In exchange for its 45% ownership interest in the JV, CCTI will contribute a 25-year exclusive license to develop, market and deploy its Pristine M technology, covering the ASEAN countries, including Indonesia, the Philippines, Cambodia, Vietnam, Malaysia, Brunei, Thailand, Laos and Myanmar.

In late January 2012, CCTI established a JV with India-based Jindal Steel to construct coal moisture pilot plant which will use Jindal’s Indonesian coal production, which previously expected to commence by February 2012.

CCTI will bag around 35% stake in the JV by contributing 25-year exclusive license to market and deploy Pristine-M™ Technology, while Jindal will own 65% ownership through US$6 million payment of which US$4 million of them will be paid to CCTI for an exclusive license of the technologies. ([e-mail])

http://www.theindonesiatoday.com/bre...in-asean-.html

Thanks JB