Clean Power Concepts and China Based Chongqing Grain Group Co., Ltd. Create Joint Venture for Creation of New Canola Crush Plant Operation for Western Canada
1:44p ET January 28, 2011 (PR NewsWire)
Clean Power Concepts Inc. (OTC Bulletin Board: CPOW) and its subsidiary General Bio Energy Inc., announced today that it has signed a Memorandum of Understanding ("MOU") with the Chongqing Grain Group Co., Ltd. ("CGG") of China.
The MOU creates a new Joint Venture ("JV") that has as the stated objective to explore the feasibility of jointly building and managing a 600,000 metric ton (MT) food canola crush plant located in Western Canada.
CGG agrees to commit to purchase all oil output/off-take of the JV. CPOW will purchase all meal output/off-take of the Joint Venture. CPOW will secure required input seed from western Canadian producers by contracting with producers to provide the input required for the Joint Venture. The JV has agreed to appoint CPOW as the Manager, with responsibility for the design and construction of the crush plant. The plant will be constructed in compliance with Canadian legal, environmental and safety rules, regulations and statutory requirements. The signatories to the MOU were Mr. Shenher, CEO of Clean Power and Mr. Hu, Secretary of the Party Committee and President of Chongqing Grain Group Co., Ltd. The final structure of the JV has not yet been determined, but CGG will be the majority owner.
Mr. Shenher commented, "Our partners in China have immediate demand for the planned capacity of the new Canola plant. The site while not yet selected will be situated close to railway transportation transit points available in Western Canada to ensure logistical efficiency. We are excited about the demand existing in China for canola oil and world wide for off-take canola meal. We look forward to a long successful future with our partners in China as we work to fulfill their demand."
The Chongqing Grain Group Co., Ltd. is located in Chong Qing, municipality in China. The Group owns 51 subsidiaries and has 21,507 employees. Total assets of the Group have reached 6.1 Billion Yuan Renminbi ('RMB'), or approximately US$920 million.
Clean Power Concepts and its subsidiary General Bio Energy are producers of Canola Oil, Canola Feed Meal, eco-lubricants, and nutraceuticals. The Company manufactures and markets products under CLEAN POWER CONCEPTS(R), MOPO(R), for more information www.cleanpowerconcepts.com
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This release includes forward-looking statements covered by the Private Securities Litigation Reform Act of 1995. Because such statements deal with future events, they are subject to various risks and uncertainties and actual results for fiscal year 2011 and beyond could differ materially from the Company's current expectations.
Forward-looking statements are identified by words such as "anticipates," "projects," "expects," "plans," "intends," "believes," "estimates," "targets," and other similar expressions that indicate trends and future events.
Factors that could cause the Company's results to differ materially from those expressed in forward-looking statements include, without limitation, variation in demand and acceptance of the Company's products and services, the frequency, magnitude and timing of paper and other raw-material-price changes, general business and economic conditions beyond the Company's control, timing of the completion and integration of acquisitions, the consequences of competitive factors in the marketplace including the ability to attract and retain customers, Additional information concerning factors that could cause actual results to differ materially from those projected is contained in the Company's filing with The Securities and Exchange Commission, including its report on Form 10-K for the year ended April 30, 2010. The Company undertakes no obligation to revise or update forward-looking statements as a result of new information since these statements may no longer be accurate or timely.
SOURCE Clean Power Concepts Inc.
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