Arrow Receives Asian Development Bank Grant for $1.4 Million for Geothermal Plant Plan Developments
Press Release Source: Arrow Resources Development, Inc. On Monday May 16, 2011, 8:15 am
NEW YORK, May 16, 2011 /PRNewswire/ -- Arrow Resources Development, Inc. (OTCBB:ARWD.ob - News) The Company has received a $1,400,000 grant from the Asian Development Bank (ADB) to commence the design planning for two Geothermal Power Plant in Indonesia and the Philippines. This funding for these initial site development plans requires approximately 90 days and site selection has already commenced.
Peter Frugone, CEO of Arrow Resource Development commented, "After two years of planning, we are finally ready to start operations that will have a profound environmental impact on Indonesia and will eventually lead to significant financial gains for the Company."
About Arrow Resources Development, Inc.
Arrow Resources Development, Inc. develops and coordinates corporate operations, finance, sales and marketing activities along with administrative activities, both in the Unites States and Indonesia and manages the corporate citizen program for this natural resource development company in the Asian market. Its relationship with Arrow Pacific Resources Group Limited (BVI Company) is for the development of large scale plantation, farming and geothermal operations in Indonesia. The Joint Venture partners include Arrow Pacific, Gerakan Masyarakat Pelestari Lingkungan Hidup (GMPLH), one of Indonesia's larger non-profit organizations and PT Tiga Daun (Indonesian company owned by Arrow Pacific's Indonesian operating Company). Arrow Resources' agreements entitle the Company to 10% of all gross revenue generated by all their partners' plantation/farming including any and all sales of natural resources and derivative products.
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