Replies to post #22608 on PGI Energy, Inc. (PGIE)

[Millenium323]

PGI Energy Announces 5 Year Commodities Sales Contract for Scrap Metal
Oct 20, 2011

OTC Disclosure & News Service

Houston, TX -

(October 19, 2011) HOUSTON--PGI Energy, Inc. (Pink Sheets: PGIE)

PGI Energy Announces 5 Year Commodities Sales Contract for Scrap Metal

PGI Energy announces joint venture with Sung Woo Systems a private commodities trading company to sell scrap metal steel from Ghana, Africa. Sung Woo Systems has contracts to supply steel to Hyundai, POSCO, and Beijing Steel, in Korea and China. The Joint venture’s first sell is to Exinvest Ltd in Korea for 1,000 metric tons of steel scrap metal for $437,000 and has already received a bank letter of credit for the purchase price from Hanmi Bank in California and Woori Bank, Seoul, Korea. The JV will sell to World Mine Resources of California $4,350,000 worth steel scrap metal monthly under contract with its partner Sung Woo Systems. The contracts are expected to net PGI Energy approx. $14,000,000 per year. PGI Energy commodities division will exclusively negotiate sells contracts, sourcing more steel scrap metal from vendors and provide logistics assistance through its transportation and logistics division. A copy of these contracts will be posted on company website for investors.

http://www.otcmarkets.com/stock/PGIE/news/PGI-Energy-Announces-5-Year-Commodities-Sales-Contract-for-Scrap-Metal?id=36859&b=y