GEECF / XETRA: GLI. China: Biosphere Development Corp Energy / Mining Joint Venture

NASSAU, Bahamas, Feb. 5  /PRNewswire-FirstCall/ -- Global Environmental Energy Corp (Deutsche Bourse GLI [DE:GLI] -- USA OTC Bulletin Board: GEECF) subsidiary Biosphere Development Corp., has formed a Joint Venture Company with the Shenzhen YanFeng Coal Company Limited, a subsidiary of the Yankuang Group Holding Co., Ltd..

The new joint venture company, Biosphere (HK) Company Limited has been formed as a result of the ongoing success of Biospheres' other joint ventures with Yankuang.

These joint ventures have resulted in the acceptance and permitting of the Biosphere Process System for operation in China by the State Environmental Protection Administration (SEPA).

The new joint venture company will acquire eight operating coal mines in China over the next 24 months, to be operated by Shenzhen YanFeng Coal Company Limited.

Biosphere Process Systems will be installed at each mine to generate electricity from coal tailings, coal mining wastes, and local municipal and industrial wastes. This power generation will increase the profitability of these mines by approximately 25% whilst substantially reducing the environmental pollution caused by the accumulation of mine tailings. Each mine will generate its own electricity, and in addition will sell electrical energy to local domestic and industrial clients.

Yankuang estimate that the annual production from these eight mines when acquired will be approximately 23,750,000 of coal with an estimated sales value of USD$570,000,000. In addition 2,300,000 tonnes of coal tailings will be produced per annum which it is estimated will generate 2,300,000 MW hours of electricity with an estimated sales value of USD$142,500,000; a combined annual sales value of approximately USD$712,500,000.

In accordance with the provisions of 1994 profit tax number 1 regulation, the revenue derived from the sale of electricity generated using coal mine waste is tax free for 5 years.  This tax free status makes the installation of the Biosphere technology an attractive investment for the thousands of coal mines in China.

The Yankuang Group Co., Ltd., is engaged in coal mining, coal chemistry, electrolytic aluminum, real estate development, electricity generation, construction materials, mechanical process, environmental remediation, trading etc. The Yankuang Group Co., Ltd.'s subsidiary Yangzhou Coal Mining Company Limited is listed on the New York Stock exchange (NYSE:YZC), the Hong Kong Stock Exchange (Code number 1171) and Shanghai Securities Exchange (Code number 600188).

Global is a Bahamian Company publicly traded on stock markets in Germany and the United States. Global maintains a web site at http://www.gli-geecf.com/. 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. 

DATASOURCE: Global Environmental Energy Corp



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