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REPEAT - Clean Energy enters into a joint venture agreement to
develop greenhouse business utilizing its gasification technology
VANCOUVER, Sept. 9 /PRNewswire-FirstCall/ -- Clean Energy Combustion Systems
Inc. ("Clean Energy") (OTC BB: CECU) Clean Energy Combustion Systems, Inc. is
pleased to announce the formation of a joint venture company, Pure Produce
Greenhouses Killam Inc. ("PPGK") for the purpose of operating leading- edge
hydroponic greenhouse systems. The greenhouses will grow "short crop"
vegetables, such as lettuce, spinach and root vegetables including radish and
carrots. These crops will be processed as value-added bagged salads and
complete meal salads. The greenhouses, located in the heartland of Central
Alberta (Killam), will be designed by Pure Produce Greenhouses Canada Inc.
("PPGCI"). The joint venture partnership will utilize Clean Energy's
proprietary gasification system for heating, using straw or other waste
material as the fuel source, and will be based on state-of-the-art hydroponic
growing technology developed by Pure Produce Greenhouses Canada Inc.
Under the terms of a memorandum of understanding, PPGCI will own a 40% interest
in PPGK and will supervise the construction and operation of the greenhouses.
Clean Energy will own a 60% interest in the venture and will be responsible for
providing construction and operation financing for the project. The initial
capital requirement of $3.75 Million USD ($5 Million CAD) will fully finance
two ranges. Each range consists of 20 greenhouse units, a nursery and a service
building, on a two acre footprint.
The facilities represent a significant leap in quantity and quality over
current market alternatives. Production capability is 600 -1,200% greater than
traditional soil based solutions, with crops grown and harvested year round.
These pure, superior quality crops will be totally free of insecticides and
herbicides. Preliminary market studies indicate a large and viable market for
fresh vegetables in all forms. Currently the primary supply for this market
comes from California, a five-day transport to Alberta. Killam is central to
the Edmonton/Red Deer/Calgary corridor, and studies show that product from up
to 200 ranges at the Killam site could be sold in this market.
Pending the finalization of capital financing for the project, construction
will begin this fall, with first crop expected in early spring 2005. Each
hydroponic range would allow for 11 crops per year, with estimated sales of
$1.7 Million CAD annually, and EBIDT of $600,000. Based on an average
construction cost of $2.4 Million CAD per range, it is anticipated that PPGK
could be self-financing within six years, at an expansion rate of 20 additional
ranges per year.
Background on Clean Energy and Pulse Combustion. Clean Energy is a
development-stage U.S. public company based in Vancouver, British Columbia,
Canada. The company's principal technology is a unique high-efficiency
valveless combustor technology that operates on the principles of cyclical
pulse combustion, originally developed for aerospace propulsion. The company
currently holds 6 patents in this area. This patented pulse combustion
technology is superior to the standard, steady-state combustion technology
currently used in the heat transfer industry in terms of both energy efficiency
and consequential fuel cost savings as well as significantly reduced NOx and
other emission levels. The company's pulse combustion technologies can be used
in a wide variety of systems which burn hydrocarbon- based fuels and waste
matter to produce thermal energy for heat utilization applications and the
onsite generation of electricity. The company will either design, manufacture
and market products incorporating its environmentally friendly and fuel
efficient technologies, such as its gasification system, or license or design,
manufacture and sell its products for incorporation into systems marketed by
other companies.
For further information visit Clean Energy's Website at
http://www.clean-energy.com/ or contact:
Clean Energy Combustion Systems Inc.
Telephone: 604-681-9337
Facsimile: 604-681-9354
Email:
Forward Looking Statements: Clean Energy's development plans and the
prospective potential of its joint venture with PPGK as described in this news
release constitute "forward looking statements" within the meaning of the
United States federal securities laws that involve risks and uncertainties.
Actual results may vary substantially from expectations as a result of a
variety of factors including, by way of example and not limitation, Clean
Energy's financial requirements, current lack of capital and prospective
inability to satisfactorily procure financing for the PPGK joint venture and
changes in Clean Energy's business plan and corporate strategies; and the
various risks and uncertainties disclosed by Clean Energy in its various
reports filed from time-to-time with the SEC. Readers are urged to carefully
review and consider the various disclosures made by Clean Energy in its various
reports filed from time-to-time with the SEC that attempt to advise interested
parties of the risks and uncertainties that may affect Clean Energy's business
and an investment in its securities.
DATASOURCE: Clean Energy Combustion Systems Inc.
CONTACT: visit Clean Energy's Website at http://www.clean-energy.com/ or
contact: Clean Energy Combustion Systems Inc., Telephone: (604) 681-9337,
Facsimile: (604) 681-9354, Email: