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Ravenscraig Properties Announces Termination of Pulse Combustion
License to Clean Energy Combustion Systems, Inc.
VANCOUVER, British Columbia, July 19 /PRNewswire/ -- R. Dirk Stinson, on
behalf of Ravenscraig Properties, Ltd., the licensor to Clean Energy Combustion
Systems, Inc. (OTC:CECU) (BULLETIN BOARD: CECU) of its "pulse combustion
technology," advises that the license granted to Clean Energy to use the pulse
combustion technology was terminated pursuant to the terms of the license
effective as of March 23, 2005, based upon the continued insolvency of the
company. Mr. Stinson also confirms that he has resigned as President of Clean
Energy and as a member of its board of directors as of July 7, 2005.
As a consequence of the termination and pursuant to the terms of the underlying
license agreement, Clean Energy shall no longer be entitled to market products
using the pulse combustion technology, and all rights to the technology and all
improvements shall revert to Ravenscraig Properties.
Mr. Stinson stated: "Ravenscraig has made the decision to terminate the
license both on the basis of Clean Energy's continuing insolvency and inability
to raise funds to develop a production model, as well as various management
disagreements that the board of directors has refused to date to address.
Because of Clean Energy financial inability to develop a production model,
including its inability to find a commercial user to fund a production model
for the company, Clean Energy has not been able to enter into any commercial
contracts to date. Over my period of involvement with the Clean Energy, first
solely as an investor and then as an officer and director, I have been forced
to devote my time and personal funds to keep the company in business
notwithstanding that this was never contemplated when I was first approached
with this business opportunity. This situation has continued for many years,
and I have continued to provide funding and forbearance notwithstanding that
Ravenscraig could have terminated the license for insolvency at any time.
However, more recently, and in view of my more limited resources and the noted
management issues, I have decided that it makes no sense and is not in my best
interests to continue to personally work with and to fund the company or for
Ravenscraig to continue the pulse combustion license, particularly since as a
practical matter I bear all of the risks and little of the rewards in doing so
and the board is unable or unwilling to address the management issues."
"In an effort to be fair, I have extended to Clean Energy the opportunity to
obtain a fully paid pulse combustion license for the core areas which it has
been working on for a number of years, such as its ecoTech gasifier and
greenhouse burner projects. In the meantime, I would personally pursue and
finance the substantial cost necessary to develop a production model of the
burner for oil & gas applications, which I would reserve for myself given the
costs and risks I would solely bear, although I would also pay Clean Energy a
royalty. Clean Energy could then use this fully-developed production model to
prove the viability of the technology to purchasers for its core applications,
thereby allowing it to finally move forward. This license would also require
Clean Energy to address the management issues."
"Unfortunately, despite continuous promises from continuing management over the
past four months that they would address the issues, including the terms of a
new license, nothing has happened. I delivered my most recent proposal to
management almost one month ago, and have heard virtually nothing constructive.
The principal objection appears to be that management considers it my
obligation to pay all the costs and to bear all the risks of developing the oil
and gas production model, while affording Clean Energy the bulk of the
benefits. This proposal, reflecting the status quo from prior years, is now
unacceptable. Since it appears that management is unable or unwilling to
respond to this issue and is merely 'buying time,' I have now formally
terminated all negotiations with Clean Energy for any type of license while I
will proceed with my other endeavors."
DATASOURCE: Ravenscraig Properties, Ltd.
CONTACT: R. Dirk Stinson, +1-604-340-4458, or , for
Ravenscraig Properties, Ltd.