Clean Energy Enters An Agreement To Pursue The Purchase Of The Assets Of North Island Green Energy (NIGE) and the development o

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Cec Unet	LSE:CECU	London	Ordinary Share	IE00B18P2H40	ORD EUR0.01

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Cec Unet

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Clean Energy Enters An Agreement To Pursue The Purchase Of The Assets Of North Island Green Energy (NIGE) and the development o

18/07/2006 12:30pm

PR Newswire (US)

Cec Unet (LSE:CECU)
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From May 2019 to May 2024

VANCOUVER, July 18 /PRNewswire-FirstCall/ -- Clean Energy Combustion Systems Inc. ("Clean Energy") ("CECU") is pleased to announce that the company has entered An Agreement To Acquire The Assets Of North Island Green Energy And Pursue The Development Of Hydro Power Projects Valued At Over Twenty Million Dollars. The Agreement allows 90 days for the completion of a complete due diligence review in addition to reviews of hydrology, engineering and costing and a 180 day lock up on the part of NIGE. During this period the companies will finalize a purchase agreement based on updated valuation by a qualified business valuator. The cost of the due diligence review will be shared by Clean Energy and NIGE. NIGE is financing these costs through an Offering Memoranda for both flow through and VCC tax incentive offerings. The Agreement foresees the company taking up a number of ongoing relationships with various First Nations negotiators and a number of First Nations with the view to developing Memoranda of Understandings and Joint Venture agreements to allow the completion of these projects. The Projects under development include creeks on Vancouver Island in addition to creeks in the Eastern Fraser Valley. Upon completion of the intended purchase, the company will incorporate a new subsidiary, with the intention of pursing these and other power projects with the view to building stable long term cash-flow and earnings. Forward Looking Statements: Clean Energy's development plans and the prospective potential of its Run Of the River Hydro 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 and current lack of capital; Clean Energy's inability to satisfactorily complete pending or new project proposals (including with prospective licensee or joint venture partners) and enter into binding revenue-producing contracts based upon those proposals; the overall inability of Clean Energy (or its licensee or joint venture partners, if any) to design, build, operate and sell power from these project on a profitable basis, including as a result of inability to complete contracts with BC Hydro for and demand for power; regulatory constraints; 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. CONTACT: visit Clean Energy's Website at: http://www.clean-energy.com/ or contact: Investor Relations, Clean Energy Combustion Systems Inc., Phone: (604) 681-9383, Email: DATASOURCE: Clean Energy Combustion Systems Inc. CONTACT: visit Clean Energy's Website at: http://www.clean-energy.com/ or contact: Investor Relations, Clean Energy Combustion Systems Inc., Phone: (604) 681-9383, Email:

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