GEECF: Completes Biosphere Shaoxing Acquisition to Consolidate Chinese Businesses
21 February 2008 - 8:26PM
PR Newswire (US)
NASSAU, Bahamas, Feb. 21 /PRNewswire-FirstCall/ -- Global
Environmental Energy Corp., (Deutsche Borse: GLI, OTCBB: GEECF
http://www.geecf.ru/ -) has on 24th January 2008 completed the
restructuring of its Chinese businesses with the acquisition of
97.12% of Shaoxing (Biosphere) Company Limited, of Shengzhou, a
company formed in the Peoples Republic of China in 2005 with a
registered capital RMB 60 million. Following on the success of the
AnJi Biosphere project in 2007, GEECF decided to restructure its
Chinese businesses to consolidate its revenue interest. When
complete the Shaoxing business will see the deployment of 72 six
megawatt per hour Biosphere Power Stations, with a complete capital
investment of USD$1,440,000,000 and an expected EBIDTA of
USD$1,061,961,993 per annum. Shaoxing has been permitted by the
State Environmental Protection Administration of China to build and
operate its Biosphere Process Systems consuming municipal solid
waste and generating saleable electricity anywhere in China This
consolidation has been made possible by the appointment of the
Shenzhen Branch of the Yankuang Group Company Limited, to
manufacture all Biosphere Power Stations in China. The Yankuang
Group reported sales income for 2007 of CNY 35 billion, up by
11.78% year-on-year. Pre-tax profit was CNY 8.7 billion, up by
18.53% year-on-year. 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. CONTACT: Global,
+1-242-323-0086, PO Box CB-13277, Nassau, Bahamas Web site:
http://www.www.geecf.ru/
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