GEECF: Three More Sites for Biosphere Project in the Philippines
02 July 2009 - 11:48PM
PR Newswire (US)
MANILA, Philippines, July 2 /PRNewswire-FirstCall/ -- Spectrum Blue
Steel Corporation has announced during the groundbreaking of the
Pilot Biosphere Project in Pampanga that three more sites are ready
for the installation and deployment of the Biosphere Process and
Technology in the Philippines. Ruth P. Briones, the Chief Executive
Officer of Spectrum Blue Steel Corporation said that sites in Santa
Rosa in Nueva Ecija, Tanauan City in Batangas and Butuan City in
Mindanao are now being prepared for the Biosphere Technology.
Preliminary activities for these Projects, she said will be
simultaneously started in July 2009. The Spectrum's Executive
further said that the company expects to open and operate six
Biosphere projects within the year under the Zero Waste Philippines
Project. Aiming to have a zero waste Philippines, the company has
tied up thru private-public partnership agreements with cities and
municipalities in the Philippines with the Biosphere Process which
operates under a Zero waste Philosophy that would dispose wastes of
all kinds and at the same time generate green energy as
waste-to-energy facility. Under the Philippine Renewable Energy Act
of 2008 Waste-to-Energy facilities like the Biosphere Projects
qualify for "Pioneer" status and are designed to spur investments
in the renewable energy sector with incentives. The incentives
include a seven-year tax holiday, no tax on carbon credits
generated from renewable energy sources, and a 10-percent corporate
income tax thereafter. Firms will also be given a 1.5- percent real
estate tax cap on the original cost of equipment and facilities
used to produce renewable energy. The law also prioritizes the
purchase, grid connection and transmission of electricity generated
by companies from renewable sources, and exempts power generated
from these sources from value- added tax, these measures will
ultimately ensure a market for renewable energy, and provide a
system that will allow consumers to choose green sources of energy
in the long term. Spectrum Blue Steel Corporation, a Philippine
domestic corporation has been granted a license to the Biosphere
process and Technology in 2008 by the Biosphere Development
Corporation/Global Environmental Energy Corporation (Global
Environmental: Deutsche Borse: GLI.F) for the promotions,
marketing, operation and management of the Biosphere Process. In
that same year, the said company launched Zero Waste Philippines
Project aiming for sustainable development that would replace the
concept of waste as "waste as rubbish" into "waste as resource".
The Biosphere process for generating green energy was invented by
Dr. Chris McCormack and he is the Chairman of the Board and Chief
Executive officer of Global Environmental Energy Corporation (OTC:
GEECF) (BULLETIN BOARD: GEECF) . This release contains forward
looking information of Section 27A of the Securities Exchange Act
of 1933 and Section 21E of the Securities Act of 1934 and is
subject to the Safe Harbor created by those sections. CONTACT:
Ronald Flynn Spectrum Blue Steel Corporation +639 1 8888 0017
DATASOURCE: Spectrum Blue Steel Corporation CONTACT: Ronald Flynn
of Spectrum Blue Steel Corporation, +639 1 8888 0017
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