NASSAU, Bahamas, Aug. 17 /PRNewswire-FirstCall/ -- Global Environmental
Energy Corp. (OTC Bulletin Board: GEECF; Xetra Franfurt: GLI) confirmed today
that directors of its subsidiary, Biosphere Development Corp., a corporation
registered in the Commonwealth of the Bahamas, are to visit China August 23rd
through August 29th 2005 in order to complete contracts to formalize its
Chinese Joint Venture with the Shenzhen Branch of Yankuang Group Co., Ltd.,
and the Shenzhen Rayes Group Co. Ltd.
The planned joint venture agreements provide for ongoing developments in
four agreed stages:
1. In stage one of this development, the joint venture between Shenzhen
Branch of Yankuang Group Co., Ltd., the Shenzhen Rayes Group Co. Ltd.,
and Biosphere Development Corp. will establish a manufacturing and
assembly facility for Biosphere(TM) Process Systems in China.
As per this agreement Biosphere specialists are to visit the
manufacturing facilities of the Yankuang Group in Shandong Province
to commence manufacturing.
The initial deployment of Biosphere(TM) Process Systems is to be the
major cities of Shenzhen, Yantai and Guilin.
2. In stage two which will take place on or before February 2006, the
joint venture between Shenzhen Branch of Yankuang Group Co., Ltd., the
Shenzhen Rayes Group Co. Ltd., and Biosphere Development Corp.
expects to deploy 20 to 30 Biosphere(TM) Process Systems. These
deployments will see the Biosphere(TM) Process Systems being used to
convert used car tires, waste oiled water, coal and biomass into
electricity and steam. The parties expect this stage of the program,
estimated to generate gross sales in excess of USD$200 million, to
meet with its planned timetable and as per Biosphere's agreements the
total project is being financed by Biosphere's Chinese partners
together with a consortium of major Chinese banks.
3. In the third stage of this development, scheduled to take place
between 2006 and 2008, the joint venture between Shenzhen Branch of
Yankuang Group Co., Ltd., the Shenzhen Rayes Group Co. Ltd., and
Biosphere Development Corp. will expand the initial deployments with
the addition of another 300 Biosphere(TM) Process Systems estimated to
generate gross sales in excess of USD$700 million per annum.
4. In the fourth stage of this development, to take place between 2008
and 2010, the new joint venture company between Shenzhen Branch of
Yankuang Group Co., Ltd., the Shenzhen Rayes Group Co. Ltd., and
Biosphere Development Corp. will expand the deployments with the
addition of another 1,000 Biosphere(TM) Process Systems estimated to
generate gross sales in excess of USD$4 billion per annum.
China, with a population of 1,298,847,624 (July 2004 est.
http://www.cia.gov) represents an enormous market place for the Biosphere(TM)
Process System. In 2001, the Chinese Central Government set a target of
quadrupling the national economy to USD$6.8 trillion per annum by 2020
(http://www.freerepublic.com). To meet this expansion, China needs 800 million
to 900 million kilowatts of electricity a year, but for now it can only
generate 350 million kilowatts of electricity annually. That means a shortfall
of 450 million to 550 million kilowatts providing a huge opportunity for the
Biosphere(TM) Process System.
China's central government is currently in the process of formulating a
national Renewable Energy Promotion Law which will have a significant impact
on the development of the Renewable Energy industry in China. Specifically, it
is planned that China will achieve a target of 10% of electric power
generation from renewable energy between 2010 and 2012. In addition local
governments, such as Beijing, Shenzhen, Tianjin, have enacted local policies
to encourage municipal solid waste gasification projects, like the
Biosphere(TM) Process System. As a case in point, Beijing will invest
RMB 54 Billion (@USD$6.6 Billion) to develop and encourage municipal solid
waste gasification projects with the cities paying subsidies to companies
involved in municipal solid waste gasification. A further example of the
gravity with which these projects are being undertaken is provided by the city
of Shenzhen in Guangdong province, which plans to build 7 new municipal solid
waste gasification facilities this year (2005) while closing existing
municipal solid waste landfills. Shenzhen's goal for 2005 is to divert
9,100 tons of municipal solid waste per day away from landfills and into
gasification.
This large venture has been instituted to fulfill an urgent need for waste
disposal and energy generation in China. During the last two decades, the
economy of China has been growing at an annual rate of almost 10%. The total
amount of waste generated has been growing at a similar pace of 8-10%
annually. Currently, every Chinese person produces every year on average
440 kg of solid waste. Using this waste as a fuel source can do much to
alleviate China's growing energy needs while reducing their reliance on fuel
oil and imports. According to a report from the China Power Enterprise
Association periodic blackouts are set to continue in the coming months in
south China's Guangdong Province, east China's Anhui, Jiangsu and Zhejiang
provinces and Shanghai, southwest China's Sichuan Province and Chongqing
Municipality and Northwest China's Gansu, Qinghai and Shaanxi provinces and
the Ninxia Hui Autonomous Region, and north China's Hebei and Shanxi
provinces. Eastern China has shortages of 10 to 15 million kilowatts, southern
China is short 5 million kilowatts, northern China is short 3 million
kilowatts, and central China is short 3 million kilowatts. These shortages
affect present industries as well as new industrial opportunities.
About the Shenzhen Rayes Group Co. Ltd.
The Shenzhen Rayes Group Co. Ltd., also known as China Online, is
registered in Shenzhen and its main business is in developing network
infrastructure and services via China Online (COL). Since 1994, COL has
deployed a large-scale ISP network with national coverage of 105 major cities
in China. COL was approved by MII (Ministry of Information Industry, formerly
Ministry of Post and Telecommunications) in 1997 as a national ISP and related
services provider. COL and China Telecom's 169 national ISP networks have a
strategic alliance since 1998. Shenzhen Rayes Group's registration capital is
RMB 0.19 billion with total asset of RMB 2 billion. Its business ranges from
investment, real-estate development, ISP, to international business. From 1996
to 1998, China Online was China's largest systems integration and network
solutions provider and was an industry leader in providing business-to-
business Internet and software applications, infrastructure applications,
network, and integration applications solutions for Chinese companies, with
emphasis in servicing the manufacturing sector of Southern China. China Online
has operations in 105 large- and medium-sized cities throughout China with
over 2,000 professionals on staff at its peak period. Key partners and
customers of the Rayes Group include Microsoft and Compaq of the U.S., the
Beijing Telecom Bureau, and the China Industrial Economy Association.
About the Yankuang Group Co., Ltd.
Yankuang Group Co., Ltd., has assets of RMB 22.844 billion and more than
50 subsidiaries. The Yankuang Group is engaged in coal production and sales,
coal chemical, civil engineering, etc. with annual total sales income of
RMB 11.258 billion. The Yankuang Group Co., Ltd.'s subsidiary Yangzhou Coal
Mining Company Limited, has been successfully listed on the New York Stock
exchange, Hong Kong Stock Exchange and Shanghai Securities Exchange,
respectively, in 1998 (Hong Kong, Shanghai and New York Stock Exchange (ADS:
YZC)).
About Biosphere Development Corp.
As provided for in Biospheres contracts with its Chinese partners this
project is expected to manufacture, market, deploy and participate in the
operation of at least 1,300 of Biosphere Development Corp.'s Biosphere
Process(TM) Systems in China by 2010 and as per Biosphere's agreements this
project will be financed by Biosphere's Chinese partners together with a
consortium of Chinese banks.
Biosphere Development Corp.'s unique proprietary technology,
EcoTechnology(TM), supplies energy through an efficient and environmentally
safe process. The Biosphere Process(TM) System, a central part of the
EcoTechnology(TM) system, can safely and efficiently process traditional and
non-traditional waste materials into electricity and other beneficial by-
products. The Biosphere Process(TM) can assist in solving the global waste
problem by converting into clean, green electricity such waste materials as:
municipal solid waste (MSW), agricultural surpluses, agricultural effluents,
forestry wastes, sewage sludge, medical waste, industrial wastes, flared
natural gas, shale oil, sour natural gas, high sulfur oils, waste bilge oil,
waste drilling muds and fluids, and many other traditional and non-traditional
waste materials.
Biosphere Development Corp. was initially formed as a subsidiary of Global
Environmental Energy Corp. (OTC Bulletin Board: GEECF; FWB: LFT). Global
Environmental Energy Corp. maintains a web site at
http://www.globalenvironmentalenergy.com/index.htm.
Biosphere Development Corp. intends to become a fully reporting and
trading company in the near term future.
About Global Environmental Energy Corp.
Global Environmental Energy Corp. (the Corporation) is a corporation
registered in the Commonwealth of the Bahamas and publicly traded on stock
markets both in Germany and the United Sates. Global Environmental Energy
Corp. has become a fully integrated energy company whose interests will
include traditional oil and gas and alternative energy sources, environmental
infrastructure and electrical micro-power generation.
Note to Investors
This press release contains forward-looking information within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, and is subject to the safe harbor created by those
sections. The forward-looking information is based upon current information
and expectations regarding Global Environmental Energy Corp. These estimates
and statements speak only as of the date on which they are made, are not
guarantees of future performance, and involve certain risks, uncertainties and
assumptions that are difficult to predict. Therefore, actual outcomes and
results could materially differ from what is expressed, implied, or forecasted
in such forward-looking statements.
Global Environmental Energy Corp. assumes no obligation to update the
information contained in this press release. Global Environmental Energy
Corp.'s future results may be impacted by risks associated with rapid
technological change, new technological developments and implementations,
execution issues associated with new technology, manufacturing production to
meet demand, litigation, media publicity and the negative impact this could
have on sales, competition, financial and budgetary constraints of prospects
and customers, international order delays, dependence upon limited source
suppliers, fluctuations in component pricing, government regulations,
dependence upon key employees, and its ability to retain employees. GEECF's
future results may also be impacted by other risk factors listed from time to
time in its SEC filings.
SOURCE Global Environmental Energy Corp.
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Related links:
http://www.globalenvironmentalenergy.com
CONTACT:
Dr. C. A. McCormack of Global Environmental
Energy Corp., +1- 242-323-0086, global@coralwave.com
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