CELEBRATION, Fla., Dec. 23, 2009 (GLOBE NEWSWIRE) -- International Power Group, Ltd. (Pink Sheets:IPWG), a provider of waste to energy solutions, including waste to energy development and waste to energy technologies, announces today that it has completed the formation of its Joint Venture Corporation, Green Energy Eastern Europe Group, s.p.a. z.o.o. ("GEEEG"). IPWG's Waste to Energy plant, just outside of Radom, in Koryciska, Poland, will be managed and operated through GEEEG.
In addition, in accordance with the Memorandum of Undertaking and Term Sheet entered into on September 25, 2009, and mandates from IPWG's financial partners, IPWG has successfully finalized the documentation we believe to be necessary to close on the construction credit facility for the Poland Waste to Energy Power Plant. This documentation, the obtainment of which is a condition to closing of the credit facility, is now being furnished to our financial partners in anticipation of them setting a closing date on the credit facility.
IPWG has further entered into a letter agreement with Volga International, an international construction management company, to operate as General Contractor with regard to the construction of the Poland WTE plant.
IPWG's CEO Mr. John Benvengo said, "I believe that IPWG has now put in place all the necessary components for the construction of the Poland project and all the documentation to close on the credit facility with our financial partners in Italy." Further, Mr. Benvengo noted, "We are excited about our new relationship with Volga International and we expect that they will help IPWG make the construction of this Polish project seamless. Volga International will assist IPWG in managing the construction project and help bring employment to Koryciska. IPWG looks forward to further nurturing its relationship with Volga as IPWG continues its quest to implement 'green' solutions throughout the world."
IPWG further noted that with regard to its dispute with the Depository Trust Company ("DTC"), IPWG has submitted additional briefing to the Securities and Exchange Commission ("SEC") in regards to its appeal of the DTC's actions as to IPWG securities and in response to the SEC request of the DTC and IPWG. This additional briefing was requested in an Order issued by the SEC on December 16, 2009. IPWG continues its appeal to the SEC of the DTC's action and awaits a decision on its Motion for a Stay of the DTC's chill on transactions in IPWG's securities.
About International Power Group, Ltd.
International Power Group, Ltd. is a leader in the development and implementation of new cutting-edge technologies that maximize recycling values while providing environmentally safe disposal of solid waste and hazardous materials. Through the application of these new technologies, solid wastes and hazardous materials can be minimized to their maximum extent while producing significant secondary benefits such as clean energy and clean water. Founded in 2004, IPWG is a publicly traded company, listed on Pink Sheets.
FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections of management. IPWG intends for these forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," or variations of such words are intended to identify such forward-looking statements. The forward-looking statements contained in this press release include, but are not limited to, statements regarding the closing of the credit facility and the satisfaction of the conditions to such closing, IPWG's future relationship with Volga International and the anticipated results of the relationship. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements, including the risk that the closing of the credit facility is delayed because the conditions to closing have been met a timely manner, the project may not be as successful as anticipated and the relationship with Volga International does not lead to the expected results. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information with respect to these and other factors, which could materially affect the company and its operations, are included in certain forms the company has filed with the Securities and Exchange Commission. All forward-looking statements in this press release are made as of the date of this press release, and IPWG assumes no obligation to update these forward-looking statements whether as a result of new information, future events or otherwise, other than as required by law.