MicroCoal™ Receives Cash Payment from Indonesia Power Company to Commence Construction of Coal Upgra
MicroCoal™ Receives Cash Payment from Indonesia Power Company to Commence Construction of Coal Upgrading Facility
- Patented microwave technology substantially upgrades the thermal value of coal and reduces GHG emissions and other pollutants
- Contracted price for construction of the facility is USD $6 million
VANCOUVER, British Columbia--(BUSINESS WIRE)-- MicroCoal Technologies Inc. (CNSX:MTI) (the "Company") reports, further to its news release dated July 29, 2013, that it has received the project advance from PT Wijaya Tri Utama ("PWTU") required under terms of the "Master Agreement" between PWTU and the Company. The remaining balance will be secured by an irrevocable letter of credit arranged by PWTU, acceptable to the Canadian Imperial Bank of Commerce (CIBC), for the benefit of MicroCoal™.
Slawek Smulewicz, CEO and Director of the Company, states: "We are very excited to be moving forward with PT Wijaya Ti Utama on this vital project.We look forward to working closely with their capable and dedicated team as construction of this facility gets underway.We expect this to be just the first in a number of international projects as we begin to roll out this transformational technology globally."
About MicroCoal™ Technologies Inc.
The Company is focused on commercializing its unique, clean-coal upgrading technology known as MicroCoal™; a low-cost, patented microwave technology that reduces moisture in coal resulting in an upgraded energy content of coal. This process provides significant financial benefits to coal-fired electrical generating utilities such as: large cost savings from switching to low-rank coal, substantial increases in boiler efficiencies and heat output, improved ash efficiencies and reductions in scrubber costs. Important environmental benefits including reductions in most greenhouse gases (SOx up to 70%, NOx and mercury) are also key primary benefits from implementation of this technology. The Company iscurrently constructing the first commercial facility in Indonesia with other projects soon to be announced.
We seek safe harbor.
On behalf of the Board of Directors,
CEO and Director
For further information please contact:
MicroCoal™ Technologies Inc.
Telephone: (604) 676 9792
Certain statements included herein, including those that express management's expectations or estimates of our future performance constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward looking statements. Except as required by law, the Corporation does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events. Neither CNSX nor its Regulation Services Provider (as that term is defined in the policies of the CNSX) accepts responsibility for the adequacy or accuracy of the release.
MicroCoal™ Technologies Inc.
Malcolm Bell, 604-676-9792
KEYWORDS: United States Asia Pacific North America Canada Indonesia Washington
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