REGINA, Saskatchewan, May 5 /PRNewswire-FirstCall/ -- Clean Power Concepts Inc. ("Clean Power") (OTC Bulletin Board: CPOW) announced today it has successfully expanded its operations in the environmentally friendly 'green energy' business through acquisition of controlling interest in established bio energy products manufacturer General Bio Energy Inc. ("GBE") located in Saskatchewan, Canada.
Clean Power completed the acquisition of GBE through a share exchange agreement executed on April 29, 2010 wherein it acquired 94.8% of the issued and outstanding common shares of GBE in return for issuance of 28,426,612 restricted common shares of Clean Power on a ratio of 18.21 shares of Clean Power for each 1.00 share of GBE submitted for exchange. The Exchange provided Clean Power with an operational manufacturing subsidiary. Full details regarding the exchange, and GBE, are recorded in our Current Report on Form 8-K filed April 30, 2010 to the Securities and Exchange Commission's EDGAR system at: www.sec.gov.
Mr. Michael Shenher, CEO of Clean Power and GBE commented, "This acquisition is a tremendous step forward in our goal of becoming a leading bio energy products supplier. We've now combined the key elements of a fully operational production facility and access to public capital markets and will be aggressively moving forward with implementation of our strategic plans." Mr. Shenher continued, "Clean Powers' mission is to turn oilseeds into fuel and other traditionally petroleum-based products using highly efficient "green" facilities and to spread that energy and manufacturing technology around the world. Our proven technology is in operation. We are currently refining a clean, renewable crude oil into ecologically safe biofuel and related products that are sold today through domestic and export markets. Our plans are to further invest in the rapid expansion of this energy source and in the significant manufacturing opportunities that are now ready to be exploited: biomass gasification, plastics and other commercial products. We believe the need for clean energy products is clearly apparent and will be welcomed by consumers."
About Clean Power Concepts Inc.Clean Power Concepts Inc. was incorporated in Nevada on October 17, 2005 and trades on the OTC-BB under the symbol CPOW. To implement expansion of our business in the environmentally friendly green energy industry we acquired 94.8% of General Bio Energy Inc. on April 29, 2010. GBE was incorporated in Saskatchewan, Canada on February 14, 2006 and operates a fully integrated commercial oilseed crushing, bio-diesel refinery, and environmental lubricants manufacturing and bottling, and nutraceutical and food processing plant in Regina, Saskatchewan. The current plant has a crush capacity of 19.7 million liters of crushed oil annually. Its biodiesel fuel processor can produce up to 20 million liters of biofuel and biofuel additives and the crushing system can produce nearly 32.8 thousand metric tonnes of meal and protein related products for agricultural and aquaculture feedstock annually. The plant is capable of specialty and toll crushing a wide variety of oil seeds. GBE's primary brand is: 'MOPO Environmental Lubricants' and other key trade names include: 'General Bio Health' and 'Spirit of Health', under which GBE manufactures, distributes, and retails essential oils, camelina, canola, flax, and hemp, in various formats including capsules, gourmet cooking oils, and skin care formulations. CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION Safe Harbour Statement under the Private Securities Litigation Reform Act of 1995 Certain information contained in this press release, including any information as to our strategy, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements." All statements, other than statements of historical fact, are forward-looking statements. The words "believe," "expect," "will," "anticipate," "contemplate," "target," "plan," "continue," "budget," "may," "intend," "estimate," "project" and similar expressions identify forward-looking statements. In this press release, the expressions: "...(we) will be aggressively moving forward with implementation of our strategic plans"; "Our plans are to further invest in the rapid expansion of this energy source and in the significant manufacturing opportunities that are now ready to be exploited: biomass gasification, plastics and other commercial products" and "We believe the need for clean energy products is clearly apparent and will be welcomed by consumers" are forward-looking statements. F orward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain cost adjustments and/or delays beyond the company's control with respect to bio energy manufacturing operations, changes in the worldwide price of agricultural commodities, crude oil, and/or certain other commodities; regulatory, legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with bio energy manufacturing operations or development activities; employee relations; transportation logistics; and the unpredictability of risks involved in the newly developing bio energy industry. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. SOURCE Clean Power Concepts Inc.