Clean Power Concepts Inc. (listed as CPOW on the NASD OTC:BB) and its subsidiary company General Bio Energy Inc., today announced that it has entered into an agreement with the Chongqinq Grain Group Co., Ltd. (“CGC”) of China.
The agreement creates a new Joint Venture (“JV”) for the purpose of managing, leasing or acquiring one or more facilities suitable for oilseed crushing. The parties have contributed an aggregate of Three Million Dollars ($3,000,000) to the Joint Venture. The Agreement provides that CPOW will be committing to source canola seed to the Joint Venture.
Mr. Shenher, commenting upon the creation of the new Joint Venture stated, “CPOW looks forward to the anticipated increased capacity with the creation of Oilseed crushing facilities in Western Canada. These new operations are planned to be situated close to transportation hub transit points in an effort to ensure that efficiencies are achieved in the delivery of orders. This new Joint Venture will serve to continue CPOW’s effort to develop the marketing of Canadian filtered canola oil and off-take canola meal for export. We look forward to a successful new future with our partners in China.”
Clean Power Concepts produces Filtered Canola Oil, Canola Feed Meal, Lubricants, Chemicals and Additives that are marketed under the CLEAN POWER CONCEPTS ® , MOPO ® brand names. For more information is available at CPOW’s website at www.cleanpowerconcepts.com.Safe Harbor Statement: This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The forward-looking statements are based on current expectations, estimates and projections made by management. The Company intends for the 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, statements regarding the anticipated increased capacity, the planned location of the new operations, the achievement of efficiencies and the success of the operations. All forward-looking statements in this press release are made as of the date of this press release, and the Company assumes no obligation to update these forward-looking statements other than as required by law. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements and include the risk that the new joint venture will not be as successful as anticipated, that suitable locations at suitable prices will not be available for the new operations, that the demand for the products produced by the joint venture will not be as great as anticipated and the risk factors discussed in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Copies of these filings are available at www.sec.gov.