Bio-Clean International, Inc. Joint Venture Partner Kyrgyz Alumina Inc., Announces Signed Letter Of Intent To Acquire Alumina Concession
RANCHO SANTA MARGARITA, Calif., Aug. 3, 2012 /PRNewswire/ -- Bio-Clean International, Inc. (OTC Pink Sheets: BCLE) announces its Joint Venture partner Kyrgyz Alumina Inc., a Nevada Corporation, signed a Letter of Intent on July 20, 2012 to acquire Glinozium, LLC by exchange of shares. Glinozium currently holds concessions for three deposits of alumina, with raw reserves of 828 million tons in total, located in the southeastern part of Kyrgyzstan. Terms are still being negotiated by which the Joint Venture Corporation will own in excess of 90% of the shares of Glinozium, LLC, which is the registered holder of 100% of these alumina concessions.
Under terms of the Joint Venture agreement, BCLE is a 40% owner, with Glinozium shareholders to own 40%. Mike Roth, President of Bio-Clean International stated: "We are excited for our Joint Venture partner Kyrgyz Alumina Inc. and we look forward to assisting them in every way possible to help achieve our mutual goals."
Mr. Roth also clarified his position with Kyrgyz Alumina Inc. as mentioned in the news. "It should be noted that QED Connect Inc. reported my position with Kyrgyz Alumina as its CEO in QED's press release regarding their proposed conditional, non-binding Letter of Intent to acquire Kyrgyz Alumina Inc. It needs to be clarified that I am the acting CEO and not a control person, nor am I a member of the Board of the Directors of Kyrgyz Alumina Inc., which consists of H. K. Yoon, President, and Aksana Cherniavskay, Director. The finalization of the letter of intent referred to by QED Connect in its announcement yesterday contains conditions subsequent requiring satisfaction."
About Bio-Clean International, Inc.In addition to its investments in various Joint Ventures in electronics and natural resources, Bio-Clean International is a developer of environmentally-safe cleaning products and bio-remediation fluids designed for a variety of uses. For more information on Bio-Clean International, Inc., visit: http://www.biocleaninternational.com About Kyrgyz Alumina Inc. Kyrgyz Alumina Inc. is a newly formed corporation whose purpose is to acquire ownership of aluminum concessions in the Republic of Kyrgystan, a former part of the Soviet Union that has extensive mineral resources including strategic ores such as aluminum and gold. Kyrgyz Alumina will contribute the rights to these concessions to the joint venture with Bio-Clean International, Inc. Contact - BCLE:Bio-Clean International, Inc. (OTC Pink: BCLE) Mike Roth, President & CEO + 1 949 269-8333 firstname.lastname@example.org About GLX - The Global Listing Exchange The Global Online Investment Community - GLX provides interactive advertising, conference and event coordination, digital IR/PR, journalism, market intelligence, media/marketing, news dissemination, research, video production and ancillary specialty communications services to publicly traded companies worldwide.
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