NASSAU, Bahamas, Jan. 8 /Xinhua-PRNewswire/ -- Global Environmental Energy Corp (Bahamas) (Trading Symbols: Deutsche Bourse GLI (DE:GLI)- USA OTC Bulletin Board: GEECF) subsidiary Biosphere Asia Pacific has partnered with the Shing Tak Shun Tak Investment Co. Ltd., to finance expanded projects in China.
The An Ji joint venture now financed by Shing Tak Shun Tak will have a capital investment of approximately $40,000,000, having been increased from $12,000,000 in the short term thus allowing for the processing of 100,000 tonnes of MSW per year, as compared to the initial 40,000 tonnes target.
Biosphere Asia Pacific owns 51% of the joint venture and revenue will be derived from initial system sales, maintenance contracts and Biosphere’s participation in the operating profits of the joint venture. Additional ongoing projected revenues received from tipping fees and the sale of electricity generated is estimated to be $15.1 million per year.
Global is a Bahamian Company publicly traded on stock markets in Germany and the United States. Global maintains a web site at http://www.gli-geecf.com . This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of the 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections.
