RenuEn Corp Announces CNG Gas Purchase Agreement
September 03 2013 - 8:25AM
Marketwired
RenuEn Corporation (OTC Pink: RENU) a Renewable Energy Development
Company, is pleased to announce the signing of a significant five
year agreement to purchase 3,750,000 Gas Gallon Equivalents (GGE)
from their St. Cloud Compressed Natural Gas (CNG) facility.
Don Wood, CEO of RenuEn, stated, "Today I can finally announce a
long awaited contract to purchase CNG from our soon to be completed
St. Cloud landfill project. Our EVP, J. Charles Nemes, has
diligently negotiated this agreement for nearly three months and as
a result of his efforts, we have now sold out a majority of the
facility's natural production for the next five years. The
contract, and accompanying promissory note, has a total value of
$7,500,000 over the five year term."
Mr. Wood added, "Phase one of our designed facility is capable
of producing approximately 62,500 GGE per month, or 750,000 GGE per
year and this purchase agreement will account for 100% of the
production from the first phase of the project. In phase two, which
is currently in development, we will be adding a connection to a
natural gas pipeline that runs parallel to the St. Cloud facility
allowing us to mix natural gas with our renewable landfill gas. We
will have the capability to blend twenty percent landfill gas with
eighty percent natural gas, allowing us to increase our yearly
production to over 3,000,000 GGE per year and still meet the
Federal Government criteria of renewable gas."
Executive Vice President J. Charles Nemes has been working in
collaboration Mr. Elliot Kahana, Senior Consultant with KFV-LLC, a
Florida based consulting firm and Mr. Wolfgang R. Geyer of Mocker
& Co Consult Gmbh, a Stuttgart, Germany based consulting firm
specializing in Business Development, Consulting, Investment, Asset
Management, Project Management, Technology Transfer, Renewable
Energy, Raw Materials and Commodities. Nemes commented on the joint
effort by saying, "Through this collaborative effort, we have
entered into a five year gas purchase agreement with Al-Gahry
Trading, a Dubai UAE based exporting firm to be used for their US
based trucking firms. This agreement will now facilitate the
collaboration of a joint effort with RenuEn to bring MBM Brand CNG
trucks and engines to the United States for use by many of the
largest and respected trucking companies. As more and more trucking
companies convert to CNG technology, RenuEn, through our
international relationship with Mocker and Al Gahry, will be
positioned to offer expanded CNG services to all of our clients.
MBM trucks use German designed and engineered technology and they
are capable of supplying CNG trucks and engines that meet full US
specifications."
In an email to Mr. Nemes, Isam A. Osman, CEO of Al Gahry, wrote,
"I am looking forward to a fruitful common business relationship
with RenuEn."
CEO Don Wood concluded, "This off take agreement, and the
relationship we have now forged, is the most significant component
of our business plan. While we always expected to sell our gas
after construction, this contract has now solidified our ability to
generate revenue from the St. Cloud facility, pay down debt and
continue with our overall plan to organically grow the RenuEn brand
and bring added value to our shareholders. Our last achievement for
completing the long awaited construction of the facility will be
the approval from the City of St. Cloud for a short-term extension
of the construction schedule. We anticipate that the City of St.
Cloud will recognize the significance of this project, the
financial benefit to the City, the international relationships we
have established and the efforts put forth by Team Energy, RenuEn,
the University of Central Florida and the staff of the City of St.
Cloud. We are scheduled to appear at the next St. Cloud Council
Meeting on September 12, 2013."
About RenuEn Corporation
RenuEn Corporation is a Renewable Energy Development company.
The company focuses on Landfill Compressed Natural Gas capture,
International Renewable Power projects and the development of
solar, geothermal and other renewable energy strategies.
Safe Harbor Statement
Forward Looking Statements: Statements in this document contain
certain 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, as amended. These statements are based on
many assumptions and estimates and are not guarantees of future
performance. These statements may involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of RenuEn Corporation to be materially
different from future results, performance or achievements
expressed or implied by such forward-looking statements. RenuEn
Corporation assumes no obligation to publicly update or revise
these forward-looking statements for any reason, or to update the
reasons actual results could differ materially from those
anticipated in these forward-looking statements, even if new
information becomes available in the future. Our actual results may
differ materially from the results anticipated in these
forward-looking statements due to a variety of factors. There may
be other factors not mentioned above that may cause actual results
to differ materially from those projected in any forward-looking
statement. We assume no obligation to update any forward-looking
statements as a result of new information, future events or
developments, except as required by applicable securities laws.
Contact and Inquiries for Investor Relations: Michael Irving
Paramount Advisors, LLC 407-878-5462 mike@parvise.com
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