Aveng Group Acquires Controlling Interest in EESTech Africa
BRISBANE, Australia, June 3, 2013 /PR Newswire/ -- Aveng Group, one of Africa's largest engineering, manufacturing and construction companies with over 34,000 employees, has acquired a controlling interest in EESTech Africa Pty. Ltd a subsidiary of EESTech Inc, a clean energy technologies company that is publicly trading on the OTC market under symbol EESH.
The Aveng Group is a South African based Level 2 BEE company which is a Government Compliant, Black Empowerment Enterprise.
EESTech (which stands for Economically and Environmentally Sustainable Technologies) is the owner of the patented HCGT (Hybrid Coal Gas Technology) a modular waste-to-energy system, which uses waste produce energy and the JetWater System, an innovative, highly efficient thermal water purification process.
High-energy costs, lack of power availability and contaminated water supplies in many parts of Africa represents a significant opportunity for the application of EESTech's technologies. The simplicity and robust modular design make them well-suited to the needs of Government, industry and or disadvantaged communities throughout Africa.
The EESTech's agreements with EESTech Africa require a minimum performance target of 30 megawatts of installed generating capacity to achieve annually. EESTech Africa is required to pay licence fees and ongoing remote monitoring and service fees for ten years on each megawatt of electricity generated with conservative market estimates of EESTech's combined net income for the next 5 years exceeding AUD $17million.
EESTech Inc's Chairman Mr Murray Bailey said that EESTech welcomed the involvement of Aveng which demonstrates confidence in the technology and underlines Aveng's commitment to introducing environmental sustainability to the mining industry of Africa.
'EESTech's products and services were introduced to the markets of continental Africa in 2010. Many opportunities have been identified over this period and in a number of cases, negotiations have progressed to where commercial agreements are anticipated,' Mr Bailey said.
Mr Pieter du Plessis, Aveng Group Executive Growth said his organisation recognised the ever-increasing need for improved utilisation of the world's resources in an environmentally sustainable manner, which had led to the decision to form a strategic relationship with EESTech Africa.
'The Aveng Group is motivated by good citizenship and sees its relationship with EESTech and the HCGT as a means of remediating waste coal dumps, which will in turn create job opportunities and benefit local communities by helping to restore the sustainability of the surrounding environment,' Mr du Plessis said.
For further information on EESTech Inc or its products visit www.eestechinc.com
Released for EESTech, Inc by Dennis Rutzou Public Relations (www.drpr.com.au)
Forward Looking Statement:
This media release includes statements that may constitute 'forward-looking' statements. The statements can generally be identified by phrases such as EESTech, Inc. or its management 'believes' 'forecasts', 'estimates' or other words or phrases of similar import. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Similarly, such statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals are forward-looking statements.
Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from forward-looking statements.
Factors which could cause or contribute to such differences include, but are not limited to our ability to recruit and retain key personnel, the availability of funding for future operating requirements, our ability to protect our intellectual property, our ability to secure contracts for the installation of our products and our ability to develop and operate such projects successfully.
We urge you to carefully consider these factors and the information detailing other factors (which may cause actual results to differ materially) included in EESTech, Inc.'s press releases and other historical SEC filings. The forward-looking statements are based on current expectations and neither the Company nor its management assumes any obligation to update these statements.
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SOURCE EESTech Inc.