Mr. Slawek Smulewicz reports
INDONESIAN COMPANY PURCHASES MICROCOAL TECHNOLOGIES CLEAN COAL UPGRADING FACILITY
Microcoal Technologies Inc.'s wholly owned subsidiary, Microcoal
International Inc., has entered into a sales agreement with PT Wijaya Tri Utama (PWTU). It provides for the
design, construction, operation and maintenance of the first Microcoal
commercial facility utilizing the company's proprietary groundbreaking
coal drying technology. The contracted price for the
construction of the facility's installation is $6-million (U.S.). A portion of the construction fee is to be paid up
front, with the balance of the financing for the facility to be secured by
an irrevocable letter of credit arranged by PWTU for the benefit of
MCII. In addition to the one-time construction fee, PWTU has agreed to
pay MCII an annual fee for a period of six years and maintenance
fees pursuant to the supporting agreements to be entered by the parties.
The facility will be located on-site at the PWTU coal-fired power plant
on the island of Kalimantan, Indonesia, and will be designed to upgrade
the calorific value of approximately 190,000 tonnes per year of low-rank
coal (approximately 8,000 British thermal units per pound) to a higher calorific coal
(approximately 9,000 British thermal units per pound) by removing up to 10 per cent of the total
moisture. Microcoal has concluded that its technology can substantially
increase the calorific content of this specific low-rank Indonesian coal
above 11,000 British thermal units per pound by further reducing the moisture content.
Slawek Smulewicz, chief executive officer and director of the company, stated: "The
execution of this master agreement is a validation of the importance of
our technology as part of a global energy solution that improves the
thermal output of coal and reduces the pollution it generates. We are
extremely delighted that PT Wijaya Tri Utama has purchased the
Microcoal technology to optimize the performance of their coal plant,
as Indonesia is one of the world's largest consumers of low-rank coal.
This first commercial installation will serve to showcase the
scalability of our modular microwave coal drying technology, which we
plan to apply to coal-fired power plants worldwide. We are very excited
to see the global commercial rollout for this revolutionary technology."
We seek Safe Harbor.
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