VANCOUVER, British Columbia -- (Business Wire)
MicroCoal Technologies Inc.(CNSX: MTI):
- First MCI commercial scale application of proprietary microwave
technology to upgrade coal thermal output and reduce pollutants
- MicroCoal to receive U.S.$6 Million installation fee and annual
fees for six years
MicroCoal Technologies Inc. (CNSX: MTI) (the âCompanyâ or
âMicroCoalâ, formerly Carbon Friendly Solutions Inc., CNSX: CFQ) is
pleased to announce that its wholly owned subsidiary, MicroCoal
International Inc. (âMCIIâ), has entered into a sales agreement (âMaster
Agreementâ) with PT Wijaya Tri Utama (âPWTUâ). It provides for the
design, construction, operation, and maintenance of the first MicroCoalâ¢
commercial facility utilizing the Companyâs proprietary ground-breaking
coal drying technology (the âFacilityâ). The contracted price for the
construction of the Facilityâs installation is USD $6,000,000
(âConstruction Feeâ). A portion of the Construction Fee is to be paid up
front, with the balance of the funding 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 (6) 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 8,000Â Btu/lb.) to a higher calorific coal
(approximately 9,000Â Btu/lb.) by removing up to 10% of the total
moisture. MicroCoal has concluded that its technology can substantially
increase the calorific content of this specific low-rank Indonesian coal
above 11,000Â Btu/lb. by further reducing the moisture content.
Slawek Smulewicz, CEO and Director of the Company, states: âThe
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 worldâs 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 roll-out for this revolutionary technology.
â
About MicroCoal Technologies Inc.
The Company is focused on commercializing its unique, clean-coal
technology through its 100% owned subsidiary MicroCoal Inc. MicroCoalâ¢
is a low-cost, internationally patented microwave technology that
reduces moisture in low-rank coal, thereby upgrading the energy content
of low-rank coal comparable to that of more expensive high-rank coal.
One of the keys to commercial success for the application is its
integration directly on-site at the utilityâs location, thus providing
direct access to unused electricity during off-peak times. The resulting
effect is that the power required in the drying process has a greatly
reduced input cost. Nearly all coal-fired utilities world-wide will now
be able to switch to lower cost, low-rank coal and obtain substantial
economic and environmental benefits, including major reductions in fuel
costs, improved boiler efficiencies, and up to a 70% reduction in
emissions of SOx, NOx and mercury.
We seek safe harbor.
On behalf of the Board of Directors,
âSlawek Smulewiczâ
CEO and Director
For further information please contact:
Stan Lis
President and Director,
MicroCoal Technologies Inc.
Telephone:
(604) 676 9792
E-mail: info@microcoal.com
FOWARD-LOOKING STATEMENTS
Certain statements included herein, including those that express
management's expectations or estimates of our future performance
constitute "forward-looking statements" within the meaning of applicable
securities laws, including statements regarding the location,
construction, operation, maintenance and performance of the Facility,
the Construction Fee and other payments by PWTU to MCII, the
capabilities of theMicroCoal⢠technology and the application of
MicroCoal⢠technology to other coal plants. The reader is cautioned that
forward-looking statements are not guarantees of future performance and
involve known and unknown risks, uncertainties, assumptions and other
factors which are difficult to predict and that may cause actual results
or events to differ materially from those anticipated in such
forward-looking statements.Forward-looking statements are based
on the then-current expectations, beliefs, assumptions, estimates and
forecasts about the business and the industry in which the Company
operates.Forward-looking statements are not guarantees of future
performance and involve risks, uncertainties and assumptions which are
difficult to predict.Assumptions underlying the Companyâs
expectations regarding forward-looking statements contained in this news
release include, among others: that the Facility will be completed
substantially on time and on budget, the Facility will substantially
achieve the design specifications, PWTU and MCII will enter into
definitive documentation for the supporting agreements for the Facility,
and MCII will receive the Construction Fee and other payments from PWTU.Investors are cautioned that all forward-looking statements involve
risks and uncertainties, including, without limitation, risks that: the
completion of the Facility will not proceed as expected; the Facility
will not perform as designed; MCII and PWTU will not agree to definitive
documentation for the supporting agreements on the terms expected or at
all; MCII will not receive the letter of credit in respect of the
Construction Fee and/or will not receive the annual payments and
maintenance fees on when due or at all; low-rank coal will continue to
be priced meaningfully lower than high-rank coal; off-peak electricity
prices will continue to be priced meaningfully lower than peak
electricity prices; and other risk factors listed from time to time in
the Companyâs public filings. These risks, as well as others, could
cause actual results and events to vary significantly.Accordingly,
readers should not place undue reliance on forward-looking statements,
which are qualified in their entirety by this cautionary statement.Except
as required by applicable securities law, the Company does not intend,
and undertakes no obligation, to update any forward-looking statements
to reflect, in particular, new information or future events. Neither
CNSX nor its Regulation Services Provider (as that term is defined in
the policies of the CNSX) accepts responsibility for the adequacy or
accuracy of the release.
www.microcoaltechnologies.com
Contacts:
MicroCoal Technologies Inc.
Stan Lis, (604) 676 9792
President
and Director
info@microcoal.com
Source: MicroCoal Technologies Inc.
© 2024 Canjex Publishing Ltd. All rights reserved.