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Waste2Energy Completes Strategic Alliance Agreement and Signs Ten Year Manufacturing Agreement With SHBV (Hong Kong) Limited (Shanghai Boiler and Vessel) for the Manufacture of W2e Proprietary Equipment in China
GREENVILLE, SC--(Marketwire - June 1, 2010) - Waste2Energy Holdings, Inc. (
The Agreement, and its related Manufacturing Agreement, were signed following several meetings between W2e and SHBV and Government Authorities in both Shanghai and Yancheng last week and confirms the Memorandum of Understanding that was previously announced in a press release on May 13, 2010.
Under the 10 year Agreement, W2e will, with the exception of some geographic regions, exclusively procure W2e's proprietary cBOST and sBOST products from SHBV. In return for W2e placing orders for proprietary products and waste heat boiler systems of at least $60 million per year, SHBV will initially pay W2e $5 million in three tranches payable within 30, 60 and 120 days of the execution of the Agreement respectively. A further $5 million will be paid to W2e over the life of the Agreement in equal installments on subsequent anniversaries of the Agreement. In the event that W2e fails to meet the minimum order values, the Agreement provides for a prorated adjustment of the annual payments from SHBV.
About Waste2Energy Holdings, Inc:
Waste2Energy, and its subsidiaries, designs, builds and installs waste-to-energy plants that are scalable, modular, environment friendly and robust enough to operate in remote environments. We compete in the growing worldwide market for waste-to-energy systems that simultaneously destroy waste and recover energy. We provide customized engineering solutions that will enable our current and future customers to convert biomass and other solid waste streams traditionally destined for landfill into clean renewable energy.
About SHBV (Hong Kong) Limited:
SHBV (Hong Kong) Ltd. Through its China subsidiaries, is a pressure vessel, industrial boiler and power engineering design and manufacturing company. With facilities in Shanghai and Jiangxi Province we offer competitive manufacturing facilities to international corporations to international standards including ASME, BS, EN and these are covered with an approved ISO 9001 Quality System. This is backed up with International managers from the UK, Germany and Singapore.
Safe Harbor Statement
Under the Private Securities Litigation Act of 1995 - This press release discusses forward-looking statements with risks and uncertainties. Our results could differ materially due to various factors, including inability to finance operations or expansion and hire or retain personnel, economy and interest rate changes, and events such as terrorism. We believe statements to be reasonable, but neither we nor any other person can represent they will be achieved. We are not obligated to update statements due to new information, events or otherwise. Please see the risk factors associated with our Company and review our SEC filings. For more information on Waste2Energy, please visit www.waste2energy.com.
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