Abbotsford, British Columbia – (UPTICK Newswire – August 14, 2015) – Biomass Secure Power Inc. (OTC: Pinksheets: “BMSPF”) (the “Company”) is pleased to advise shareholders that a Letter of Intent (LOI) has been signed with River Basin Energy Inc. (“RBE”)
This LOI confirms both parties wish to establish a joint venture for the development of bio-coal fuel plant capable of producing a minimum of 500,000 tonnes of bio-coal per year.
Biomass Secure Power Inc. will own at least 51% of the project that will be held in the wholly owned subsidiary Biomass Power Louisiana L.L.C. The plant will be constructed at Port of Natchitoches Louisiana.
RBE brings its patented bio-coal technology to the project, and will also provide the project with an off-take agreement to purchase 100% of plant production.
Both Companies have engineering staff reviewing plant design and costing with a report due by end of August 2015. Once this report is received and approved decisions on exact ownership percentages will be finalized.
About the Company
Biomass Secure Power Inc. is incorporated in the Province of British Columbia. The Company has designed its biomass pellet plants to produce 340,000 tonnes of pellets per line. This allows the Company to leverage the engineering over multiple lines and locations as key equipment will be identical in each plant. Public filings and financial information on the Company can be found at: www.sedar.com.
Safe Harbour Statement:
This information includes certain “forward-looking statements”. The forward-looking statements reflect the beliefs, expectations, objectives and goals of the Company management with respect to future events and financial performance. They are based on assumptions and estimates, which are believed reasonable at the time such statements are made. However, actual results could differ materially from anticipated results.
On Behalf of the Board,
BIOMASS SECURE POWER INC.