Blue Sphere Announces the Receipt of a Term Sheet to Purchase the Tax Credits From its US Waste-to-Energy Projects for an Indicative Price of Over $11,000,000
EVEN YEHUDA, Israel, December 18, 2012 /PRNewswire/ --
Blue Sphere Corp. (OTCBB: BLSP) (the "Company" or "Blue Sphere"), a company in the Cleantech sector as a waste-to-energy and clean energy project integrator, is pleased to announce that it has received a term sheet from a large and reputable buyer to purchase the federal and state tax credits from its 5.2 MW and 3.2 MW waste-to-energy plants in North Carolina and Rhode Island for over $11,000,000.
"This represents another major break-through for the Company. We now have an offer for over $11,000,000 in cash for the federal and state tax credits to be generated by our waste-to-energy projects in North Carolina and Rhode Island. This means that, subject to entering into a definitive agreement with the buyer, we will receive over $11,000,000 in cash within several weeks after we commission our projects. Commissioning of both projects is expected in Q4 2013. As I said last week after the land for the NC project was purchased, we have started the countdown to project construction and implementation in Q1 2013 and expect to commence receipt of revenue promptly thereafter," said Shlomi Palas, CEO of Blue Sphere Corp.
About Blue Sphere Corp.
Blue Sphere Corp. is a company in the cleantech sector as a waste-to-energy project Integrator. Blue Sphere develops waste-to-energy and other renewable energy projects. The Company aspires to become a key player in the global waste-to-energy and renewable energy markets. For further information please visit the Company's website http://www.bluespherecorporate.com
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Litigation Reform Act of 1995, which are subject to risks and uncertainties and may change at any time. Among these are: (i) uncertainties regarding our ability to obtain adequate financing on a timely basis including financing for the projects described in this release and other specific projects, (ii) uncertainties regarding the future of the Kyoto Protocol and binding greenhouse gas warming commitments of industrialised countries, (iii) uncertainties regarding the market for and value of carbon credits including carbon credits associated with industrial gases, as well as the duration and amount of estimated emissions from specific projects, (iv) political and governmental risks associated with the foreign countries in which we operate, (v) unanticipated delays associated with project implementation including designing, constructing and equipping projects, as well as delays in obtaining required host country and United Nations approvals, (vi) the development stage of our business and (vii) our lack of operating history. As such, there is no assurance that the initiatives described in the press release will be successfully implemented or meet expectations.
The Company assumes no obligation to update the information in this release.
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SOURCE Blue Sphere Corp.