GEECF: Three More Sites for Biosphere Project in the Philippines

MANILA, Philippines, July 2 /PRNewswire-FirstCall/ -- Spectrum Blue Steel Corporation has announced during the groundbreaking of the Pilot Biosphere Project in Pampanga that three more sites are ready for the installation and deployment of the Biosphere Process and Technology in the Philippines.

Ruth P. Briones, the Chief Executive Officer of Spectrum Blue Steel Corporation said that sites in Santa Rosa in Nueva Ecija, Tanauan City in Batangas and Butuan City in Mindanao are now being prepared for the Biosphere Technology. Preliminary activities for these Projects, she said will be simultaneously started in July 2009.

The Spectrum's Executive further said that the company expects to open and operate six Biosphere projects within the year under the Zero Waste Philippines Project. Aiming to have a zero waste Philippines, the company has tied up thru private-public partnership agreements with cities and municipalities in the Philippines with the Biosphere Process which operates under a Zero waste Philosophy that would dispose wastes of all kinds and at the same time generate green energy as waste-to-energy facility.

Under the Philippine Renewable Energy Act of 2008 Waste-to-Energy facilities like the Biosphere Projects qualify for "Pioneer" status and are designed to spur investments in the renewable energy sector with incentives. The incentives include a seven-year tax holiday, no tax on carbon credits generated from renewable energy sources, and a 10-percent corporate income tax thereafter. Firms will also be given a 1.5- percent real estate tax cap on the original cost of equipment and facilities used to produce renewable energy. The law also prioritizes the purchase, grid connection and transmission of electricity generated by companies from renewable sources, and exempts power generated from these sources from value- added tax, these measures will ultimately ensure a market for renewable energy, and provide a system that will allow consumers to choose green sources of energy in the long term.

Spectrum Blue Steel Corporation, a Philippine domestic corporation has been granted a license to the Biosphere process and Technology in 2008 by the Biosphere Development Corporation/Global Environmental Energy Corporation (Global Environmental: Deutsche Borse: GLI.F) for the promotions, marketing, operation and management of the Biosphere Process. In that same year, the said company launched Zero Waste Philippines Project aiming for sustainable development that would replace the concept of waste as "waste as rubbish" into "waste as resource".

The Biosphere process for generating green energy was invented by Dr. Chris McCormack and he is the Chairman of the Board and Chief Executive officer of Global Environmental Energy Corporation (OTC Bulletin Board: GEECF).

This release contains forward looking information of Section 27A of the Securities Exchange Act of 1933 and Section 21E of the Securities Act of 1934 and is subject to the Safe Harbor created by those sections.

    CONTACT:
    Ronald Flynn
    Spectrum Blue Steel Corporation
    +639 1 8888 0017

SOURCE Spectrum Blue Steel Corporation