TransAct Energy Completes First Steps of Waste Technology Development Agreement
SAN ANTONIO, Texas, Feb. 7, 2013 /PRNewswire/ -- TransAct Energy Corp. (OTCQB: TEGY) released today terms of its Joint Development Agreement ("JDA") (http://www.marketwire.com/press-release/transact-energy-secures-zero-emission-technology-pinksheets-tegy-1681107.htm) announced previously with Mr. Bruce Hutchon, Utopial Limited and Halfuel Limited. The JDA specifies the formation of a joint corporation where Hutchon's transfers his proprietary emissions free energy-from-waste technology, the 20 tonne operating plant and all associated research. TransAct develops/transfers a 5 year Business plan, executes the same and causes $100 Million USD to be available to the newly formed company to build a plant in Scotland of approximately the same value.
The business plan has been completed and the first plant proposed for Scotland is a 500 tonne per day facility that when in full operation could generate an EBITDA of $160 Million per annum. This financial modeling is predicated on processing refuse derived fuel (RDF). The feedstock for the proposed facility has been identified and joint intentions made with the feedstock suppliers. The buyers for the products, electricity, fuel, LPG and carbon black have been identified and mutual intentions made to have the products purchased at market rates.
"Working through the first stages of our JDA with Mr. Hutchon's has given us excellent insights to the technology and business he has developed so far," says TransActs CEO Rod Bartlett. "We are extremely optimistic that we can develop the TransAct Energy from Waste business into a significant contributor for both our shareholders and the clean energy sector."
About Hutchon and Companies
Mr Bruce Hutchon and his group of private chemical technology companies based in the United Kingdom develop chemical/mechanical solutions for process engineering. Historically focused around the plastics industry they used their intimate knowledge of commercial organic chemistry to solve process issues.
About TransAct Energy Corp.
TransAct Energy Corp. is a Nevada organized company trading on the OTC Pinks as TEGY. Their business is the development, production, management and conservation of energy through sustainable projects. TransAct's focus is emissions free energy produced from carbonaceous waste.
Visit TransAct's new website www.transactenergycorp.com, follow them on twitter @transactenergyc and contact them for more information about TransAct Energy
Safe Harbor This press release contains certain statements that may include "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," "anticipate," "optimistic," "intend," "will" or other similar expressions. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov . All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under applicable securities laws, the Company does not assume a duty to update these forward-looking statements.
SOURCE Transact Energy Corp.