FT. WORTH, Texas, March 28, 2012 /PRNewswire/ -- VHGI Holdings, Inc. (OTC.QB: VHGI) announced that its wholly-owned subsidiary VHGI Coal, has successfully tested its clean coal-load out system for delivery to Indiana Power & Light (IPL) and other customers. The first shipment to IPL was made on Sunday March 25, 2012.
One of the unique aspects of VHGI Coal's Landree Mine property is the existence of an on-site rail delivery system, which allows them the opportunity to deliver coal to its customers in a more cost efficient and timely manner. The rail delivery system gives VHGI Coal an advantage over many competitors by allowing the Landree Mine to expand its sale base far beyond the Midwest Coal Basin and potentially to overseas markets.
As part of a multiyear coal supply agreement with IPL, the Landree Mine has agreed to ship its coal to IPL by utilizing this new rail delivery system. This weekend's shipment marked the first of many shipments on our previously announced 1-million ton contract with IPL.
Newly hired Executive Vice President Ron Hutchcraft commented on what this means to the employees of the Landree Mine and to VHGI Holdings, Inc. "This is an important milestone in our development as a company. This first shipment proves that our delivery system is now up and running, we can deliver our coal to IPL and other customers as promised in our agreements. Furthermore, it's a big day for our employees who have worked extremely hard and our vendors who have stayed with us in some very trying times over the past couple of months. It's great to see that the efforts of all are rewarded by our first successful delivery."
About VHGI and VHGI Coal
VHGI is a diverse company with assets and interests focusing on opportunities within the Precious Metals, Energy and Mining Markets. VHGI Coal is a wholly-owned subsidiary of VHGI, focusing on the coal mining industry.
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SOURCE VHGI Holdings, Inc.