ABBOTSFORD, British Columbia, May 18, 2011 /PRNewswire/ -- Biomass Secure Power Inc. (OTC:QB: "BMSPF") (the "Company") is pleased to announce that it has received a purchase agreement from LG International Corp. The agreement calls for Biomass Secure Power Inc. to provide LG International Corp with biomass pellets commencing in 2012. The term of the purchase agreement is for ten years and will provide Biomass Secure Power Inc. with an estimated annual gross income of $37,500,000.
LG International Corp is the second largest conglomerate company in South Korea.
About Biomass Secure Power Inc:
Biomass Secure Power Inc. is incorporated in the Province of British Columbia. The company is focused on the development of its torrefied wood pellet plant business. The Company has entered into negotiations on two sites on which pellet plants will be constructed. Total production from these two plants will be 1.25 million tonnes of biomass pellets per year with production starting in 2012. Construction of the two plants is expected to start Summer/Fall 2011. Additional details on the Company are available on EDGAR (www.sec.gov/edgar.shtml) and SEDAR (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.
President and CEO
Contact: 604 807 4957
SOURCE Biomass Secure Power Inc.