HOUSTON, Oct. 18, 2011 /PRNewswire/ -- Energy Holdings International, Inc. (EGYH.OB) with its technical advisors, including CH2MHill is proceeding with the development of its 450 MW Combined Cycle Power Plant in Bangladesh. Energy Holdings International (EHII) reached an agreement and sold 35% of the project for 4 million USD payable upon the completion of the Power Purchase Agreement that is expected to be completed in 60 days or less. EHII received a $300,000 USD down payable for this interest and the local partner who purchased the interest agreed to complete the Power Purchase Agreement (PPA) and complete all developmental engineering necessary for the power purchase agreement (PPA) and Implementation Agreement (IA) at no cost to EHII, stated Mr. John Adair, Chairman and C.E.O.
Energy Holdings International, Inc. completed and filed its annual 10K and will continue to pursue and complete the development of the 450 MW Power Plant prior to actively pursuing its initial goal of acquiring oil and gas assets within North and South America, among other areas of interest.
Energy Holdings International, Inc. is an American Saudi company with two members of the Saudi Royal Family being active board of directors members. EHII has offices in Houston, Texas; Dubai, UAE and Riyadh, Saudi Arabia.
Energy Holdings International, Inc. also received an independent third party company stock value evaluation based upon the completion of the PPA and IA. By applying a very conservative P/E multiple of 10X earnings of $25 million annually based on the economics of a third party engineering firm, the estimated stock price is projected to be approximately $6 USD with additional upside with the completion of construction stated Mr. Jalal Alghani, Vice-Chairman and C.F.O.
In light of these risks, uncertainties and assumptions, the events anticipated by EHII's forward-looking statements may not occur, and, if any of such events do, we may not have anticipated the timing of their occurrence or the extent of their impact on our actual results. Accordingly, you should not place any undue reliance on any of EHII's forward-looking statements. EHII's forward-looking statements speak only as of the date made and EHII undertakes no obligation, other than as required by applicable law, to update or revise its forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.
SOURCE Energy Holdings International, Inc.