SYMBOL OTCBB: PIEX
NEWPORT BEACH, CA, Jan. 15, 2013 /PRNewswire/ - IBA Green, Inc., a wholly owned subsidiary of Pioneer Exploration Inc. (PIEX) is pleased to announce it has entered into a strategic business cooperation agreement with Spectrum based in Dubai, United Arab Emirates for implementation of a facility for the treatment of incinerator bottom ash (IBA). IBA is the toxic residual residue resulting from burning coal or solid waste in the process of generating electric power.
The agreement enables both companies to further explore opportunities in the United Arab Emirates and the Middle East region through cooperation of technology, resources, and services. IBA Green has developed technology to process IBA into environmentally safe construction material and has current projects in development in Singapore and Hawaii.
"Spectrum has formed a number of important, strategic alliances with U.S. and other global companies in recent years," said Mr. Adel Al Otaiba, Chairman and CEO of Spectrum. "We believe that our relationship with IBA Green will be extremely rewarding, given the growing need for their technology and the dynamic business environment that exists in the UAE and the Middle East."
The IBA Green technology can address several issues facing the UAE and the Middle East, including the processing, disposal and reduction of toxic Incinerator bottom ash. That same ash once treated can then safely be converted into nonhazardous eco-friendly building materials. "IBA Green's technology to treat and convert incinerator bottom ash into viable and environmentally responsible construction materials provides a safe and environmentally sensitive method of diverting what was previously hazardous material into commercially viable products, a good thing for any place in the world." said Mr. Angelo Scola, President and CEO of IBA Green.
Spectrum is a multinational company with international projects primarily in the industries of energy, oil production, and infrastructure. IBA Green has developed technology to process IBA into environmentally safe construction material and has current projects in development in Singapore and Hawaii.
About IBA Green, Inc.
IBA Green has developed a process to mitigate the environmental issues associated with toxic end products of the waste-to-energy industry, and has developed a process to safely and economically utilize the previously toxic end product (the "IBA Technology"). The IBA Technology works in synergy with the waste-to-energy industry, converting the toxic end products into commercially viable green construction products.
The IBA Technology was specifically developed to address coal ash and incinerator bottom ash (IBA), which is the resulting residue that is created after the combustion process of burning coal or solid waste to generate electric power. Currently, there are approximately 600 coal burning and 85 waste to energy electric power plants across the USA creating an aggregate 85 million tons of toxic coal ash or IBA annually.
For further information about IBA Green Inc. please visit the company's website at http://www.ibagreen.com/
On Behalf of the Board of Directors
President & CEO
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as "expects," "estimates," "projects," "anticipates," "believes," "could," and other similar words. All statements addressing operating performance, events, or developments that IBA Green or Pioneer Exploration expects or anticipates will occur in the future are forward-looking statements. Because the statements are forward-looking, they should be evaluated in light of important risk factors and uncertainties. Should one or more of these risks or uncertainties materialize, or should any of IBA Green or Pioneer Exploration's underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on IBA Green or Pioneer Exploration's forward-looking statements. Except as required by law, IBA Green or Pioneer Exploration disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. No stock exchange has reviewed nor accepts responsibility for the adequacy or accuracy of this release.
SOURCE Pioneer Exploration Inc.