Newlook Announces Miramichi Renewable Energy Project
03 Novembro 2009 - 1:43PM
Marketwired
Newlook Industries Corp. ("Newlook" or the "Company") (TSX VENTURE:
NLI) is pleased to announce plans to build a plasma gasification
plant in Miramichi, New Brunswick, subject to regulatory approvals.
Newlook has partnered with the Metepenagiag First Nation
("Metepenagiag") of Red Bank, New Brunswick, to form Northumberland
Energy Corp. ("NEC"), a specific-purpose entity created to hold
their respective interests in the project. Newlook has an equal
partnership with Metepenagiag in NEC as per a Developer Agreement
signed between the two parties.
NEC will be lead developer of the plasma gasification facility
to be located on land currently secured under option in Miramichi.
The facility plans to generate 10 megawatts of power by converting
approximately 200 tonnes per day of waste into electricity. The
primary feedstock of the project is to be composed of municipal and
commercial solid waste, which will be transformed into synthetic
gas and ash through a high-temperature, non-combustion thermal
gasification process. The resultant synthetic gas will subsequently
be purified and reformed through exposure to extreme-temperature
plasma torches before fuelling gas-fired reciprocating engines to
generate electricity.
Newlook's President Jason R. Moretto commented, "The early and
enthusiastic support this project has received from municipal,
provincial and federal levels, has helped to streamline our
feasibility work and negotiations to date. Our partnership with
Metepenagiag has been invaluable in this regard."
The Miramichi plant is the first project for Newlook through an
agreement with PowerPlay Energy Corp. ("PowerPlay") for the
irrevocable exclusive rights to participate in any pending or
future plasma gasification and renewable energy projects or
proposals within Canada as announced in a Company press release on
August 17, 2009. As per the terms of the agreement with PowerPlay,
Newlook will allocate 20% of its equity interest in NEC to
PowerPlay. The PowerPlay agreement is subject to regulatory and
shareholder approval, which the Company anticipates completing
prior to year-end.
John G. Simmonds, Newlook's CEO stated, "The Miramichi project
has lined-up perfectly for every stakeholder involved." He further
noted that, "This project is a clear example of what we set out to
accomplish through the transaction with PowerPlay. We anticipate
this will be the first of many projects we have in the development
pipeline and that we intend to roll out across Canada in the
future."
The Company will issue more comprehensive details about the
project as developments evolve.
Newlook Industries Corp., headquartered in Toronto, Ontario is a
publicly traded company listed on the TSX Venture Exchange.
For more information please call (905) 833-9845 ext. 1 or refer
to www.sedar.com.
The management of the company, who take full responsibility for
its content, prepared this press release. This press release
contains forward-looking statements relating to future events and
results that are based on Newlook's current expectations. These
statements involve risks and uncertainties including, without
limitation, Newlook's ability to successfully develop and market
its products, consumer acceptance of such products, competitive
pressures relating to price reductions, new product introductions
by third parties, technological innovations, and overall market
conditions. Consequently, actual events and results in future
periods may differ materially from those currently expected.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Newlook Industries Corp. John G. Simmonds Chief
Executive Officer (905) 833-9845 ext. 1
Newlook Industries Corp (TSXV:NLI)
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