BRISBANE, Australia,
June 3, 2013 /PRNewswire/ -- Aveng
Group, one of Africa's largest
engineering, manufacturing and construction companies with over
34,000 employees, has acquired a controlling interest in EESTech
Africa Pty. Ltd a subsidiary of EESTech Inc, a clean energy
technologies company that is publicly trading on the OTC market
under symbol EESH.
The Aveng Group is a South African based Level 2 BEE company which
is a Government Compliant, Black Empowerment Enterprise.
EESTech (which stands for Economically and Environmentally
Sustainable Technologies) is the owner of the patented HCGT (Hybrid
Coal Gas Technology) a modular waste-to-energy system, which uses
waste produce energy and the JetWater System, an innovative, highly
efficient thermal water purification process.
High-energy costs, lack of power availability and contaminated
water supplies in many parts of Africa represents a significant opportunity
for the application of EESTech's technologies. The simplicity and
robust modular design make them well-suited to the needs of
Government, industry and or disadvantaged communities throughout
Africa.
The EESTech's agreements with EESTech Africa require a minimum
performance target of 30 megawatts of installed generating capacity
to achieve annually. EESTech Africa is required to pay licence fees
and ongoing remote monitoring and service fees for ten years on
each megawatt of electricity generated with conservative market
estimates of EESTech's combined net income for the next 5 years
exceeding AUD $17million.
EESTech Inc's Chairman Mr Murray
Bailey said that EESTech welcomed the involvement of Aveng
which demonstrates confidence in the technology and underlines
Aveng's commitment to introducing environmental sustainability to
the mining industry of Africa.
"EESTech's products and services were introduced to the markets of
continental Africa in 2010. Many
opportunities have been identified over this period and in a number
of cases, negotiations have progressed to where commercial
agreements are anticipated," Mr Bailey said.
Mr Pieter du Plessis, Aveng Group Executive Growth said his
organisation recognised the ever-increasing need for improved
utilisation of the world's resources in an environmentally
sustainable manner, which had led to the decision to form a
strategic relationship with EESTech Africa.
"The Aveng Group is motivated by good citizenship and sees its
relationship with EESTech and the HCGT as a means of remediating
waste coal dumps, which will in turn create job opportunities and
benefit local communities by helping to restore the sustainability
of the surrounding environment," Mr du Plessis said.
For further information on EESTech Inc or its products visit
www.eestechinc.com
Released for EESTech, Inc by Dennis Rutzou Public Relations
(www.drpr.com.au)
Forward Looking Statement:
This media release includes statements that may constitute
'forward-looking' statements. The statements can generally be
identified by phrases such as EESTech, Inc. or its management
'believes' 'forecasts', 'estimates' or other words or phrases of
similar import. These statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995.
Similarly, such statements herein that describe the Company's
business strategy, outlook, objectives, plans, intentions or goals
are forward-looking statements.
Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from forward-looking statements.
Factors which could cause or contribute to such differences
include, but are not limited to our ability to recruit and retain
key personnel, the availability of funding for future operating
requirements, our ability to protect our intellectual property, our
ability to secure contracts for the installation of our products
and our ability to develop and operate such projects
successfully.
We urge you to carefully consider these factors and the information
detailing other factors (which may cause actual results to differ
materially) included in EESTech, Inc.'s press releases and other
historical SEC filings. The forward-looking statements are based on
current expectations and neither the Company nor its management
assumes any obligation to update these statements.
For further information please call: Dennis Rutzou on +612 9413
4244
SOURCE EESTech Inc.