KAL Energy Inc. Opens Office in Jakarta and Completes Restructuring
29 9월 2008 - 9:30PM
PR Newswire (US)
JAKARTA, Indonesia, Sept. 29 /PRNewswire-FirstCall/ -- KAL Energy,
Inc. (OTC:KALG) (BULLETIN BOARD: KALG) , a thermal coal exploration
and development company, announced today the opening of its Jakarta
office and the completion of its extensive company restructuring.
William Bloking, executive chairman and president of KAL Energy,
Inc. said, "I am pleased to report that, in line with last
quarter's announcement, the move to Jakarta was completed on time
and on budget. We believe the transition to Jakarta reaffirms our
commitment and focus on our Indonesian coal interests. The move to
Jakarta provides to KAL, a significant reduction in overhead by
exiting our London operations and reducing our presence in
Singapore. We expect to complete the transition from Singapore by
the end of this calendar year. "KAL is entering into a new pivotal
phase in the Company's life cycle which requires the right team to
ensure excellent execution of the Company's strategic plans. The
Company is now firmly focused on exploring and developing its
thermal coal resources in Kalimantan, Indonesia, one of the world's
most prolific coal exporting areas. "While this has entailed tough
staffing decisions, we believe these changes will maximize
shareholder value while putting the company on a solid platform for
growth. We have consolidated our geographic footprint, restructured
management, and hired key local staff, which allows KAL to have a
fully independent operation geared towards execution," concluded
Mr. Bloking. As part of the comprehensive restructuring, KAL has
also terminated contracts with service providers including PT
Montraco Internusa, Mining House Ltd and associated companies.
About KAL Energy, Inc. KAL Energy, Inc, through its wholly owned
subsidiary of Thatcher Mining Pte. Ltd., has economic rights to two
coal concessions near the Mahakam River in East Kalimantan,
Indonesia, one of which has a JORC Compliant resource of 204
million tones. KAL Energy has commenced exploration programs and
feasibility studies on these concessions to determine their
commercial viability. The Company intends to develop and produce
coal from these concessions in a socially, environmentally and
economically sustainable manner, as guided by the Equator
principles. End markets for KAL's thermal coal product include
local Indonesian consumers as well as export markets in India,
China, North Asia, and Southeast Asia. KAL Energy is incorporated
in the State of Delaware and is publicly traded on the NASDAQ
OTCBB. For further information regarding KAL Energy, Inc., please
visit the website at http://www.kalenergyinc.com/. The Jakarta
office contact details are: World Trade Center 14th Floor Jl.
Jenderal Sudirman Kav. 29-31 Jakarta 12920, Indonesia T: +62 21
521-1110 F: +62 21 521-1112 -------------- Contact: William Bloking
Executive Chairman and President KAL Energy, Inc. Email: Lucia
Domville - Investor Relations Grayling Global T: +1 (646) 284-9416
E: Ivette Almeida - Media Relations Grayling Global T: +1 (646)
284-9455 E: DATASOURCE: KAL Energy, Inc. CONTACT: William Bloking,
Executive Chairman and President of KAL Energy, Inc., ; or Lucia
Domville - Investor Relations, +1-646-284-9416, , or Ivette Almeida
- Media Relations, +1-646-284-9455, , both of Grayling Global, for
KAL Energy, Inc. Web Site: http://www.kalenergyinc.com/
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