VANCOUVER, March 18 /CNW/ - Carbon Friendly Solutions Inc. (TSX Venture Exchange: CFQ) ("CFS" or the "Company") (http://www.carbonfriendly.com) is pleased to announce that further to its news release on February 4, 2010, the Company has now received TSX Venture Exchange approval for its recently formed Pacific Briquetters Inc. ("PBI"), its proposed business structure and issue of share purchase warrants resulting from the same.
PBI will own, finance, develop and operate a briquette and biomass energy manufacturing and distribution facility to be operated on premises located in Mission, BC, which are owned and operated by 0733403 B.C. Ltd., an affiliate of The Clarke Group ("TCG"), and a 25% shareholder in PBI. TCG is a third generation, family owned group of cedar shake and building product companies with operations in British Columbia, Washington and Oregon. TCG management and staff will operate the facility on behalf of PBI.
PBI plans to develop and sell high-quality biomass energy fuel products to industrial buyers in the initial years. The starting product line will focus on production of biomass energy briquettes from residual fibre obtained from TCG's existing operations, local suppliers and wood waste materials obtained from its current wood waste and recycling permit application. The briquettes are expected to be utilized by industrial users with combined heat and power ("CHP") boiler systems.
It is presently expected that production will commence in 2010 at approximately 20,000 tonnes of briquettes annually for an average selling price range of $190 to $225 CAD per tonne, with an emphasis on expanding operations over time. The initial focus is to sell to the highest priced sustainable industrial and retail markets. PBI is currently in negotiations with several potential buyers in Europe, the United Kingdom, the United States and Asia for its proposed products.
"We are very excited about this new business venture as we believe there is a huge current and growing demand to find alternative clean energy sources that meet new legislation requirements to reduce emissions from fossil fuels and the generation of carbon credits from changing "business as usual" activities. Our briquettes are a high quality energy product made from a variety of feedstock's that PBI has access to, such as residual biomass, fibre and wood waste. Briquettes are an efficient alternative energy source which can be used in coal fired plants, biomass boilers and CHP facilities to reduce emissions generated from burning fossil fuels, such as coal, natural gas, propane, diesel and other fuel oils. Biomass is considered a renewable energy source because trees take up carbon dioxide as they grow. So burning biomass is far more sustainable and overall contributes some 90% less CO2 emissions, than burning fossil fuels. Since heating consumes most of the energy used in buildings, the more introduction of low carbon energy for heating will dramatically reduce the contribution this has on climate change and is often a much cheaper source of energy than traditional fossil-based resources; said Michael Young, CEO."
About Carbon Friendly Solutions Inc.
Carbon Friendly Solutions Inc. is a project proponent that provides solutions for companies, organizations and individuals looking to reduce or offset their global warming impact caused by greenhouse gas emissions while including the generation of carbon credits for sale in the global Voluntary and Compliance markets. Through its wholly owned subsidiaries, Global CO2 Reduction Inc. and CO2 Reduction Poland Sp. z o.o., CFS is focusing on removing and offsetting carbon dioxide emissions from the completion of reforestation, biomass energy and renewable energy technology projects that are independently validated and verified to globally recognized standards and methodologies.
On behalf of the Board of Directors
Carbon Friendly Solutions Inc.
Certain statements included in this News Release contain forward-looking statements, including disclosure concerning possible or assumed future results of operations of the Company. Forward-looking statements typically are preceded by, followed by or include the words - "believes," "expects," "anticipates," "estimates," "intends," "plans," "or similar expressions. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions, and the Company's results could differ materially from those anticipated in these forward-looking statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
SOURCE MicroCoal Technologies Inc.
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