CALGARY, June 10, 2013 /CNW/ - EmberClear Corp. (TSXV: EMB) ("EmberClear" or the "Company") is pleased to announce its subsidiary, Future Power PA Inc. ("FPPI"), is in due diligence for obtaining financing for the 330 MW natural gas combined cycle ("NGCC") electricity power plant (the "Project") in Good Spring, Pennsylvania.
The marketing process to attract equity holders was launched in March and resulted in several proposals to complete financing requirements in order to begin construction. The Company and its financial advisors reviewed the leading proposals and have started the detailed due diligence with investment grade buyers.
"We have made much progress towards bringing this state of the art power generation asset to the community. Directly following due diligence, we expect to establish the other aspects of financing to begin construction. Since Good Spring NGCC 1 is one of the first new natural gas supplied plants to take advantage of the new American revolution in shale gas production, we see a trend for reliable lower emissions power starting in this country," said Nick Cohen, Chief Operating Officer.
Recent market trends continue with reductions of coal-based power and the rise of new, more efficient natural gas-based power. "It's no surprise that developers have found the sweet spot in the market to be natural gas projects. The geography surrounding Good Spring NGCC 1 is a fundamental intersection of natural gas pipelines and relatively strong power prices. The Mid-Atlantic Area Council ("MAAC") zone of Pennsylvania Light & Power ("PPL") has a unique pricing advantage for suppliers and we sit right in the middle of this premium market," stated Nick Cohen. "We expect this to be beneficial for consumers of all types as we help stabilize the grid with reliable, base-load power."
Modern gas plants in the Marcellus area of the PJM grid system are expected to operate more hours per year than less efficient and older power plants built in the past. The Good Spring NGCC1 plant efficiency and lower environmental impact helps the plant's competitive position in this marketplace and improves the likelihood the plant will operate at or closer to its maximum potential.
EmberClear is a global energy development company specializing in low-emission energy projects. The Company is primarily focussed on natural gas in the United States as an input to create electricity, industrial chemicals and transportation fuels. We utilize our proven expertise in permitting, site-control, and engineering feasibility to create turnkey projects with contracted returns suitable for long-term owners and operators of long-life capital assets. EmberClear's shares are listed on the TSX Venture Exchange under the trading symbol "EMB".
For more information please visit www.emberclear.com.
Forward-Looking Statement Disclaimer
Certain statements contained in this document constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "potential", "target", "seek", "budget", "predict", "might" and similar words suggesting future events or future performance. All statements other than statements of historical fact may be forward-looking statements. In particular, this document contains forward-looking statements pertaining to, without limitation, the following: our intention and ability to complete due diligence, finance and construct, and secure long term off-take contracts for power and gas supply for the natural gas combined cycle ("NGCC") plant or other energy projects on the property which would economically create power from natural gas; to obtain and maintain permits; obtain notice to proceed for construction; to build state of the art power facilities with maximum operating efficiency; the decommissioning of coal based power plants; secure low-priced natural gas and high priced power contracts; and demand for energy. With respect to forward-looking statements contained in this document, we have made assumptions regarding, among other things, the following: the economic viability of a the NGCC project, the reduction of older, coal based power plants, growing production and infrastructure for natural gas in the local Marcellus Shale area, access to natural gas, power, rail and water supplies, the economic viability of a NGCC project; natural gas pricing; modern gas plant operating hours; NGCC 1 plant efficiency; environmental impacts; operating potential; the ability to stabilize the grid with reliable, base-load power; favourable market conditions for natural gas power plants; positive trends in capital markets for natural gas projects; stable investment conditions in North America; maximizing value of the natural gas project for shareholders; the benefit of site proximity to natural gas supply, natural gas pricing, power prices, and access to markets; attracting appropriate financial participants; and the timing of construction. Although we believe that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause our actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, the following: the possibility that EmberClear will not have the financial or other resources to develop, construct or operate a NGCC power plant or other project; the possibility that EmberClear will not be successful in the due diligence process with the investment grade buyer; the possibility that EmberClear will not be able to establish other aspects of financing to begin construction; the possibility that EmberClear will not be able to take advantage of the market trends such as the availability and price of natural gas and electricity pricing. Readers are cautioned that this list of risk factors should not be construed as exhaustive. The forward-looking statements contained in this document speak only as of the date of this document. Except as expressly required by applicable securities laws, we do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
© 2013 EmberClear Corp. All rights reserved. All other trademarks are the property of their respective owners.
SOURCE: EmberClear Corp.
For further information:
David G. Anderson
+1 (403) 264-8817