TORONTO and DUEREN, Germany, June 14, 2018 /CNW/ - GBLT Corp. (TSXV: GBLT) ("GBLT" or the "Company") is pleased to announce that its wholly owned subsidiary GBT GmbH, and official licensee of Polaroid (LED Lighting) has been selected as a strategic partner for the largest infrastructure project in the history of Egypt.
GBT GmbH will provide sustainable LED lighting technology for the infrastructure project "New Cairo". The Company has committed to deliver first optical components, including LED chips and LED drivers, with an order volume of several million US dollars, for the local production of 150,000 LED street lights by end of June 2018. GBLT's energy products will reduce "New Cairo's" power consumption by at least 15.000.000 KWh per year.
GBT has maintained its position as a reliable supplier to the Egyptian government for several years and sees this mandate as a vote of confidence in ensuring that it continues to be adequately involved in this new multi-billion dollar infrastructure project.
About the project "New Cairo":
Egypt's population has exploded in recent years, rising from approximately 70 million inhabitants in 2000 to 95 million in 2016. For 2035, the forecast is approximately 150 million inhabitants. In the vicinity of the Egyptian capital Cairo currently live an estimated 17 million people. For decades, the city has been working to create space for the growing population while modernizing the city.
At the Egypt Economic Development Conference (EEDC) in Sharm El Sheikh, under the leadership of President Abd al-Fattah as-Sisi, the Egyptian government announced on 13 March 2015, that it would build a new capital 45km southeast of Cairo.
According to the preliminary planning, the as yet unnamed capital will cover a total area of 700 km2 and provide space for about 5 million inhabitants to live and work. The city is said to cost at least $50 billion, equipped with the latest technology and built within 7 years. The Egyptian government's plans include 16 km2 of airport space, 91 km2 of new land for alternative energy sources, 4 km2 of new theme parks, 40,000 hotel rooms, 700 new kindergartens, 1.75 million new jobs and much more.
The whole plan for "New Cairo" is based on the premise "sustainability". The new capital, like Dubai or Masdar City, will become a modern showpiece of the entire Egyptian and future-oriented culture. In addition to the project "New Cairo", Egypt plans to build another 12 cities.
GBLT, indirectly through its operating company, GBT GmbH, is a diversified lighting and battery company and the official licensee for Polaroid light products (LED and all other lighting technology including retail and projects), Polaroid energy storage systems (mobile and fixed systems), and AGFAPHOTO mobile energy products (such as batteries).
GBT is focused on capitalizing on the current global trends in the rapidly growing energy storage and lighting sectors through the branding, sale and distribution of electronic products, including some under private labels, for residential and commercial markets. Through its licensing and branding partnership with Polaroid for lighting and mobile energy storage products, GBT has an immediate focus on launching its line of energy storage products in Europe, North America and internationally. GBT is also pursuing various large global commercial lighting projects.
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Certain information set forth in this news release may contain forward-looking information that involve substantial known and unknown risks and uncertainties. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, failure to enter into a definitive agreement and complete the Acquisition, and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. The parties undertake no obligation to update forward-looking information except as otherwise may be required by applicable securities law.
SOURCE GBLT Corp.
For further information: GBLT Corp., Sven Carbow, Chief Operating Officer, Tel.: +49(0)2421-20856-0, Email: firstname.lastname@example.org