OTTAWA, Aug. 15 /CNW Telbec/ - Thermal Energy International Inc. (TSX-V:
TMG) (www.thermalenergy.com) is pleased to announce the establishment of
ForEverGreen Energy Inc., a wholly-owned green energy services subsidiary.
ForEverGreen Energy Inc. ("ForEverGreen") will own and operate Thermal
Energy assets to be used under the Thermal AUD(TM) (Alternate Utility
Delivery) program, which will let Thermal Energy's customers benefit from
energy savings without capital investments. Thermal Energy will derive
revenues from the sale of assets to, and investments in ForEverGreen.
"The creation of ForEverGreen is a very important step in diversifying
Thermal Energy's business from individual sales to long-run, multi-year
profits from assets owned by this energy services company," said Thermal
Energy President and CEO Tim Angus, who will also be president of the new
The Thermal-AUD(TM) offering through ForEverGreen provides customers with
a risk-free way to generate immediate energy savings and positive cash flow
from operations starting with the first day of the agreement, all without any
up-front or large capital investments. It provides a further opportunity for
customers to meet or exceed emission reduction targets and achieve energy
reduction targets, while preserving capital for other projects.
"ForEverGreen and Thermal AUD(TM) represent excellent value and
opportunity both for our customers and shareholders," said Denis Forget,
recently appointed as Thermal Energy's Chief Operating Officer.
ForEverGreen's Board of Directors comprises Mr. Angus, Mr. Forget, TEI
Chairman John Parker and Director Clint Sharples and Mr. Jean H. Paradis.
Mr. Paradis, who has been retained by Thermal Energy for business
development and as project finance director has more than 40 years experience
in start-up, development and management of major engineering and construction
companies providing global services for design-build, finance and operation of
projects. He is the former president of Montenay Inc. in Canada (now a
subsidiary of Veolia Environmental Services) and has worked in senior and
executive capacities with PricewaterhouseCoopers, the SNC Group (now
SNC-Lavalin) and other engineering firms.
About Thermal Energy
Thermal Energy International Inc. is an innovative technology company
providing custom energy and emission reduction, and bioenergy solutions.
Headquartered in Ottawa, Canada, TEI is a designer, design build developer,
fabricator, owner, operator and supplier of proprietary and patented energy
conservation, renewable energy and environmental technology solutions. Thermal
Energy is a fully accredited professional engineering firm, and offers
advanced process and applications engineering services. The Company is a proud
member of the Chicago Climate Exchange (CCX). FLU-ACE(TM), Dry-Rex(TM),
THERMALONOx(TM) and THERMALOZOMAx(TM), THERMAL AUD(TM) are trademarks of
Thermal Energy International. GEM(R) is a trademark used under exclusive
license from Gardner Energy Management Ltd.
For more information about Thermal Energy International Inc. (TSX-V:
TMG), visit our website at www.thermalenergy.com.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: Stuart McCarthy, Thermal Energy International
Inc., Investor Relations and Communications, (613) 723-6776 x 220,