CELEBRATION, Fla., Sept. 29, 2009 (GLOBE NEWSWIRE) -- International Power Group, Ltd. (Pink Sheets:IPWG), a provider of waste to energy solutions, including waste to energy development and waste to energy technologies, announces today that it has entered into a Memorandum of Undertaking and Term Sheet ("MOU") with ifi Srl, a European private equity financier and Mr. Michele Voi as its general attorney-in-fact. This MOU details the terms of the financing, which is to be a loan for up to EUR 250,000,000 or $375,000,000 US. This financial package will be utilized by IPWG for the construction of WTE power plants worldwide. It is intended that the capital first will be utilized for the construction of a WTE power plant in Random, Poland which was outlined in the Company's press release made on September 15, 2009.
IPWG and its new financial partner have entered into a 45 day Due Diligence period related to the Random, Poland project after which the funds are expected to be released for immediate project planning and engineering, provided that the due diligence has been satisfactorily completed. With regard to the Poland project, funds will be released in accordance with the project's construction schedule. In addition, the Company's new financial partner will hold a seat on the board of directors and assist the Company with management of the Random, Poland project.
IPWG's CEO Mr. John Benvengo said, "Having worked over the last several months to secure a financial partner for IPWG's future, I am excited to have finalized our partnership with such an accomplished group that will undoubtedly add value to IPWG. IPWG's future looks very bright and we believe we are now situated to achieve the 'green' development we have been planning for the last several years and become the leader in WTE development worldwide." Further, Mr. Voi, ifi Srl representative, stated: "We are excited to begin working with IPWG to develop 'green' solutions to the world's waste and energy problems and look forward to a long and prosperous relationship with IPWG and look forward to the great success we know will be achieved."
About International Power Group, Ltd.
International Power Group, Ltd. is in the business of the development and implementation of new cutting-edge technologies that maximize recycling values while providing environmentally safe disposal of solid waste and hazardous materials. Through the application of these new technologies, solid wastes and hazardous materials can be minimized to their maximum extent while producing significant secondary benefits such as clean energy and clean water. Founded in 2004, IPWG is a publicly traded company, listed on the Pink Sheets.
About ifi Srl
ifi Srl is a company duly organized and existing under the laws of Italy. ifi Srl is a private investment company that focuses finance of projects in the green energy sector as well as other development opportunities. ifi Srl has experience in the financing and development of large scale projects, including the development of green energy projects.
FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements are based on current expectations, estimates and projections made by management. The Company intends for the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," or variations of such words are intended to identify such forward-looking statements. The forward-looking statements contained in this press release include, statements regarding the achievement of the 'green' development and the release and use of the funds. All forward-looking statements in this press release are made as of the date of this press release, and IPG assumes no obligation to update these forward-looking statements other than as required by law. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements and include the risk factors discussed in the Business and Management's Discussion and Analysis sections in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Copies of these filings are available at www.sec.gov.