CELEBRATION, Fla., Jan. 27, 2010 (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 received the closing date on the credit facility from its financial partners in Rome, Italy that was outlined in the Memorandum of Undertaking announced in IPWG’s press release of September 29, 2009.
IPWG’s financial partner has set the closing date for Wednesday, February 24, 2010 in Italy. On February 24, 2010, IPWG expects to sign the funding contract with its financial partner and the funds for the Waste-to-energy (“WTE”) Project in Poland to be released.
IPWG is currently working on obtaining the remaining contracts for engineering, site planning and construction for the WTE Poland project and anticipates commencing engineering and site planning on or about February 24, 2010.
IPWG’s CEO Mr. John Benvengo said: “I am very proud and excited to be able to make this announcement to our shareholders. As I noted during the shareholders meeting in October 2009, this is a ‘new beginning’ for IPWG and I and my management team appreciate the continued support from IPWG’s shareholders and Board of Directors. With this support, we believe we will be able to bring IPWG to the next level and achieve greatness. This now justifies all the work that I and the team at IPWG have been doing over the last year.” Further, Mr. Benvengo noted “the entire team at IPWG should be commended for achieving this milestone. Specifically, IPWG’s founder, Peter N. Toscano, should be commended for his guidance during this transaction and his invaluable advice in regard to the WTE project in Poland.” Last, Mr. Benvengo noted: “our relationship with our new financial partner has grown over these last several months and I look forward to our continued work together.”
ABOUT INTERNATIONAL POWER GROUP, LTD.
International Power Group, Ltd. is a leader in 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.
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. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The forward-looking statements are based on current expectations, estimates and projections made by management. We intend 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. All statements in this release regarding the timing of the anticipated events and our anticipated achievements are forward-looking statements. 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. Such risks include the risk that the timing of the planned events may not occur as anticipated due to unforeseen circumstances, the project may not be completed when expected or within the estimated budget and the desired results may not be achieved. The company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information with respect to these and other factors, which could materially affect the company and its operations, are included in certain forms the company has filed with the Securities and Exchange Commission. All forward-looking statements are based upon information available to us on the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.