CELEBRATION, Fla., March 18, 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, announced that it had entered into a contract with Effegi Opere ed Ingegneria srl ("Effegi"), an engineering and architectural firm headquartered in Italy, for architectural, engineering and project management services in regard to IPWG's Waste-to-Energy plant in Korysciska, Poland (the "Project").
In addition, in accordance with the contract between IPWG and Effegi, Effegi will be fully responsible for the planning, engineering, and architectural work that will be required for the development of the Project. Effegi will also consult with IPWG in regard to the technology being implemented and will coordinate and work with Volga International, the Project's General Contractor, during all phases of construction.
IPWG's CEO, Mr. John Benvengo said, "We expect that our relationship with Effegi will assure the development of one of the most efficient and well-designed Waste-to-Energy plants built in recent times." Further, Mr. Benvengo noted: "Effegi has shown the utmost professionalism and we are honored to be working with them on this Green Project." In addition, Francesco Gulino, Effegi's Chief Engineer and the Effegi Representative in charge of the Project, stated, "We are very excited about our role in the development of the Waste-to-Energy plant in Korysciska, Poland and the Project's implementation of cutting edge, state-of-the-art technologies. We look forward to working with IPWG to bring the Korysciska, Poland Project to fruition."
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.
About Effegi Opere ed Ingegneria srl
Effegi Opere ed Ingegneria srl is based in Catania, Italy and has been registered with the Engineers Association of the Province of Enna since 1987. Effegi has been involved in engineering projects throughout Europe and specializes in the implementation of "green" energy technology and development.
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 effect of our relationship with Effegi. All forward-looking statements in this press release are made as of the date of this press release, and we assume no obligation to update these forward-looking statements other than as required by law. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements and include the risk that the relationship with Effegi or Effegi's relationship with Volga International will not progress as anticipated and the risk that, the project may not be completed when expected or at the cost anticipated. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements.