CELEBRATION, Fla., Sept. 15, 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, through its Waste-to-Energy ("WTE") Development division, it has entered into a Memorandum of Understanding, ("MOU"), with certain individuals residing in Poland (the "Representatives") for the formation of a joint venture for the development of a WTE project in Radom, Poland, which is approximately two hours southeast of Warsaw. The Representatives will act as IPWG's exclusive liaison in Poland and are expected to assist in securing land and all approvals necessary for the operation of the WTE project. IPWG will be responsible for coordinating the project including provision of financing. It is anticipated that the WTE power plant will process approximately 450 tons of municipal solid waste a day, at approximately sixty-five dollars US ($65.00) a ton, 50 tons of medical waste a day at approximately two thousand dollars US ($2,000.00) a ton and will realize approximately 13.5 cents per kilowatt from the sale of energy generated by the plant.
As part of this project, the governmental bodies in Radom, Poland have indicated that they will provide IPWG with 19 hectares, or 46.9 acres, of real property for the plant operation. IPWG is currently in negotiations with a large European financial partner to close on financing for the completion of this WTE power plant construction project and is expected to complete its negotiations within the next four weeks.
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. 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 production capacity of the plant, the receipt of necessary approvals and the receipt of the necessary financing. All forward-looking statements in this press release are made as of the date of this press release, and IPWG 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.