AuraSource, Inc. Announces the Formation of AuraSource Qinzhou Co. Ltd. | 2010-03-31
AuraSource, Inc. (OTCBB: ARAO), a developer of hydrocarbon clean fuel technology, today announced that it has formed AuraSource Qinzhou Co. Ltd., a Wholly Foreign Owned Enterprise ("WFOE"), in China.
AuraSource Qinzhou Co. Ltd. was formed to process coal in China using the AuraCoal technology. The facilities will also be utilized for additional research and development in furthering the technology.
AuraCoal is designed to remove sulfur and ash from the coal pre-combustion process. The removal reduces energy costs and helps to eliminate harmful emissions. The proprietary clean coal technology produces a coal water mixture, which contains only trace amounts of sulfur and ash, which constitutes a superb alternative to oil or natural gas. The AuraCoal technology can be used for multiple applications such as industrial boilers, power plants, iron and steel mills.
Philip Liu, AuraSource's CEO, stated, "Through our wholly owned entity, AuraSource Qinzhou Co. Ltd., we will be able to commence construction of a pilot plant utilizing the AuraCoal process. Additionally, this enables us to apply for patent protection of our unique process in China. Through AuraSource Qinzhou Co. Ltd., we plan to partner with Chinese governmental clean energy research and development projects which encourage these efforts through direct investments and grants."
AuraSource, Inc. is focused on the development and production of environmentally friendly and cost effective industrial energy sources and feedstock used for industrial applications. AuraSource's core technology includes ultrafine grinding and impurities removal processes. Initial industrial applications of AuraSource technology are ultra-fine coal water mixture for heavy oil substitution, and low grade iron ore fine and slimes beneficiation.
For more information about AuraSource, please visit www.aurasourceinc.com.
About China Power Investment Corporation
Founded in December 2002, CPI has a registered capital of RMB 12 billion. In 2009, CPI's operating revenue exceeded 100 billion for the first time to reach RMB 101.2 billion with a profit of RMB 3,165 million. It generated 251.5 TWh electricity and produced 42.97 million tons of coal and 1.1 million tons of aluminum. At present, CPI has controlled installed capacity of 60GW, coal production capacity of 50.15 million tons and aluminum production capacity of 1,755,000 tons. Clean energy accounts for 30% of its total power mix, the largest proportion among the top five generation companies in China. CPI has total assets of RMB 377.6 billion that are distributed in 28 provinces, municipalities, autonomous regions, Hong Kong and Macau, 6 listed companies and 24 large operating power plants of 1000MW and above each.
For more information about CPI, please visit http://eng.cpicorp.com.cn
SAFE HARBOR STATEMENT
This Press Release may contain certain forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. AuraSource has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect AuraSource's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause AuraSource's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. AuraSource undertakes no obligation to update or provide advice in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements.