AuraSource, Inc. Breaks Ground on AuraFuel Plant | 2010-04-16
AuraSource, Inc. (OTCBB: ARAO), a developer of clean energy technology, today announced that its joint venture, China Qinzhou KaiYuYuan New Energy Co., Ltd. broke ground on a one million ton oil shale processing facility in Qinzhou, China.
The AuraFuel plant will utilize the AuraFuel process which AuraSource licensed from China Chemical Economic Cooperation Center ("CCECC"). CCECC is a Chinese governmental division which leads China's energy and environmental research and development. AuraSource obtained the license for the Gulf of Tonkin Economic Region. The AuraFuel process utilizes a low temperature catalytic process to convert oil shale and low ranking coal into feedstock for the petrochemical industry.
China Qinzhou Kai Yu Yuan New Energy Co., Ltd. is a joint venture between AuraSource, Mongolia Energy, and Kaiyuyuan Mineral Investment Group. Kaiyuyuan Mineral provided the full funding for this plant. AuraSource is providing the project management expertise and the license for the AuraFuel process. The joint venture contracted China Shandong Metallurgical Engineering Corp. as EPC general contractor which will provide a turnkey solution under an initial operation service contract.
Mr. Wang Chen, Group Vice President of Kaiyuyuan Mineral, stated, "Our partnership with AuraSource allows us to capitalize on their management skills and HCF technology portfolio. We look forward to a prosperous relationship."
Mr. Cao Zhide, the President of CCECC, stated, "Qinzhou Kaiyuyuan New Energy venture will demonstrate the most cost effective crude oil substitute solution in the world."
Ms. Xiao Yingzhi, the Mayor of Qinzhou, stated, "Qinzhou Kaiyuyuan New Energy project utilizes Qinzhou's ideal location which is in a deep seaport, in the center of the Southeast Asian Countries Economy Area, and in a Petrochemical Industry Zone. The Qinzhou Government supports this progressive project and hopes it will be an example for development in the region."
Mr. Philip Liu, AuraSource's CEO, stated, "The fully funded Kaiyuyuan New Energy venture will give us a strong revenue base. Additionally, this plant will be the first industrial production to utilize CCECC's LTC oil shale process conversion and to a further extent AuraSource's clean energy technology portfolio. We look forward to partnering with Kaiyuyuan Mineral to showcase our first AuraFuel plant."
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.