TGEG Secures One Billion Euros in Funding
MANILA, Philippines, Oct. 10, 2011 /PRNewswire/ — Today TGG.F Deutsche Borse, True Green Energy Group Canada, Spectrum Blue Steel Seychelles and True Bio Electric was represented by its founder Ronald Flynn and its new C.E.O. Renato Lee in an agreement to fund the public company TGG.F. Its President Ms. Cecilia M. Huapaya represented CJ CONSORTIUM GROUP INC. The partnership was inked to synergize the marketing, deployment and operation of Material Recovery Facility’s (MRF) and all Bio-Mass Systems including the marketing and building of eco-friendly low cost housing by JCM DEVELOPMENT & CONSTRUCTION INC.
TGEG is a company that promotes world power and green energy technologies. The company has entered into numerous contractual agreements with local government agencies, both in the Philippines and internationally to contract landfill sites and its garbage. Biomass systems convert garbage to fuel and fuel to electricity.
Over the last few years TGEG has looked at superior systems in China, Switzerland and India and have began working with these companies over the last six months doing extensive due diligence while keeping in mind their slogan “Doing The Right Thing.”
TGEG realized that they had to do more than just deploy Biomass systems because so many unfortunate families were living on or close to the landfill sites. TGEG (TGG.F) entered into a lawful, legal and binding contract today in order to start deploying biomass systems and eco friendly housing.
CJ consortium group agreed to:
- Allow TGEG exclusive rights to market and build eco-friendly low-cost houses in places where TGEG’s MRF and Bio Mass systems would be deployed;
- Grant TGEG a line of credit of ONE BILLION EURO (1,000,000,000.00) to build and deploy its MRF and Biomass system throughout the globe.
In turn TGEG agreed to:
- A profit sharing of SIXTY SEVEN-THIRTY THREE percent (67-33%) in favor of the Consortium, sharing the net profits from operations of all of TGEG’s MRF and Biomass systems until the debenture was fully paid and an EIGHTY-TWENTY percent (80-20%) sharing in favor of TGEG thereafter;
- The issuance of ONE HUNDRED SIXTY MILLION (160,000,000) shares of stock of TGEG Canada, representing TWENTY percent (20%) share thereof went to CJ CONSORTIUM GROUP INC.;
- The issuance of TWENTY MILLION (20,000,000) shares of stock of Spectrum Blue Steel Seychelles, representing TWENTY percent (20%) share thereof to CJ Consortium GROUP INC.;
- The issuance of TWENTY MILLION (20,000,000) shares of stock of True Bio Electric Hong Kong, representing TWENTY percent (20%) share thereof to CJ Consortium GROUP INC.;
- Grant FIFTY percent (50%) representation and voting rights on the Board of True Green Energy Group Canada, Spectrum Blue Steel Seychelles and True Bio Electric Hong Kong to the Consortium;
- A TWO percent (2%) or EUROS: TWENTY MILLION (EUR 20,000,000.00), brokers’ fee was given to CJ ENVIRONMENT & POWER ENERGY INC.
- All (MRF) facility and Biomass systems where CJ Environment Inc. directly act as principal in the negotiation and installation will receive 49% of the profit.
Ronald Flynn went on to say, “The enormous increase in the quantum and diversity of waste materials generated by human activity and their potentially harmful effects on the general environment and public health, have led to an increasing awareness and an urgent need to adopt scientific methods for safe disposal of wastes.”
While there is an obvious need to minimize the generation of wastes and to reuse and recycle them, the technologies for recovery via MRF systems and gasification systems are far superior than those systems built previously.
Spectrum Blue Steel’s strategy is to “de-carbonize” the electric power generation industry by shifting to non-fossil fuel-based energy sources, specifically energy-from-waste. This follows the Energy Policy Act of 2005 and the Renewable Energy Law (RA 9513) of the Philippines that confirms energy-from-waste is renewable.
This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of the 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections.
SOURCE True Green Energy Group