November 6, 2008
White Energy to Hold Annual Shareholder Meeting November 14, 2008
White Energy Company Limited (ASX: WEC), a Sydney-based company with a unique coal upgrading technology, has announced that its annual shareholder meeting will take place in Sydney, Australia on Friday, November 14, 2008, and for those unable to attend, the meeting will be webcast. Owing to time differences, American listeners should visit http://www.brr.com.au/event/53562 from 9:30 p.m. Eastern Standard Time, November 13, 2008.
At the meeting White Energy management will review the past fiscal year's achievements and provide an update on the various initiatives it is undertaking around the world.About White Energy
White Energy is the exclusive worldwide license holder of the Binderless Coal Briquetting process that upgrades relatively poor quality coal to significantly increase its energy efficiency. The process was developed by Commonwealth Scientific Industrial Research Organisation (CSIRO) in conjunction with TraDet Inc, K.R. Komarek Inc and The Griffin Coal Mining Company Pty Ltd. The patented process involves the crushing, drying and briquetting of high moisture coals, resulting in the reduction of the moisture content of the coal and converting the product into a higher energy content, stable product whilst maintaining the low sulphur, low ash characteristics of the feedstock coal. The process has been shown to be cost and operationally superior to competing technologies and represents a first step in building a cleaner coal solution.
White Energy is in the process of commercializing this technology and is currently constructing a one million tonne per annum plant in Indonesia in joint venture with PT Bayan Resources. The Company also has a joint venture agreement with the Adaro Group, one of Indonesia's largest coal companies, and Itochu Corporation, a major Japanese trading house, to build additional coal upgrading plants in Indonesia. Further, White Energy has signed a Heads of Agreement with Datang International Power Generation Company in relation to the development of coal upgrading plants in China and is currently completing financial feasibility on this project. Most recently, the Company has entered into a development agreement with NRG Energy Inc. and Buckskin Mining Inc. in respect of a potential project in the coal rich Powder River Basin area of the USA. Again, final feasibility work is being completed in respect of this project. In addition to these projects, the company is actively reviewing a number of other opportunities in the markets mentioned and is also considering proposals to deploy its technology in other markets such as India, Mongolia and Africa.
This press release contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. In some cases, you may identify forward-looking statements by words such as "may,""should,""plan,""intend,""potential,""continue,""believe,""expect,""predict,""anticipate" and "estimate," the negative of these words or other comparable words. These statements are only predictions. One should not place undue reliance on these forward-looking statements. The forward-looking statements are qualified by their terms and/or important factors, many of which are outside the Company's control, involve a number of risks, uncertainties and other factors that could cause actual results and events to differ materially from the statements made. The forward-looking statements are based on the Company's beliefs, assumptions and expectations of our future performance, taking into account information currently available to the Company. These beliefs, assumptions and expectations can change as a result of many possible events or factors, including those events and factors described in "Risk Factors" in the prospectus, not all of which are known to the Company. Neither the Company nor any other person assumes responsibility for the accuracy or completeness of these statements. The Company will update the information in this press release only to the extent required under applicable securities laws. If a change occurs, the Company's business, financial condition, liquidity and results of operations may vary materially from those expressed in the aforementioned forward-looking statements.