Vega to Acquire Indiana’s ‘Green Valley Project’
LONDON, Aug. 18 /PRNewswire-FirstCall/ — VEGA PROMOTIONAL SYSTEMS, INC. (Pink Sheets: VGPR) today announced plans to acquire “The Green Valley Project”.
Located in western Indiana, The Green Valley Project is a multifaceted green energy power production facility that converts inexpensive methane gas from an abandoned coal mine into electricity and thermal energy.
Vega has entered into a Gas Purchase Agreement with Chattanooga based, Tennessee Power Company to purchase the necessary methane gas to run the project. Tennessee Power Company owns the rights to the coal bed methane located in the 314 acre abandoned Green Valley coal mine. The methane gas will be pumped from the mine and delivered through gas lines directly to the production facility located on the surface just above the mine.
The Green Valley Project is a very unique energy project. After extensive research to determine the viability of producing electricity, then selling the electricity to the local power company for a profit, Vega determined that it could be a very profitable venture and felt that it fit well into the Company’s Business Plan.
The methane has been tested and a demonstration project was in operation for approximately three years, proving the viability of utilizing coal bed methane from the Green Valley mine as a sole source fuel to generate electricity from natural gas reciprocating engine generator sets.
The Company will release additional details on The Green Valley Project as the project moves forward.
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “forecast,” “project,” “intend,” “expect” “should,” “would,” and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company’s actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
SOURCE Vega Promotional Systems, Inc.