Clean Coal Announces Receipt by SAIC of First $200,000 Payment Due Under EPC Contract
Published on Monday, 25 June 2012 08:46 Written by TradersHuddle StaffNEW YORK-( Business Wire )-
Clean Coal Technologies, Inc. (OTCQB: CCTC) (PINK: CCTC), an emerging cleaner-energy company utilizing patented technology to convert raw coal into a cleaner burning and more efficient fuel, has confirmed the receipt of the first $200,000 payment to SAIC due from Good Coal PTE., Ltd., Clean Coal’s joint venture with the Archean Group, which was triggered by the previously announced Engineering, Procurement and Construction (“EPC”) contract with SAIC Constructors, LLC, a subsidiary of Science Applications International Corporation (“SAIC”).
Through Good Coal PTE., Ltd., the $200,000 payment represents the first payment by Archean Group to commence construction of the 1:10 scale pilot plant that will help validate Clean Coal Technologies’ patented process to create a cleaner burning fuel. The initial payment represents the first payment due on the full value of the $2 million assured under the EPC contract.
“We are excited to confirm this first down payment for the construction of our pilot plant, to capture the vision of this agreement and to take the first steps toward commercialization,” stated Robin Eves, Director, President and CEO of Clean Coal Technologies. “For our shareholders these past few weeks have represented the most significant milestones to date for Clean Coal Technologies.
“We encourage investors to stay tuned for updates on our global progress, including our initiatives in Oklahoma, where we are in negotiations with a major U.S. power company to locate the site for the 1:10 scale pilot facility, to be built at a coal-fired power plant for final testing and validation,” said Mr. Eves.
Future work on full-scale commercial plants in Indonesia is expected to follow what the Company believes will be a successful commissioning of the pilot plant in Oklahoma by year-end 2012 or early 2013.
For more information on Clean Coal Technologies’ unique cleaner-burning process and its applications in coal-fired plants, please visit: www.cleancoaltechnologiesinc.com/technology.php
About Clean Coal Technologies, Inc.
Clean Coal Technologies, Inc., a cleaner-energy technology company with headquarters in New York City, NY, holds patented process technology and other intellectual property that converts raw coal into a cleaner burning fuel. The Company's trademarked end products, “Pristine™” coals, are significantly more efficient, less polluting, more cost effective, and provide more heat than untreated coal. The principal elements of the Company’s precombustion technology are based on well-proven science and tried-and-tested industrial components. The Company’s clean coal technology may reduce some 90% of chemical pollutants from coal, including sulfur and mercury, thereby resolving emissions issues affecting coal-fired power plants.
For more information about Clean Coal Technologies please visit: www.cleancoaltechnologiesinc.com
In addition to historical information, this press release may contain forward-looking statements that reflect the Company’s current expectations and projections about future results, performance, prospects and opportunities. These forward-looking statements are based on information currently available to us and are subject to a number of risks, uncertainties and other factors that may cause actual results, performance, prospects or opportunities to be materially different from those expressed in, or implied by, such forward-looking statements. You should not place undue reliance on any forward-looking statements. Except as required by federal securities law, the Company assumes no obligation to update publicly or to revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available, new events occur or circumstances change in the future.
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