Clean Coal Technologies Moves to Dissolve Good Coal Joint Venture
Clean Coal Technologies, Inc. (the “Company”) (OTCQB: CCTC) (PINK: CCTC), an emerging cleaner-energy company utilizing patented technology to convert raw coal into a cleaner burning and more efficient fuel, today announced it has sent a notice of default and termination to AGPL Investments Pte. Ltd. (“AGPL”) pursuant to the default and termination provisions of the September 21, 2012 EPC Payment Agreement, the Heads of Terms Agreement dated effective March 13, 2012 and the Joint Venture Agreement in Respect of Good Coal, Pte. Ltd (“JV”) effective June 5, 2012, including the Exclusive Technology License Agreement incorporated therein. Under the default terms of the above, the Company is also seeking the immediate dissolution of the Good Coal joint venture.
At this time, the Company is working to ensure that there is no disruption in the Oklahoma pilot plant construction schedule. The Company intends to assume the obligations for the project under a new construction contract and expects to own the completed pilot plant outright. The Company will use the funds already received from Ventrillion Management Company Ltd to ensure timely completion of the project.
As a result of the termination of the AGPL agreements, the Company will directly receive 100% of any and all anticipated revenues that may be generated in the ASEAN region (including Indonesia, the Philippines, Cambodia, Vietnam, Malaysia, Brunei, Thailand, Laos and Myanmar) following the successful completion of the pilot plant and full commercial implementation of the Company's technology. Attempts by the Company to help AGPL resolve the material breaches and continuing payment defaults under the above agreements have been unsuccessful.
“AGPL's inability and failure to meet its contractual funding obligations was unanticipated. However, the Ventrillion transaction is allowing CCTI to move forward from a position of strength,” said Robin Eves, Director, President and CEO of Clean Coal Technologies. “Furthermore, the equity capital already received and anticipated under the Stock Purchase Agreement is expected to cover the cost of the pilot plant as well as the Company's working capital needs through the end of 2014.”
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 pre combustion 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.