International Power Group, Ltd. Consumates Memorandum of Understanding and Cooperation Protocol Agreement with the Ministry of State for Environmental Affairs of the Arab Republic of Egypt and Forms Egyptian Joint Venture with Desert Blue Company.
CELEBRATION, Fla. -- International Power Group, Ltd. (International Power) (OTCBB: IPWG.OB), a leading provider of solid waste management and renewable energy solutions, today announced that it has entered into a Memorandum of Understanding and Cooperation Protocol Agreement with the Ministry of State for Environmental Affairs of the Arab Republic of Egypt. The purpose of the Cooperation Protocol Agreement is to establish a system for the complete and safe management of hazardous waste in Egypt, and the first phase of the protocol will involve the construction and operation of a lined hazardous waste landfill, a used oil recycling plant, a tire recycling plant, and a medical waste remediation facility in the industrial city of the 10th of Ramadan. Subsequent planned phases will involve similar installations in other areas of Egypt.
The Cooperation Protocol Agreement will be carried out by a joint venture between International Power and Desert Blue Company, a leading Kingdom of Saudi Arabia provider of environmental cleanup and waste recycling and recovery solutions, and the joint venture company will be named International Power Group Egypt, Ltd.
At the signing ceremony for the Cooperation Protocol Agreement, His Excellency Majid George, Egyptian Minister of State for Environmental Affairs, stated, "This collaboration with International Power and Desert Blue advances our national policy to protect the general health and welfare of the Egyptian people through the safe storage, treatment, and disposal of hazardous waste. The pilot project at the industrial city of the 10th of Ramadan will serve as the cornerstone of our efforts to protect our mother earth."
Louis Garcia, International Power's Vice President of Finance and Chief of Middle East Operations, stated, "Today's announcement of the Egyptian Cooperation Protocol Agreement represents a major advance in the execution of our Middle East strategy. Financing arrangements for the 10th of Ramadan facilities are in process and construction is anticipated to commence by year-end. We expect to begin accepting hazardous waste deliveries in the second quarter of 2008."
Dr. Mohammed Saad Al Yamani, the President and CEO of Desert Blue, who will also be serving as President and CEO of International Power Group Egypt, Ltd., stated, "The combination of International Power's waste management and renewable energy offerings with Desert Blue's environmental cleanup and waste recycling and recovery offerings places both companies in a unique position to take advantage of abundant opportunities in the Arab Republic of Egypt." Dr. Al Yamani continued, "All efforts will be made to expedite the development of the 10th of Ramadan site, which will serve as the model for other locations within Egypt."
