Tickers: PINX:GTGEF, XCNQ:GTBE
Tags: Oil & Gas
Vancouver, British Columbia / TheNewswire / November 27, 2018 - Green 2 Blue Energy Corp. (CSE: GTBE, OTCQB: GTGEF, FWB: 1NZ.F) ("G2BE" or the "Company") announces further to its previously announced news releases the Company has achieved several important milestones in 2018, summarized below:
In cooperation with industry design specialists the company created a technical and organizational plan for current and ongoing pellet production expansion;
The recent Property Purchase includes 17 acres of land, all existing buildings, recent upgrades completed by the Company and existing infrastructure, currently valued at 5.7million PLN or approximately $2 million CAD;
Purchase of a fully automated bagging system for its pellet production lines. The new bagging system is capable of packaging up to 6.3 tonnes per hour or approximately 3,000 tonnes per month, essentially replacing 8 employees and thereby reducing operating costs;
A new biomass feedstock dryer, new pellet and hammer mill and conveyor system (brand new production line) has been installed and testing now completed. The Company expects to have all new equipment fully operating in December 2018 and increase overall end to end production capacity to 3,000 tonnes of pellets per month at its Rzeczenica facility;
Signed a lease agreement to operate a new pellet production facility in Szczypkowice with existing licenses in place, for an additional production capacity of up to 3,000 tonnes per month.
The Company has also recently purchased an additional hammer mill for the purpose of grinding wood chips into sawdust which provides G2BE with an additional feedstock source for manufacturing wood pellets. The new hammer mill enables the company to negotiate and purchase both wood waste sawdust and wood chips from the same suppliers. With the ability to utilize residual wood chips in addition to saw dust the Company now has access to over 5,000 tonnes of feedstock per month to align with its recent increase in production capacity.
The Company's planned business objectives for 2019 are to establish and increase production in both facilities and integrate a biomass gasification co-generation plant at the facility in Rzeczenica to further reduce operating costs and increase profitability margins. The company expects to achieve at least 80% of it's 3,000 tonnes of production capacity per month in its Rzeczenica facility by end of March 2019 and 80% of its production capacity at both facilities by end of June 2019, for a combined total of 4,800 tonnes of pellet production per month at fiscal year end. The Company currently sells its pellets for an average price of 155 EUR/t ($234 CAD/t).
The President, Slawomir Smulewicz stated, "Our number one priority remains the same, which is to steadily increase pellet production, sales and profitability to ultimately create long term shareholder value. We now have a steady supply of feedstock and with the previously announced addition of our newly leased Facility in Szczypkowice, and the recent upgrades and equipment installations at our current Facility in Rzeczenica, the Company is well positioned to execute on our growth objectives."
Grant of Stock Options
Pursuant to its incentive stock option plan, the Company has granted an aggregate of 400,000 Stock Options to certain employees and consultants of the Company. The Stock Options are exercisable for Shares on or before November 26, 2023, at an exercise price of $0.10 per Share.
G2BE is a renewable energy company focused on residential and commercial wood pellet production and the implementation of biomass gasification technology to generate combined heat and power. G2BE's wood pellets are sold to retail outlets and power producers throughout Europe, including the United Kingdom, Germany, Poland, Italy and Denmark.
On Behalf of the Board of Directors
"Slawek Smulewicz"
Slawek Smulewicz
Chief Executive Officer and Director
For more information, please contact:
Glenn Little
Director, Corporate Communications
Telephone: (604) 539-5023
The Canadian Securities Exchange has neither approved nor disapproved the information contained herein.
This news release contains "forward-looking information" within the meaning of applicable securities laws. The Company has provided the forward-looking information, including, without limitation, statements relating to the use of proceeds of the Offering, in reliance on assumptions that it believes are reasonable at this time. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in general economic, market, or business conditions, and those risks set out in the Company's public documents filed on SEDAR. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake to update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws.
Copyright (c) 2018 TheNewswire - All rights reserved.
