Tickers: PINX:GTGEF, XCNQ:GTBE
Tags: Oil & Gas
Vancouver, British Columbia / TheNewswire / January 18, 2019 - Green 2 Blue Energy Corp. (CSE: GTBE, OTCQB: GTGEF, FWB: 1NZ.F) ("G2BE" or the "Company") wishes to announce its wholly owned subsidiary G2BE Production Sp. z o.o. ("G2BE Production") has entered into a settlement agreement (the "Agreement") with Impuls Leasing Polska Sp. z.o.o. ("Impuls") regarding a buyout of the lease equipment of the initial pellet production line G2BE Production carries in Rzeczenica facility.
G2BE Production entered into the original lease of the equipment with Impuls back in 2014. The original value of new lease equipment was in the amount of 3,542,400 PLN (approximately CDN $1,249,563.89). Under the terms of the Agreement, the buyout price is 575,000 PLN plus VAT (approximately CDN $203,884) being 53% of the outstanding value. Full payment is to be made on or before February 28, 2019.
G2BE carries two production lines at its Rzeczenica facility with an overall end to end production capacity of 3,000 tonnes of pellets per month. The company is currently preparing the production ramp up and targets to operate at 80% production capacity by summer 2019. Production start at the second facility located at Szczypkowice is scheduled for the end of June 2019. Both facilities combined will give G2BE an estimated 4,800 tonnes of pellet production per month. This is scheduled by year end 2019 and stands for a production increase - once executed - of 5 times in comparison to end of 2018.
The President, Slawomir Smulewicz stated, "The full ownership of the production line will give us more flexibility to improve the equipment and better integrate with the new pellet production line."
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 Germany, Poland, Italy and Denmark.
On Behalf of the Board of Directors
"Slawomir Smulewicz"
Slawomir Smulewicz
President, Chief Executive Officer and Director
For more information, please contact:
Corporate Communications
Telephone: (604) 428-4725
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.
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