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Category: Investment, Renewable Energy
Green Investor News - Newlook Announces Miramichi Renewable Energy Project
November 03, 2009 - Newlook Industries Corp. ("Newlook" or the "Company") (TSX VENTURE:NLI) is pleased to announce plans to build a plasma gasification plant in Miramichi, New Brunswick, subject to regulatory approvals.
Newlook has partnered with the Metepenagiag First Nation ("Metepenagiag") of Red Bank, New Brunswick, to form Northumberland Energy Corp. ("NEC"), a specific-purpose entity created to hold their respective interests in the project. Newlook has an equal partnership with Metepenagiag in NEC as per a Developer Agreement signed between the two parties.
NEC will be lead developer of the plasma gasification facility to be located on land currently secured under option in Miramichi. The facility plans to generate 10 megawatts of power by converting approximately 200 tonnes per day of waste into electricity. The primary feedstock of the project is to be composed of municipal and commercial solid waste, which will be transformed into synthetic gas and ash through a high-temperature, non-combustion thermal gasification process. The resultant synthetic gas will subsequently be purified and reformed through exposure to extreme-temperature plasma torches before fuelling gas-fired reciprocating engines to generate electricity.
Newlook's President Jason R. Moretto commented, "The early and enthusiastic support this project has received from municipal, provincial and federal levels, has helped to streamline our feasibility work and negotiations to date. Our partnership with Metepenagiag has been invaluable in this regard."
The Miramichi plant is the first project for Newlook through an agreement with PowerPlay Energy Corp. ("PowerPlay") for the irrevocable exclusive rights to participate in any pending or future plasma gasification and renewable energy projects or proposals within Canada as announced in a Company press release on August 17, 2009. As per the terms of the agreement with PowerPlay, Newlook will allocate 20% of its equity interest in NEC to PowerPlay. The PowerPlay agreement is subject to regulatory and shareholder approval, which the Company anticipates completing prior to year-end.
John G. Simmonds, Newlook's CEO stated, "The Miramichi project has lined-up perfectly for every stakeholder involved." He further noted that, "This project is a clear example of what we set out to accomplish through the transaction with PowerPlay. We anticipate this will be the first of many projects we have in the development pipeline and that we intend to roll out across Canada in the future."
The Company will issue more comprehensive details about the project as developments evolve.
Newlook Industries Corp., headquartered in Toronto, Ontario is a publicly traded company listed on the TSX Venture Exchange.
For more information please call
(905) 833-9845
(905) 833-9845 ext. 1
or refer to www.sedar.com.
The management of the company, who take full responsibility for its content, prepared this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release contains forward-looking statements relating to future events and results that are based on Newlook's current expectations. These statements involve risks and uncertainties including, without limitation, Newlook's ability to successfully develop and market its products, consumer acceptance of such products, competitive pressures relating to price reductions, new product introductions by third parties, technological innovations, and overall market conditions. Consequently, actual events and results in future periods may differ materially from those currently expected.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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