Global Environmental Energy Corp. confirmed today that its subsidiary, Biosphere Development Corp., a Corporation registered in the Commonwealth of the Bahamas, is in discussions with the City of An Ji in Zheijiang Province for the use of Biosphere Process(TM) Systems.
Following negotiations between Biosphere (Asia Pacific) Company Limited, and the City of An Ji, Biosphere and their partners the Shenzhen Branch of Yankuang Group Co., Ltd., and the Shenzhen Rayes Group Co. Ltd., are sending a negotiating team to An Ji week beginning October 24th 2005. The team will meet with local government officials and will develop further the potential use of the Biosphere Process(TM) System in An Ji. Also attending the meetings will be representatives of International Environmental Energy Corporation, which is charged with the manufacture of Biosphere Process(TM) Systems’ in China.
In September 2005 Biosphere confirmed that the China Environmental Protection Industry Association had approved the Biosphere Process(TM) System for use in China. The China Environmental Protection Industry Association determined after due consideration and expert examination, that the Biosphere Process Technology was a feasible and practical technology, which complied with the Chinese Government Administration’s Directives for the destruction of MSW, and the recycling of valuable resources. Accordingly the China Environmental Protection Industry Association stated that the “Biosphere Process” Technology was a practical technology and was accepted the Biosphere Process for operation in China.
Biosphere (Asia Pacific) Company Limited, is owned 49% by the Shenzhen Rayes Group Co., Ltd., and 51% by Biosphere Development Corp. Biosphere Development Corp., owns 70% of International Environmental Energy Corporation. The Shenzhen Branch of Yankuang Group Co., Ltd., owns 30% of International Environmental Energy Corporation.
The Shenzhen Branch of Yankuang Group Co., Ltd., is investing USD$4.5 million (Approx. RMB 36.5 million) in cash to capitalize International Environmental Energy Corporation and will hold 30% of the equity shares of International Environmental Energy Corporation. Biosphere Development Corp., is investing invest shares of Global Environmental Energy Corp., with an agreed value of USD$13.125 million United States Dollars (Approx. RMB106.3Million).
Biosphere Development Corp., has already sold the first Biosphere Process(TM) System to Biosphere (Asia Pacific) Company Limited to be delivered to one of Asia Pacific’s Chinese customers. This System has been sold for USD$8,500,000 and is scheduled to be shipped to China before the end of October 2005.
