Clean Coal Technologies, Inc. Signs Binding Letter of Intent with Leading U.S. Strategic Development Partner
NEW YORK, NY / ACCESSWIRE / August 1, 2016 / Clean Coal Technologies, Inc., (CCTC) ("CCTI" or the "Company"), a cleaner-energy company utilizing patented technology to convert untreated coal into a cleaner burning and more efficient fuel, today announced that it has entered into a binding Letter of Intent with an entity on behalf of a leading U.S. corporation.
Under the terms of the agreement, the investor will reserve up to $6 million that will be advanced to CCTI upon signing a definitive agreement as working capital in order to fully fund, design, engineer and deploy CCTI's patented technology around the world. The agreement will also result in the investor accquiring the current convertible notes outstanding with Black Diamond Financial Group. In exchange, CCTI will issue 70% of its equity to the investor.
"In order to truly maximize the return on our technology CCTI requires an organization with a global footprint as well as a deep understanding of the energy markets. We believe this new investor will enable us to move the company swiftly and seamlessly into the final stages of our business plan, completing the building, deployment and commercialization of our patented and recently-proven technology," said Robin Eves, President and CEO. "Through this agreement, CCTI is now in the position to play a significant role in providing a more efficient and cleaner energy solution economically to millions of consumers around the world, while maximizing shareholder value. Black Diamond Financial Group will remain a stakeholder in the company but we are entering into a period where the depth and breadth of our new strategic partner can facilitate the commercial construction of our technology on an accelerated timetable."
"Providing ongoing working capital without further dilution to our shareholders and funding for the design, engineering and construction of the first commercial module ensures that CCTI will maintain control of the global deployment of our technology and maximize the return along every point of the value chain," said Aiden Neary, COO and Director. "The investor commits to not trade any equity holding in the company as their investment is strategic in nature. The investor also commits to building and deploying commercial units through our company. With this agreement, we have advanced our technology further along the path to full commercialization, bringing it that much closer to its deserved place in today's energy economy."
The agreement is subject to the completion of due diligence by the investor, currently underway.
About Clean Coal Technologies, Inc.
Clean Coal Technologies, Inc., a cleaner-energy technology company with headquarters in New York City, NY, holds patented process technology and other intellectual property that converts raw coal into a cleaner burning fuel. The Company's trademarked end products, "Pristine(tm)" coals, are significantly more efficient, less polluting, more cost-effective, and provide more heat than untreated coal. The principal elements of the Company's pre-combustion technology are based on well-proven science and tried-and-tested industrial components. The Company's clean coal technology may reduce some 90% of chemical pollutants from coal, including Sulfur and Mercury, thereby resolving emissions issues affecting coal-fired power plants. For more information about Clean Coal Technologies please visit: www.cleancoaltechnologiesinc.com.
Forward Looking Statements
This release may include forward-looking statements related to CCTI's plans, beliefs and goals, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such statements include, but are not limited to, statements about CCTI's plans, objectives, expectations and intentions with respect to future operations, its products, its ability to secure financing for its operations, the impact on the industry and other statements identified by words such as "will," "potential," "could," "can," "believe," "intends," "continue," "plans," "expects," "anticipates," "estimates," "may," and other words of similar meaning or the use of future dates. Additional details about CCTI's business and its operations that could affect CCTI's actual results are described in CCTI's filings with the Securities and Exchange Commission, including the "Risk Factors" that are part of its most recent annual report on Form 10-K for the year ended December 31, 2015 and in each of its subsequently filed periodic reports. All forward-looking statements in this release speak only as of the date of this news release. CCTI undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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SOURCE: Clean Coal Technologies, Inc.
Released July 31, 2016