Clean Coal Technologies Receives First Licensing Fee of $375,000 from Jindal Steel and Power Ltd.
Payment Initiates Revenue Delivery from the Company’s Technology License Agreement
NEW YORK-- Clean Coal Technologies, Inc. (OTCQB:CCTC) (PINK: CCTC), an emerging cleaner-energy company utilizing patented technology to convert raw coal into a cleaner burning and more efficient fuel, is pleased to announce the receipt of the first $375,000 from Jindal Steel and Power Ltd. as part of a 25-year Technology License Agreement (TLA) related to the construction of a plant that will reduce coal moisture at Jindal’s mines in Indonesia.
“This payment is another significant milestone for Clean Coal Technologies and its shareholders,” stated Robin Eves, Director, President and CEO of Clean Coal Technologies. “We are pleased with this infusion of capital, combined with the affirmation of our role in the increasingly important clean energy sector. To work with a partner such as Jindal Steel with such a significant presence in the ASEAN region is a tremendous opportunity.”
“We firmly believe that we will offer one of the most practical and effective clean energy solutions in the global marketplace and our agreements with major entities such as SAIC and Jindal Steel certainly bolster our leadership in this industry and our ability to bring other major players to the clean energy table going forward,” added Mr. Eves.
According to the terms of the TLA, Clean Coal Technologies will receive an on-going royalty fee of US one dollar ($1.00) per metric ton on all coal processed from Jindal majority-owned mines in the ASEAN region, up to 4 million tons or $4 million per annum with a waiver of additional royalty fees on further processed coal up to a total of 8 million tons per year. If coal processing increases above 8 million tons per year, the royalty will be reinstated and Parties have agreed to review the rate.
In addition to the royalty fee, Jindal will pay Clean Coal Technologies a one-time license fee of US $750,000. The license fee will be paid in two installments as follows: a) US $375,000 upon signing of a pilot plant construction contract and b) US $375,000 upon the successful testing of Jindal's Indonesian coal at the pilot plant.
About Jindal Steel & Power Limited (JSPL)
Jindal Steel and Power Limited (JSPL) is one of India’s major steel producers with a significant presence in sectors including Mining, Power Generation and Infrastructure. With an annual turnover of over US $2.9 billion, JSPL is a key part of the diversified O. P. Jindal Group whose market capitalization currently exceeds US $15 billion. In the recent past, JSPL has expanded its steel, power and mining businesses to various parts of the world particularly in Asia, Africa and South America. For more information, please visit: www.jindalsteelpower.com
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™” 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:
In addition to historical information, this press release may contain forward-looking statements that reflect the Company’s current expectations and projections about future results, performance, prospects and opportunities. These forward-looking statements are based on information currently available to us and are subject to a number of risks, uncertainties and other factors that may cause actual results, performance, prospects or opportunities to be materially different from those expressed in, or implied by, such forward-looking statements. You should not place undue reliance on any forward-looking statements. Except as required by federal securities law, the Company assumes no obligation to update publicly or to revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available, new events occur or circumstances change in the future.
Clean Coal Technologies, Inc.
Mr. Robin Eves, Director, President & CEO
Financial Communications Contact:
Trilogy Capital Partners
Darren Minton, President
Source: Clean Coal Technologies, Inc.
Released August 21, 2012