Clean Coal Technologies Receives Update on Inner Mongolia Project
CORAL SPRINGS, FL -- (MARKET WIRE) -- 07/12/10 -- Clean Coal Technologies Inc. (PINKSHEETS: CCTC) has received the following update on the progress of its Inner Mongolia project approval. A copy of the original Chinese document will be posted on the Company's web site.
"Dear Mr. Douglas (Hague),
Hello. Firstly, please accept my sincere greeting to you.
Since December 2008, your company and our joint venture company, Mongolia International Investment Company, have been working together to commence the initial phase of our project which provides for the production of 1.5 million tons of clean coal, per our contract.
We have been aggressively working on the preparatory phases for the past year, however, the reasons for the extended delay are the administrative complexities associated with the Chinese joint venture structure, particularly the supporting documentation approval requirements that have taken much longer that originally contemplated.
The final approval of the project is predicated on the individual approval of all of the following eight supporting documents:
- The Environmental Impact report,
- Energy (Green Energy) report,
- Safety Evaluation report,
- Water Resource report,
- Geological Hazard report,
- Water and Soil Conservation program report,
- Land Survey report,
- Zoning report.
The approval of these supporting documents is a mandatory pre-requisite, and each is required to undergo an expert assessment by which they are reviewed and approved by the relevant government department.
At this time, seven of the eight required documents have been approved for the commencement of the initial 1.5 million ton clean coal project and we are awaiting the final approval of the Environment Impact documents, which have already been pre-approved. Once we receive the final approval from the Office of Inner Mongolia Autonomous Region Environmental Protection Department, and the Office of Finance Council, we estimate that we should receive the formal approval of the project by no later than the end of July.
Mr. Douglas (Hague), we fully recognize that the failure to commence your company's initial phase of our 1.5 million tons clean coal project is due to the many repeated delays outside your control, for which we sincerely apologize. However, now that we have completed the land acquisition and infrastructure development phases, the construction project will be able to commence as soon as we receive the final approval, and I will be aggressively pursuing all avenues to ensure that this takes place as soon as possible.
We look forward to welcoming you back again to Xing An, China in the near future.
Wishing you Good Health and Happiness.
Bu Jin Lai
Xing'An League of Inner Mongolia
2010, July 9"
President & CEO Doug Hague commented that: "We are aware that the continuing delays in the receipt of our project's final approval are of concern to our shareholders, and trust that this update will be reassuring. However, we would reiterate that this process is subject to Chinese government discretion, and any estimated dates may be subject to further delay. While we regret this situation, its final resolution is outside our control, and we would ask shareholders for their continued patience in this matter. We would also reiterate that the company has a fully executed joint venture contract for this project, and have been pre-approved for the outstanding Environmental Impact report. However, all the approvals outlined in this release are necessary formalities that have to be fully completed before we can commence our contractual obligations."
Matters discussed in this press release contain forward-looking statements. Investors are cautioned that such forward-looking statements involve risk and uncertainties, which could significantly impact the actual results, performance or achievements of the Company. Such risks and uncertainties include, but are not limited to, the time frame for production of revenue, product development and commercial introduction, the impact of rapid price and technological change and competition, manufacturing and supply uncertainties and other risks.
<b>Company Contact: </b> CJ Douglas Tel: 954-344-2727 Email: Email Contact Website: http://www.cleancoaltechnologiesinc.com
Released July 12, 2010