SAN JOSE, Calif., Dec. 12, 2013 (GLOBE NEWSWIRE) -- Pacific Green Technologies Inc. ("the Company") (OTCQB:PGTK) announces that pursuant to the terms of a Debt Settlement Agreement dated May 17, 2013 between the Company, Enviro Technologies Inc. and Enviro Resolutions Inc., on November 22, 2013 the Company was transferred a 40 per cent. shareholding in Peterborough Renewable Energy Limited ("PREL") by Green Energy Parks Limited. PREL is a limited liability company incorporated under the laws of the United Kingdom.
PREL was incorporated to develop a 79MWe waste to energy power station at Peterborough, United Kingdom ("the Peterborough Plant"). The Peterborough Plant has full planning permission at 79MWe and environmental agency permits. It is understood that the Peterborough Plant will be built in two stages at a total capital cost of approximately £500 million. As of this date, PREL owns 20% of Energy Park Investments Limited ("EPIL"), the holding company that is currently intended to finance the development of the Peterborough Plant in turn through its wholly owned operating subsidiary Energy Park Peterborough Limited.
The last audited accounts for PREL indicate that it was not currently trading and had negative net assets of £624,683 as at 31 December 2012. Further information on PREL will be provided when it becomes available. PREL is a limited liability company and the transfer does not convey any contractual liabilities or commitments directly to PGT.
Commenting on the Company's shareholding in PREL, Dr Neil Carmichael said: "The Peterborough Plant is a highly significant waste to energy project in the United Kingdom and it is pleasing that the Company should again be part of the future of renewable energy promotion and provision. We are clarifying certain aspects of the share transfer in order to secure and promote the Company's interest further and will make further information available to shareholders and the market in due course."
About Pacific Green Technologies, Inc.
Pacific Green Technologies Inc. is dedicated to addressing the world's need for cleaner and more sustainable energy. PGT is divided into three divisions:
- the design, development, licensing and marketing of numerous types of technologies designed to improve the environment through clean energy use;
- the development of renewable power plants; and
- licensing its proprietary emission control technologies, ENVI-Clean™ and ENVI-Pure™, to power stations worldwide.
For more information, visit the Company's website:
CONTACT: Neil Carmichael, President and Director Pacific Green Technologies T: +1 (408) 538-3373Source: Pacific Green Technologies Inc.
Released December 12, 2013