LAS VEGAS, NV--(Marketwire -06/08/12)- Cleantech Transit, Inc. ("Cleantech or the Company") (CLNO) is pleased to announce the Company has received a Letter of Interest (LOI) from a United Nations Sponsored Intergovernmental Agency representing 28 member states to implement and operate biomass power plants.
According to the LOI, this Intergovernmental agency would facilitate the creation of a public private partnership (PPP) with Cleantech Transit Inc. to develop, implement and operate up to 47 biomass power plants to be deployed in various member states based on their power needs. The proposed biomass plants would be a minimum of 1MW in size. The ability of intergovernmental organizations can play a pivotal role to implement biomass as one of the key power sources in numerous areas simultaneously.
"The proposed PPP by the Intergovernmental agency is an extremely positive development for our Company, giving us the potential to expand our portfolio of biomass projects rapidly and help move the company toward higher revenue numbers," said President and CEO of Cleantech Transit, Inc. Kenneth Bosket
About Cleantech Transit, Inc.:
The Company's mandate is to create opportunities utilizing advances in technology and manufacturing processes in order to develop significant market share in the alternative clean energy sector. With the growth in green energy initiatives, the Company has expanded its focus to invest directly in specific projects that will maximize shareholder value. Recent advances in the technology of converting wood waste into power have greatly enhanced the economic value of the company's systems. A Biomass division was launched led by Phoenix Energy to focus exclusively on generating greater returns for manufacturing clients worldwide. For more information please visit the Company's website at www.cleantechtransit.net.
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new business opportunities and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.