Asiapac Capital Services Inc.
AsiaPac Capital Services Feasibility Studies Underway for Two Mini-Hydro Plants in Philippines
Asiapac Capital Services Inc. / Research Update 01.06.2010 16:52 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Plants to help reduce greenhouse gas emissions. Toronto, Canada - (For immediate release) - June 1, 2010 AsiaPac Capital Services Ltd.: Deutsche Börse symbol: 5AP. (www .asiapaccapital.ca), announced today that its wholly owned subsidiary; AsiaPac Green Renewable Energy Corp., has begun more detailed feasibility studies for its planned 8 Megawatt hydro station on the Siffu River located in the municipality of Paracelis, Mountain Province, and second 4 Megawatt hydro station on the Talubin River located in Sagada, Mountain Province. These feasibility studies are in line with the general approval process of the Renewable Energy Management Bureau (REMB) of the Philippine Department of Energy. Vergel 3 Consult of Quezon City is the principal consultant and engineer working on these studies and developing detailed engineering design work for the projects. Mr. Vergel has extensive experience working within the power generation sector of the Philippines on similar projects. Importantly, these new hydro stations have the capacity to help reduce greenhouse gas emissions by reducing reliance on coal and gas fired power stations in the long term. A recent analysis conducted for several mini-hydro stations in India, totalling 5.2 MW capacity, suggests that these hydro stations would reduce total CO2 emissions by nearly 23 tons annually, over the productive life of the power stations. It is anticipated that these calculations would apply to the AsiaPac projects - with resulting theoretical reduction of over 50 tons of CO2 emissions annually. The Philippine government has put in place significant incentives to encourage renewable energy projects, including; duty free importation of equipment; a 7 year tax holiday; and zero value added tax; tax exemption from the sale of carbon credits, among others. Company President, Mr. Samuel Lee, advises; 'We are very optimistic that the paid-in tariff (the rate at which electricity will be purchased from the plants) will shortly be set at a substantial premium to current grid prices as part of the government's ongoing support to increase grid capacity through green initiatives. This will most definitely make a positive impact on the economics of these current projects under consideration.' Disclaimer & Safe Harbor Statement: This release may contain certain 'forward-looking statements' with respect to certain of AsiaPac Capital Services Ltd.'s plans, goals and expectations regarding its future financial condition, performance, results, strategy and objectives. Words such as 'anticipates', 'expects', 'intends', 'plans', 'believes', 'seeks', 'estimates', 'may', 'could', 'would', 'might', 'will' and variations of these words or similar expressions are intended to identify forward-looking statements. In addition, any statements that refer to expectations, beliefs, plans, projections, objections, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements in this press release are not promises or guarantees of future performance and are subject to risks and uncertainties that could cause AsiaPac Capital Services Ltd.'s actual results to differ materially from those anticipated. AsiaPac Capital Services Ltd. cautions the reader not to place undue reliance upon any such forward-looking statements. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed herein as well as the following: (i) domestic and global economic and business conditions; (ii) market related risks and the performance of financial markets generally; (iii) the policies and actions of regulatory authorities; (iv) the impact of competitive factors; (v) risks and uncertainties associated with future acquisitions or combinations within relevant industries; and (vi) changes in capital, solvency or accounting standards as well as tax and other relevant legislation or regulations in the jurisdictions in which AsiaPac Capital Services Ltd. operates. The actual results that AsiaPac Capital Services Ltd. achieves may differ materially from any forward-looking statements which are based on management's beliefs and opinions at the time the statements are made. AsiaPac Capital Services Ltd. does not undertake any obligation to update forward-looking statements should circumstances or management's beliefs or opinions change. For further information please contact: AsiaPac Capital Services Ltd. Suite 3500 Hudson Bay Center No. 2 Bloor Street East Toronto ON M4W 1A8 Email: info@asiapaccapital.ca 01.06.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de ---------------------------------------------------------------------------
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