Asiapac Capital Services Inc.
AsiaPac Capital Services Initiates Approval Process for Second Mini-Hydro Plant in Philippines
Asiapac Capital Services Inc. / Development of Sales 06.04.2010 15:37 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. --------------------------------------------------------------------------- Toronto, Canada - (For immediate release) - April 6th, 2010 AsiaPac Capital Services Ltd.: Deutsche Börse symbol: 5AP. (www .asiapaccapital.ca), has begun the submission process with the Renewable Energy Management Bureau (REMB) of the Philippine Department of Energy to build an approximately 8 Megawatt hydro station on the Siffu River located in the municipality of Paracelis, Mountain Province. This application has been initiated by the Company's renewable energy subsidiary; AsiaPac Green Renewable Energy Corp. This is the second mini-hydro power installation initiated by the Company this year. The Company has retained the services of Vergel 3 Consult of Quezon City as the principal consultant and engineer to provide the feasibility study and detailed engineering design work for the project. The initial plans call for a run-of river style power system, with a small weir (or hydro dam) and diversion of water via headrace of approximately 4,000 meters flowing into a surge tank facility and a 271 meter long penstock (pipeline) feeding into the powerhouse which will house the turbines. It is estimated that this facility will generate somewhere in the order of 8 MW of power. This is based on a preliminary hydrologic study. Power is expected to be sold to the Mountain Province Electric Cooperative, Inc. (MOPRECO). Company President, Mr. Samuel Lee, advises; 'Our work plan is designed to meet the rules and regulations of the Renewable Energy Law, RA 9513 in order to qualify for the various government incentive programs available from the Department of Energy. These incentives include 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.' In related news, the Company anticipates beginning the full feasibility study on its previously announced Talubin Run-of River project, located in Sagada, Mountain province as soon as funding is in place from its pending deal with Interline Management. This represents a contract commitment of Php 2.8 million, or roughly EUR46,000. The full feasibility study will take 4-6 months to complete, and includes the following components: * Topographic Survey * Geologic and Geotechnical investigation * Social and environmental impact study * Hydrologic Investigation and analysis * Hydraulic study * Power supply and demand analysis * Outline of design of plant facilities * Cost estimates and financial/economic viability study * Submission of final reports for REMB and DOE approval of the final project. Given the Philippines growing reliance on hydropower, and its active encouragement of new hydropower facilities, AsiaPac is well positioned to take advantage of the various incentive programs, and make an important contribution to further development of renewable power generation. Currently, more than 10% of total power generation in the Philippines is from Hydropower, up significantly from 5.4% in 2007. 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 06.04.2010 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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