Miami, Florida, July 25, 2019 – Global PoleTrusion Group Corp. (OTC PINK: GPGC) is currently in negotiations to acquire 50 percent of Daconan Solar, a Panamanian solar energy provider that is licensed by the Panamanian government to generate and sell electricity until 2057. This association will facilitate the commercialization of GPGC’s renewable energy production projects.
“This partnership will allow us to expand our energy delivery capabilities in Panama and obtain power purchase agreements that will further grow our business and maximize value for our shareholders,” stated Ramiro Guerrero, President and CEO of GPGC.
The proposed acquisition will also include 50 percent of the Daconan Star Solar Plant which currently has a capacity of 240 kW. GPGC and Daconan Solar are planning to increase that capacity to 6 MW to better meet the regions demand for electricity. The solar plant will also receive backup energy from the Barú-1 Biomass Power Plant currently being developed by GPGC in Panama to ensure uninterrupted energy delivery when sunlight is unavailable without requiring expensive energy storage batteries.
GPGC estimates that annual revenues will increase by $780,000 USD based on the Daconan Star Solar Plant’s electricity generation expansion to 6 MW. Further growth will be realized as GPGC and Daconan Solar continue to develop renewable energy projects in Panama.
“Aligning our businesses will enable us to deliver energy more efficiently to meet the requirements of our existing power purchase agreements and provide for the growing demand for electricity in Panama,” said Daniel Hernández Rodrígez, CEO of Daconan Solar.
About Global PoleTrusion Group Corp.
GPGC is an engineering firm that fulfills the needs of telecommunications and utility companies, providing composite poles, towers and renewable energy solutions. Their composite structures outperform their steel, wood and concrete counterparts as they are stronger, lighter, easier to install and environmentally safe. With its advanced engineering and manufacturing capabilities, GPGC is at the forefront of providing creative and effective solutions to address the needs of utility companies.
PoleTrusion Canada provides engineering services for GPGC. They create the latest state-of-the-art composite structures, custom-designed based on the needs of their clients. The company is part of the Advanced Composite Materials for Civil Structures Chair at the University of Sherbrooke. Dr. Benmokrane, a director of the Chair, is on the technical board at GPGC.
To learn more about GPGC, visit www.globalpoletrusiongroup.com.
This news release contains « forward-looking statements », as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.