Miami, Florida, July 16, 2019 – Global PoleTrusion Group Corp. (OTC PINK: GPGC) has signed a lease agreement for 5 hectares of land for the Barú-1 Biomass Power Plant which will be located in the town of Progreso in the Chiriquí region of Panama. Construction for the power plant is planned to begin once the environmental, construction and operation permits have been finalized.
With an initial capacity of 5 megawatts, the Barú-1 plant is expected to provide gross annual revenues of $3.5 million USD with operating expenses of $1.1 million. GPGC previously announced that its Panamanian subsidiary, Los Santos Energy Corp., obtained a 10-year power purchase agreement for the biomass power plant which will use palm oil extraction residues to generate electricity.
The land is in close proximity to both the grid substation and the oil extraction facilities that will provide the biomass used for generating electricity, thereby keeping transportation costs and its carbon footprint as low as possible.
“We are pleased to have found an ideal location for the Barú-1 plant. We have been approached to use this biomass technology to generate and distribute electricity in other countries. This project will be our showcase and stepping stone to a huge market,” said Ramiro Guerrero, President and CEO of GPGC.
GPGC has recently released updated financial disclosures and is planning to be audited as it prepares to become a fully reporting company with the U.S. Securities and Exchange Commission (SEC). The company will also apply to be listed on the NASDAQ exchange once revenues are generated from their projects in Panama and Africa.
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.