Clean Coal Technologies, Inc. ("CCTI”), a cleaner-energy
technology company, "fully-reporting” and listed on the OTCQB (symbol
CCTC),
and Jindal Steel and Power Ltd. ("Jindal”) have signed a 25-year
Technology License Agreement ("TLA”) in lieu of the formerly announced
Joint Venture Agreement contemplated under the Memorandum of
Understanding signed between CCTI and Jindal on January 27, 2012. The
decision to enter into the TLA was arrived at jointly and is beneficial
for both companies as it allows Jindal to focus on its core business
model in Indonesia of supplying dry, high-quality coal to their steel
and power businesses in India, while allowing CCTI to focus on the
development and marketing of its technology to third parties.
Under the TLA, CCTI will receive an on-going royalty fee of US one
dollar ($1.00) per metric ton on all coal processed from Jindal
majority-owned mines in the ASEAN region, up to four million tons or
four million dollars ($4,000,000) per annum with a waiver of additional
royalty fees on further processed coal up to a total of eight million
tons per year. If coal processing increases above eight million tons per
year, the royalty will be reinstated and Parties have agreed to review
the rate.
In addition to the royalty fee, Jindal will pay CCTI a one-time license
fee of US seven-hundred and fifty thousand dollars ($750,000). The
license fee will be paid in two installments as follows: a) US
three-hundred and seventy-five thousand dollars ($375,000) upon signing
of a Pilot Plant construction contract and b) US three-hundred and
seventy-five thousand dollars ($375,000) upon the successful testing of
Jindal's Indonesian coal at the Pilot Plant.
Construction of the Pilot Plant in Oklahoma will commence immediately
upon execution of the EPC Contract by the JV. It is expected that the
EPC Contract will be signed during April and construction of the pilot
plant will commence immediately thereafter. The Pilot Plant is scheduled
to be completed within 16 to 24 weeks. Testing of the Jindal coal is
expected to take place before the end of 2012.
CCTI’s CEO, Robin Eves, stated: "We are delighted to have signed this
royalty-bearing agreement with Jindal. With this, CCTI has added a
second important commercial client in Indonesia that intends to commence
construction of a commercial plant immediately after the testing of its
coal at the Pilot Plant.”
Mr. Eves added: "Together with the Archean Group TLA, CCTI has made a
quick start in the development of a pipeline of commercial projects in
Asia. We are very excited that our first commercial clients are
prominent companies that are well-known and highly-regarded in Asia.
Each of these companies has in place a widespread Eastern Hemisphere
commercial network in its respective business.”
About Clean Coal Technologies, Inc.
CCTI, (http://www.cleancoaltechnologiesinc.com)
a cleaner-energy, technology company with headquarters in New York City,
NY, owns a patented process technology to convert coal into a cleaner
burning fuel source and/or a dry coal with high calorific content. The
Company's patented end product "PRISTINE™” coal is significantly more
efficient, less polluting, more cost effective, and provides more heat
than untreated dirty coal. The principal elements of this pre combustion
technology are based on well-proven, off the shelf components and
equipment. Its clean coal technology reduces some 90% of chemical
pollutants from coal, including Mercury, thereby resolving emission
issues affecting coal-fired power plants.
About Jindal Steel & Power Limited (JSPL)
Jindal Steel and Power Limited (JSPL) is one of India’s major steel
producers with a significant presence in sectors other sectors including
Mining, Power Generation and Infrastructure. With an annual turnover of
over US $2.9 billion, JSPL is a key part of the diversified O. P. Jindal
Group whose market capitalization currently exceeds US $15 billion. In
the recent past, JSPL has expanded its steel, power and mining
businesses to various parts of the world particularly in Asia, Africa
and South America.
The company produces economical and efficient steel and power. From the
widest flat products to a whole range of long products, JSPL offers a
product portfolio that caters to major infrastructure and housing
projects in the country. It also has the distinction of producing the
world’s longest 121 metre rails and large size parallel flange beams,
high strength angle irons for transmission towers and high strength
earthquake resistant construction rebars.
The organization is equally concerned about the environment and is
committed towards restoring nature’s balance by maintaining a clean and
green environment. JSPL’s Corporate Social Responsibility policy aims at
bringing about a radical transformation in the quality of people in and
around the operation areas of the company through positive intervention
in social uplifting programs.
Forward-Looking Statements
Matters discussed in this press release contain forward-looking
statements. Investors are cautioned that such forward-looking statements
involve risk and uncertainties, which could significantly impact the
actual results, performance or achievements of the Company. Such risks
and uncertainties include, but are not limited to, the date of execution
of an EPC contract, the time frame for construction and completion of a
pilot plant and related testing, the time frame for production of
revenue, product development and commercial introduction, the impact of
rapid price and technological change and competition, manufacturing and
supply uncertainties and other risks.
