NEW YORK, Jan. 04, 2017 (GLOBE NEWSWIRE) -- Receivable Acquisition & Management Corporation (OTCQB:CSEI) d/b/a Cornerstone Sustainable Energy (“CSE”), headquartered in New York City, has been contracted by the Modoc County Board of Supervisors to supply its PwrCor TM engine as part of a demonstration project that will convert ultra-low-grade heat into electricity. The heat will be obtained from a geothermal well or hotspring.
Modoc County, located in northeastern California, is commencing a project to generate constant electrical power from the geothermal water using our new, entirely “green” engine technology. The project is starting immediately and is sited at the Surprise Valley Hot Springs resort.
Once the installation is completed, the resort should no longer have to rely solely on or pay for utility power, and will have free, clean, “green” electrical power furnished by the PwrCor TM engine.
“This is an unusual and very positive initiative which shows how public-private partnerships such as this project can help move us to a greener energy future. We will demonstrate clean, non-polluting and economical energy production from a local geothermal resource,” stated Chester Robertson, Chief Administrative Officer of Modoc County.
CSE will be paid directly by Modoc County from funding that was arranged via a grant from the California Energy Commission, with CSE responsible for certain project expenses. The mission of the California Energy Commission includes supporting the use of alternative energy sources, which the PwrCor TM technology will accomplish.
CSE will recognize revenues as project phases are completed. The revenues from the completed project should amount to over $120,000, the equivalent of over 10% of previous years’ revenues. For more details, see the Company’s Form 8-K filed on January 3, 2017: https://www.sec.gov/Archives/edgar/data/73333...-index.htm
The PwrCor TM engine cost effectively converts ultra-low-grade heat to usable mechanical or electrical energy. PwrCor TM is a cleantech energy technology that uses no fossil fuels, does not operate via combustion, has no emissions, and does not process any working fluids that are flammable, harmful to the environment, or costly to replace. Moreover, it is scalable, modular, and runs relatively silently, all within a small footprint. This will be its first application in using geothermal resources.
CSE’s PwrCor TM technology efficiently utilizes supply heat of temperatures below 200°F. The hot spring water in California’s Surprise Valley comes to the surface at temperatures of approximately 190°F, which is considered ultra-low-grade heat. Using just a small fraction of the water flow from the geothermal resource, the PwrCor TM engine is expected to be able to supply 100% of the power used by the resort.
The project will be managed by Warner Mountain Energy Corporation. Warner Mountain Energy specified the PwrCor TM engine, which will be produced and commissioned by CSE. Dr. Roy Mink, Chief Executive of Warner Mountain and former manager of the US Department of Energy geothermal program, explained, “The demonstration project will illustrate how low temperature geothermal heat resources, heretofore not considered economically feasible for power generation for the geothermal industry, can be tapped using this breakthrough technology.”
Tom Telegades, CEO of the Company, stated, “We are proud of our executive leadership team which has worked hard to apply this technology to our first geothermal application. This demonstration project, we believe, may very well prove disruptive to the geothermal industry as the cost effective conversion of ultra-low heat from a geothermal resource can now be realized.”
About the Company Receivable Acquisition & Management Corporation d/b/a Cornerstone Sustainable Energy (“CSE”) is an energy technology company offering cleantech energy solutions for the Waste Heat to Energy, Geothermal, and Solar Thermal markets, as well as other applicable markets. CSE is focused on energy infrastructure development projects and delivering cleantech energy solutions to commercial and not-for-profit customers.
About the Technology PwrCor TM engines can cost effectively convert ultra-low-grade heat to usable mechanical or electrical energy, opening up an immense market that competing technologies cannot exploit with a cost effective solution. PwrCor TM is a cleantech ‘GREEN’ technology that uses no fossil fuels, does not operate via combustion, has no emissions, and does not process any working fluids that are flammable, harmful to the environment, or costly to replace. PwrCor TM is scalable and modular and has a relatively small footprint.
CSE's Forward-Looking Statement Safe Harbor
With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve unknown risks and uncertainties that may individually or mutually impact the matters herein described for a variety of reasons that are outside the control of the Company, including, but not limited to, its ability to raise sufficient financing to implement its growth strategy, and its ability to successfully develop and commercialize its proprietary products. Readers are cautioned not to place undue reliance on these forward-looking statements as actual results could differ materially from the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company's most recent report on Forms 10-K, 10-Q, 8-K and other filings made with the SEC. Copies of these reports are available from the SEC's website, www.sec.gov , or without charge from the Company. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results could differ materially from those anticipated in these forward-looking statements, if new information becomes available in the future.
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Contact: Thomas Telegades (212) 796-4097 info@cseindustries.com
