CCTC News .0525 Clean Coal Announces Receipt by SAIC of First $200,000 Payment Due Under EPC Contract
2012-06-25 08:31 ET - News Release
Represents the First Scheduled Payment for Construction of 1:10 Scale Pilot Plant as Clean Coal Technologies Implements its Strategic Development Plans
Company Website: http://www.cleancoaltechnologiesinc.com
NEW YORK -- (Business Wire)
Clean Coal Technologies, Inc. (OTCQB: CCTC) (PINK: CCTC), an emerging cleaner-energy company utilizing patented technology to convert raw coal into a cleaner burning and more efficient fuel, has confirmed the receipt of the first $200,000 payment to SAIC due from Good Coal PTE., Ltd., Clean Coal’s joint venture with the Archean Group, which was triggered by the previously announced Engineering, Procurement and Construction (“EPC”) contract with SAIC Constructors, LLC, a subsidiary of Science Applications International Corporation (“SAIC”).
Through Good Coal PTE., Ltd., the $200,000 payment represents the first payment by Archean Group to commence construction of the 1:10 scale pilot plant that will help validate Clean Coal Technologies’ patented process to create a cleaner burning fuel. The initial payment represents the first payment due on the full value of the $2 million assured under the EPC contract.
“We are excited to confirm this first down payment for the construction of our pilot plant, to capture the vision of this agreement and to take the first steps toward commercialization,” stated Robin Eves, Director, President and CEO of Clean Coal Technologies. “For our shareholders these past few weeks have represented the most significant milestones to date for Clean Coal Technologies.
“We encourage investors to stay tuned for updates on our global progress, including our initiatives in Oklahoma, where we are in negotiations with a major U.S. power company to locate the site for the 1:10 scale pilot facility, to be built at a coal-fired power plant for final testing and validation,” said Mr. Eves.
Future work on full-scale commercial plants in Indonesia is expected to follow what the Company believes will be a successful commissioning of the pilot plant in Oklahoma by year-end 2012 or early 2013
