Future Fuels LLC ("Future Fuels") has created a strategic investment with Immersive Media Corp. (TSXV:IMC) ("IMC") in Future Power PA LLC ("Future Power"), a wholly-owned subsidiary of Future Fuels. The two parties intend to develop an electricity generation project using state-of-the-art clean coal gasification technology in Schuylkill County, Pennsylvania. A strategic investment by IMC of $5 million should ensure adequate resources are available to successfully develop this project. The late Senator Jim Rhoades, who was familiar with the project from the start, stated, "We welcome clean power projects that utilize our abundant resources giving much-needed energy to our region."
The joint venture aims to permit a small electricity generation facility which uses advanced IGCC (Integrated Gasification Combined Cycle) clean coal technology. Jim Palumbo, President of Quad 3 Engineering (an engineering firm working with Future Fuels on this project), stated, "Use of a local mine combined with low transmission costs for the electricity should provide the savings required to implement a technology far more eco-friendly than traditional methods."
Pennsylvanians are faced with rising electric power costs as the rate cap system is expiring. "Demand for power has been growing while reliable supplies shrink due to older-style waste coal plants reaching the end of their useful lives. Schuylkill County, with its rich coal reserves, can prepare to meet the needs of its residents and even become an exporter of clean energy," said Frank Zukas, President of the Schuylkill Economic Development Corporation (SEDCO). Congressman Tim Holden supports the project and believes that "our nation needs to rely on all of our energy resources as a matter of economic and national security." State Representative Tim Seip, a member of the Environmental Resources and Energy Committee, points out, "The project falls right in line with the objectives of the Commonwealth's recently passed $650 million energy bill. Projects like this will position Pennsylvania as a leader in clean energy solutions."
Clean coal gasification technologies are deployed in many parts of the world but only in a few locations in the U.S.A. The technology is an efficient and proven technique of converting coal's inherent energy to a liquid or gas instead of directly burning it as done in the past.
"We see this partnership as an opportunity for our shareholders to realize a better return for cash not immediately required by our core business. The United States energy infrastructure is strained and we can play a positive role in solving this with Future Fuels," stated David Anderson, CFO of Immersive Media Corporation. For more information about Immersive Media and this transaction, please visit www.immersivemedia.com.
About Future Fuels LLC
Houston-based Future Fuels LLC develops clean coal gasification projects. It holds land, coal reserves, technology licenses and other project related assets. Featuring a world class team of gasification engineers and financial experts, the company is involved with projects in Kentucky, Pennsylvania and other sites. Gasification final products can include liquid fuels, chemicals and electric power. For more information, visit www.futurefuelsllc.com.
About Immersive Media Corporation
The Future Power joint venture is a departure from the core business of IMC, but represents an opportunity for IMC to make the optimal use of its cash resources that are not immediately required for its core business.
IMC's offerings include hardware, software, production and multi-platform distribution services, and immersive imagery licensing. Applications include: urban planning, oil and gas resource management, emergency response and first responder operations, and cross platform advertising and entertainment media. IMC is a publicly traded company that is listed under the symbol "IMC" on the TSX Venture Exchange. For more information please visit www.immersivemedia.com
Forward-Looking Statements
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale or purchase of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Certain matters discussed in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and Federal securities laws, which may be identified by words such as "believes," "expects," "aims," "intends," "should," "seeks," "future" or the negative of such terms, or other comparable terminology. Forward-looking statements are subject to risks, uncertainties, assumptions and other factors that are difficult to predict and that could cause actual results to vary materially from those expressed in or indicated by them. Such forward-looking statements include, but are not limited to, statements about Future Fuels' ability to implement its strategic and business initiatives, including the proposed joint venture with Immersive Media Corp. Future Fuels claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, as amended. Future Fuels undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.