SAN DIEGO, Aug. 16, 2023 (GLOBE NEWSWIRE) -- via IBN -- Astra Energy Inc. (OTCQB: ASRE) ("Astra" or the "Company") provides the following updates to the company's shareholders.
Highlights:
- Astra reaches major operational inflection point and ramp-up underway for upcoming revenues to accelerate throughout 2024.
- Regreen Technologies Inc. achieves significant milestone with installation of operational demonstration model at materials recovery facility in Hesperia, California.
- Regreen Technologies Inc. records its first revenues from an initial deposit for a joint venture with large company in India.
- Astra-Holcomb Energy Systems Inc. achieves development milestone with installation of both onsite and offsite demonstration of the Inline Power Generator (ILPG) technology.
- Astra-Holcomb Energy Systems closes initial purchase order of ILPG units for potential large-scale use in communications towers.
- Both the Zanzibar 50-Megawatt (Budget $170 million) Clean Energy Park Project and the Tanzanian 350-Megawatt combined cycle power plant project (Budget $380 million) advance as Astra moves towards becoming an independent power producer in the region.
- Convertible note cleared from balance sheet to protect shareholder interest and avoid any potential dilution.
Dear Astra Shareholders,
The first half of 2023 reflects the business traction we have achieved through many years of hard work establishing the Company's foundation. We expect this progress to continue and expand.
The overall timing for the clean and renewable energy sector as well as for the Company could not be better. The demand for solutions has never been greater. The business case for each respective technology will support broad market adoption.
Further, both the Zanzibar and Tanzanian projects have gained support and commitments from local officials as well as the US Chamber of Commerce. Studies, reports, engineering etc. are underway, as well as initial discussions surrounding power purchase agreements. It's very noteworthy that Astra intends to own and operate these projects as an independent power producer, selling the power to the state-owned utilities via a long-term power purchase agreement.
As a result of a diligent work ethic and solid business fundamentals, Astra is well positioned to capitalize on these business opportunities and create an influx of deals. We hope that this letter provides a concise synopsis of recent achievements and a sense of what the future holds for this company. We plan to create value for all stakeholders. Thank you for your consideration and support.
Sincerely,
Ron Loudoun
CEO and Chairman
About Regreen Technologies Inc.
The Regreen total waste system is a patented series of equipment and processes with specialized technology to convert any solid waste material into a marketable product through the cleanest measures, without causing damage to the environment.
https://regreentechnologies.com
About Holcomb Energy Systems LLC
Holcomb Energy Systems LLC has developed the Holcomb Energy System technology (HES) a patent-protected, scientific breakthrough in clean energy production. The HES, consisting of a suite of pioneering, patented technologies, presents an entirely new source of true electric power generation capable of addressing critical global issues such as climate change, pollution, and universal access to electricity.
www.holcombenergysystems.com
About Astra Energy Inc.
Astra Energy Inc. is an integrated solutions provider investing in and developing clean and renewable energy projects in markets where demand is high, supply is limited and there is an opportunity to address other imminent market needs.
Astra's corporate strategy is rooted in securing technologies and assets; identifying viable market opportunities; and bringing together resources, expertise, technology, and defined action plans to execute first-in-class projects that benefit communities, local economies, the planet, and the Company's investors.
Its goal is to create a more secure and sustainable power sector that supports the Company's purpose, mission, and values to transform the economic, environmental, and social landscape for generations to come.
For more information on Astra Energy Inc., visit the Company's website at www.astraenergyinc.com.
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements. In evaluating these forward-looking statements, readers should consider various factors, including the Company's ability to change its direction, its ability to keep pace with new technology and changing market needs, and the competitive environment of its business. These and other factors may cause the Company's actual results to differ materially from any forward-looking statement.
Corporate Communications:
Heidi Thomasen
IR@astraenergyinc.com
1-800-705-2919
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