EVEN YEHUDA, Israel, September 15,
2014 /PRNewswire/ --
Bluesphere Corp. (OTCBB: BLSP) (the "Company" or "Bluesphere"),
a clean energy company that develops, manages and owns
waste-to-energy projects, announced today it is rapidly executing
on its strategy to acquire fully operational waste-to-energy
facilities in select global markets. The Company has just signed a
Letter of Intent (LOI) to acquire seven such facilities in
Italy.
Subject to the satisfactory completion of due diligence,
Bluesphere will purchase up to 100% of the seller's rights, title
and interest to seven anaerobic digestion facilities in
Italy. The due diligence period is
up to 60 days. The facilities currently being evaluated under the
LOI have long term agreements with local utilities that are
purchasing electricity from the plants. Based on due diligence
conducted to date, collectively the plants are producing very high
EBITDA, are expected to have an internal rate of return (IRR) of
greater than 25%, and if acquired, would generate strong immediate
cash for Bluesphere.
"This marks a huge milestone for our Company. We have swiftly
implemented our intended strategy of creating near-term revenues
and positive cash flows through acquisition," stated Bluesphere CEO
Shlomi Palas. "In addition there are
9 more 1 megawatt facilities in Italy with at least one year of operating
history that we are currently evaluating for our portfolio."
Bluesphere had announced on June
11 that it is pursuing a strategy to acquire fully
operational, revenue generating waste-to-energy facilities in
select global markets. The Company is augmenting its current
build-own-operate model with an acquirer-own-operate strategy in
order to create immediate revenue and cash flow generation, putting
the Company on a short term path to profitability.
About Bluesphere Corporation
Bluesphere Corporation is a company in the cleantech sector as a
waste-to-energy project Integrator. Bluesphere develops
waste-to-energy and other renewable energy projects. The Company
aspires to become a key player in the global waste-to-energy and
renewable energy markets. For further information please visit the
Company's website http://www.bluespherecorporate.com
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, Section
21E of the Securities Exchange Act of 1934 and as that term is
defined in the Private Litigation Reform Act of 1995, which are
subject to risks and uncertainties and may change at any time.
These statements are only predictions and involve known and unknown
risks, uncertainties and other factors including, without
limitation, (i) uncertainties regarding our ability to obtain
adequate financing on a timely basis including financing for
specific projects, (ii) the financial and operating performance of
our projects after commissioning, (iii) uncertainties regarding the
market for and value of carbon credits and other environmental
attributes, (iv) political and governmental risks associated with
the countries in which we operate, (v) unanticipated delays
associated with project implementation including designing,
constructing and equipping projects, as well as delays in obtaining
required government permits and approvals, (vi) the development
stage of our business and (vii) our lack of operating history. As
such, there is no assurance that the initiatives described in the
press release will be successfully implemented or meet
expectations.
The Company assumes no obligation to
update the information in this release.
For further information please contact Mark Radom at +972-52-798-0831 or
info@bluespherecorporate.com.
SOURCE Bluesphere Corp.