International Power Group, Ltd. (Pink Sheets: IPWG) has signed a binding Letter of Intent to purchase 51% of GiraSolar B.V., a leading privately held Netherlands solar corporation and its related subsidiaries for US$4,400,000, in a stock and cash transaction. GiraSolar B.V. had year end 2005 revenue in excess of EUR 10 million (US$12.1 million), which will be consolidated into International Power Group.
Peter Toscano, President/CEO of International Power Group said, “We chose GiraSolar because they add to the ecological and environmental plans of International Power Group. Our purchase of a majority stake in GiraSolar demonstrates our commitment to producing environmentally safe energy and enables us to include solar options in our offering.”
About GiraSolar B.V.:
GiraSolar B.V. is headquartered in The Netherlands and is a leading manufacturer of photovoltaic solar modules and a range of electronic devices including regulators for PV systems to heavy duty automatic voltage stabilizers, batteries and battery chargers. The products are designed to bring energy to developing countries and disaster or crisis areas (emergency relief applications). The Company is also involved in the supply of solar cell to manufacturers of solar modules and has an active research and development program for the development of additional solar energy applications.
About International Power Group, Ltd.:
International Power Group (IPWG) is a Waste to Energy Company specializing in Naanovo’s proprietary technology with two significant benefits: the handling of waste management in a more environmentally friendly manner, and the conversion of the energy generated from the process into meaningful amounts of cost effective electricity. Substantial amounts of purified drinking water can also be extracted from the process.
The Company plans to contract with governments to secure tipping fees for the removal of toxic and hazardous wastes and will be processing the materials in company owned and operated plants. The Company will build these plants — estimated at $250 million each — in areas that can benefit from the electricity and water production by-products of the process. The Company’s revenue streams include the tipping fees, fees for electricity, and fees for purified water. The Company will not be paying to receive the waste and will have costs limited to plant construction and operation only.
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