Business
Aveng Group Acquires Controlling Interest in EESTech Africa
Aveng Group Acquires Controlling Interest in EESTech Africa.
About this update from Eestech, Inc.
[{"type":"text","content":"\n\n\n\n\n\n\n\nAveng Group Acquires Controlling Interest in EESTech Africa\n\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:\"0in\";\n}\n\n\n\n\n\n\n\n\n\n\nAveng Group Acquires Controlling Interest in EESTech Africa\n\nPR Newswire\n\nBRISBANE, Australia, June 3, 2013\n\n\n\n\n\n\n \n\n \n\n \n\n \n\n\n\n\n\n\n\nBRISBANE, Australia, June 3, 2013 /PRNewswire/ -- Aveng Group, one of Africa's largest engineering, manufacturing and construction companies with over 34,000 employees, has acquired a controlling interest in EESTech Africa Pty. Ltd a subsidiary of EESTech Inc, a clean energy technologies company that is publicly trading on the OTC market under symbol EESH.\nThe Aveng Group is a South African based Level 2 BEE company which is a Government Compliant, Black Empowerment Enterprise.\n\n\nEESTech (which stands for Economically and Environmentally Sustainable Technologies) is the owner of the patented HCGT (Hybrid Coal Gas Technology) a modular waste-to-energy system, which uses waste produce energy and the JetWater System, an innovative, highly efficient thermal water purification process.\nHigh-energy costs, lack of power availability and contaminated water supplies in many parts of Africa represents a significant opportunity for the application of EESTech's technologies. The simplicity and robust modular design make them well-suited to the needs of Government, industry and or disadvantaged communities throughout Africa.\n\n\nThe EESTech's agreements with EESTech Africa require a minimum performance target of 30 megawatts of installed generating capacity to achieve annually. EESTech Africa is required to pay licence fees and ongoing remote monitoring and service fees for ten years on each megawatt of electricity generated with conservative market estimates of EESTech's combined net income for the next 5 years exceeding AUD $17million.\nEESTech Inc's Chairman Mr Murray Bailey said that EESTech welcomed the involvement of Aveng which demonstrates confidence in the technology and underlines Aveng's commitment to introducing environmental sustainability to the mining industry of Afric...