Date: July 16, 2007
Source: Global Energy
Company to Utilize Proceeds to Commence Construction of KDV Technology-Based Demonstration Plants
Global Energy (OTCBB: GEYI), an alternative energy innovator focusing on the processing of solid and energy waste into usable products – today announced that the Company has arranged a $4 million Convertible Debenture transaction, of which gross proceeds of $500,000 have been advanced. Details of the transaction are available in a Form 8-K filed with the Securities and Exchange Commission.
Proceeds will be utilized to exploit the Company's recently announced marketing and distribution agreement with AlphaKat to bring its KDV technology to many parts of the world. Details of the agreement are also filed on a Form 8-K with the SEC. Initial plans include building two to three demonstration plants in various locations, which are expected to generate immediate revenue to the Company and to provide working capital for the next six to twelve months. Additionally, Global Energy plans to pursue synergistic alliances in other territories where there is significant opportunity.
"It is our plan to continue to build and operate waste to diesel plants, utilizing the KDV proprietary technology of Alphakat, and bring immediate revenue to the company. Additionally, this financing should allow us to build the requisite infrastructure to turn the "recycling" of municipal solid waste into profit," stated Asi Shalgi, CEO.
The funding was provided by Cornell Capital Partners, a facilitator to small and mid-cap companies seeking intelligent interim funding solutions.
About Global Energy
Global Energy's mission is to commercialize innovative technologies which produce energy from waste and other renewable sources , while contributing to a vision of a cleaner environment. Global Energy is making use of the most efficient and environmentally friendly of all currently available alternative fuel technologies, each originally developed and patented by acclaimed scientists. Through its marketing and distribution agreement with AlphaKat for its proprietary KDV technology, Global Energy plans to utilize left over refuse of other energy production methods to create usable energy.