NEW YORK, June 26, 2012 /PRNewswire/ -- 3Power Energy Group Inc. ("3Power" and "the Company") (OTCBB: PSPW) (Frankfurt: PSD), is pleased to announce that the company signed a strategic alliance and partnership agreement with Green World Development Inc., (OTCBB: GREW), to jointly acquire and to develop US multifunctional Energy Centres.
Initially 3Power and Green World will Jointly acquire the North Carolina Biomass/Wood Pellet Plant to develop multifunctional Energy Centres on the landfill site in the Green Mountain Area in Alabama USA. This site will be used to effect energy transformations of waste tar, Municipal Waste and Biomass for energy production plants. It's also the intention of the partnership to utilize the expertise and experience of 3Power to further develop a Wind Power plant in the near future.
Mr. Mohammed Falaknaz, Chairman 3Power stated, "We at 3Power are extremely delighted with this partnership and Strategic alliance with Green World and also to have this opportunity to enter the US energy market to showcase our expertise."
Mr. Umamaheswaran Balasubramaniam, CEO 3Power stated, "This strategic alliance with Green World signifies our synergies in the field of renewable energy and we are very pleased as a US Company with global operations to finally enter the US Energy Market and initially add that to the Biomass area, which truly would complete our sectors in renewable energy with the existing project pipelines portfolio of wind, hydro and solar."
Forward Looking Statements
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to 3Power, its business and prospective development plans. These forward-looking statements can be identified by the use of terminology such as "subject to," "believe," "expects," "plan," "project," "estimate," "intend," "may," "will," "should," "can," or "anticipates," or the negative thereof, or variations thereon, or comparable terminology, or by discussions of strategy. Although all of the forward-looking statements set forth in this press release are believed to be reasonable, actual results may differ materially from those expressed in forward-looking statements as a result of factors outside of the control of 3Power. 3Power cannot provide assurances that any prospective matters described in the press release will successfully close or otherwise be completed or that 3Power will realize the anticipated benefits of any such transactions. Important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in 3Power's Securities and Exchange Commission filings. Readers are cautioned not to place undue reliance on forward-looking statements. 3Power does not undertake and specifically disclaims any obligation to update, republish or revise forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrences of unanticipated events. All forward-looking statements should be regarded solely as 3Power's current plans, estimates and beliefs.
Contacts:
Balasubramaniam Uma
Tel.: +971-50-632-8200