ABBOTSFORD, BC – February 26, 2014 - Biomass Secure Power Inc. (OTC Pink: BMSPF) (the "Company") is pleased to announce that the Company has agreed to lease 75 acres of land approved for immediate industrial construction for 30 years with an option to extend for an additional 15 years from the Natchitoches Parish Port Commission ("NPPC"). This lease will be in the name of our wholly owned subsidiary Biomass Power Louisiana L.L.C. ("BPL").
BPL plans to construct a pellet plant and chipping facility on the site. Phase one will consist of three production lines capable of producing 1,020,000 tonnes of pellets per year. BPL projects that long term off-take agreements for the sale of pellets from phase one will be in place prior to construction ground breaking planned for summer 2014.
The lease agreement is subject to NPCC completing a Port Bond in the amount of $147 million for construction of the plant. NPCC will, at their cost design and construct a pipe conveyer that will transport the pellets from the plant to barges. The pellets will then be transported by barge to the Port of New Orleans where they will be loaded on Panamax bulk carriers.
About the Company
Biomass Secure Power Inc. is incorporated in the Province of British Columbia. The Company has designed its biomass pellets plants to produce 340,000 tonnes of pellets per line. This allows the Company to leverage the engineering over multiple lines and several plants, as key equipment will be identical in each plant. Public filings and financial information on the Company can be found at: www.sedar.com .
Safe Harbour Statement:
This information includes certain "forward-looking statements." The forward-looking statements reflect the beliefs, expectations, objectives and goals of the Company management with respect to future events and financial performance. They are based on assumptions and estimates, which are believed reasonable at the time such statements are made. However, actual results could differ materially from anticipated results.
On Behalf of the Board,
BIOMASS SECURE POWER INC.
Jim CarrollPresident and CEOContact: 604 807 4957www.biomasssecurepower.ca
SOURCE: Biomass Secure Power Inc.