SCOTTSDALE, Ariz.--(BUSINESS WIRE)--EGPI Firecreek, Inc. (OTCBB: EFIR) (the “Company”) announced today, its wholly owned Subsidiary, Arctic Solar Engineering, Inc. ("ASE") has entered into negotiations with representatives in China to install two Solar Thermal units in Beijing.
This test program is part of an initiative started by the Chinese Government to replace its existing coal burning boiler system with more efficient and environmentally friendly alternative energy sources. There are an estimated 550,000 boilers in China that would be impacted by this initiative.
In conjunction with the initial test program, ASE has also entered into negotiations with a US nano-coating technology company, in order to distribute its product as part of this boiler replacement initiative, in an effort to increase the efficiency of its solar thermal technology. This nano-coating has been successfully tested by the Beijing Research Institute of Coal Chemistry.
Dennis Alexander, CEO and Chairman, stated, “With the recently announced success of the work-over program on the Tubb Field and the opportunity that has been presented to us in the alternative energy field, we believe that the our refocused strategy in the oil & gas and alternative energy markets will add value to our shareholders over the long term.” He also stated, “We expect this value to be recognized through increased revenues and cash flow from our operations.”
As previously reported, EGPI Firecreek has now refocused its attention into building and expanding its Oil & Gas and Alternative Energy divisions. Presently, the status of energy demands on both fronts present keen opportunities for the Company. EGPI Firecreek will address its potential for growth by continuing to pursue proven production targets, acquisitions for oil & gas business, and strategic alliances for its Alternative Energy division.
Safe Harbor
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of EGPI Firecreek, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond EGPI Firecreek, Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in EGPI Firecreek, Inc.'s filings with the Securities and Exchange Commission.