British Columbia's Biomass Secure Power to supply South Korea's LG International with wood pellets beginning in 2012; 10-year purchase agreement to provide Biomass Secure Power with estimated US$37.5M/year
ABBOTSFORD, British Columbia
May 18, 2011
– Biomass Secure Power Inc. (OTC:QB: "BMSPF") (the "Company") is pleased to announce that it has received a purchase agreement from LG International Corp. The agreement calls for Biomass Secure Power Inc. to provide LG International Corp with biomass pellets commencing in 2012. The term of the purchase agreement is for ten years and will provide Biomass Secure Power Inc. with an estimated annual gross income of $37,500,000.
LG International Corp is the second largest conglomerate company in South Korea.
About Biomass Secure Power Inc:
Biomass Secure Power Inc. is incorporated in the Province of British Columbia. The company is focused on the development of its torrefied wood pellet plant business. The Company has entered into negotiations on two sites on which pellet plants will be constructed. Total production from these two plants will be 1.25 million tonnes of biomass pellets per year with production starting in 2012. Construction of the two plants is expected to start Summer/Fall 2011. Additional details on the Company are available on EDGAR (www.sec.gov/edgar.shtml) and SEDAR (www.sedar.com).