Tickers: PINX:GTGEF, XCNQ:GTBE
Tags: Oil & Gas
Vancouver, British Columbia / TheNewswire / June 13, 2018 - Green 2 Blue Energy Corp. (CSE: GTBE, OTCQB: GTGEF, FWB: 1NZ.F) ("G2BE" or the "Company") wishes to announce the recent purchase of a fully automated bagging system for it's residential pellet production lines.
The new bagging system is capable of packaging up to 6.3 tonnes per hour or approximately 3,000 tonnes per month, essentially replacing 4 employees and thereby reducing operating costs. The new bagging system and robotic arm are to arrive and scheduled to be installed by June 25, 2018.
Equipment Delivery - Update
The new Dryer previously announced is scheduled to arrive July 6, 2018, followed 10 days later by the new pellet and hammer mill recently ordered. The Company expects to have all new equipment installed by end of July increasing overall end to end production capacity to 3,000 tonnes of pellets per month. The Company currently sells its ENplus A1 wood pellets for approximately $210 per tonne.
The President, Slawomir Smulewicz stated, "Any steps we can take to automate our production line is beneficial to maximizing operational efficiencies and reducing production costs. Once all of our new equipment installations and facility upgrades are complete at the end of July, we will immediately ramp up production going forward to meet our growing customer demand."
Grant of Stock Options
Pursuant to its incentive stock option plan, the Company has granted an aggregate of 3,000,000 Stock Options to certain directors, officers and consultants of the Company. The Stock Options are exercisable for Shares on or before June 13, 2023 at an exercise price of $0.15 per Share.
G2BE is a renewable energy company focused on residential and commercial wood pellet production and the implementation of biomass gasification technology to generate combined heat and power. G2BE's wood pellets are sold to retail outlets and power producers throughout Europe, including the United Kingdom, Germany, Poland, Italy and Denmark.
On Behalf of the Board of Directors
"Slawek Smulewicz"
Slawek Smulewicz
Chief Executive Officer and Director
For more information, please contact:
Glenn Little
Director, Corporate Communications
Telephone: (604) 539-5023
The Canadian Securities Exchange has neither approved nor disapproved the information contained herein.
This news release contains "forward-looking information" within the meaning of applicable securities laws. The Company has provided the forward-looking information, including, without limitation, statements relating to the use of proceeds of the Offering, in reliance on assumptions that it believes are reasonable at this time. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in general economic, market, or business conditions, and those risks set out in the Company's public documents filed on SEDAR. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake to update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws.
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