Arrow Receives Authorization Towards Renewable Energy Initiative
NEW YORK, NY -- (Marketwire) -- 12/07/09 -- Arrow Resources Development, Inc. (OTCBB: ARWD) and PT. Sumber Alam Utama (SAU), its joint venture partner, have received authorization from the Indonesian Office of Director General of the National Trade Department for GTherm Inc. and 7100 Group, LLC to be the sole agent and supplier for SAU's geothermal and solar energy development projects. Arrow's Indonesian subsidiary, PT Arrow Renewable Energy, signed a joint venture agreement with SAU to develop GTherm's patent pending Single Well Engineered Geothermal System ("SWEGS").
GTherm, Inc. was engaged by SAU to manufacture, provide the technology and engineering expertise to support the construction, operations in distributing equipment to generate and transmit solar power and energy for usage and/or sale to its customers. Arrow intends to install and operate solar energy equipment capable of producing a minimum of 50 MW per location and a maximum of 10,000 MW throughout Indonesia.
7,100 Group, LLC was engaged by SAU to manufacture, provide the technology and engineering expertise to support the construction, operations in distributing equipment to generate and transmit solar power and energy for usage and/or sale to its customers. Arrow intends to install and operate solar energy equipment capable of producing a minimum of 500 MW and a maximum of 2,000 MW throughout Indonesia.
About Arrow Resources Development, Inc.
Arrow Resources Development, Inc. develops and coordinates corporate operations, finance, sales and marketing activities along with the administration of the corporate citizenship programs for natural resource development companies in the Asian market. Its initial relationship with Arrow Pacific Resources Group Limited (BVI Company) is for the development of large scale plantation and farming operations in Indonesia. Arrow has signed a similar agreement with Gerakan Masyarakat Pelestari Lingkungan Hidup (GMPLH), and GMPLH's joint venture partner, PT Tiga Daun (Indonesian company owned by Arrow Pacific) for the large scale plantation/farming and ethanol plants in Indonesia. Arrow's agreements entitle the Company to 10% of all gross revenue generated by all their partners' plantation/farming including any and all sales of natural resources and derivative products. For more information about the company, please visit their website at www.arrowrd.com.
Safe Harbor: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the Safe Harbors created thereby. The Company is a development stage firm that continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
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