CELEBRATION, Fla., Nov. 17, 2009 (GLOBE NEWSWIRE) -- International Power Group, Ltd. (Pink Sheets:IPWG), a provider of waste to energy solutions, including waste to energy development and waste to energy technologies, announced today that, in connection with the Memorandum of Undertaking and Term Sheet ("MOU") entered into on September 25, 2009, IPWG and its financial partners have completed the due diligence inspection of the site in Poland where the Waste to Energy Power Plant will be constructed. IPWG's visit to Poland was a success and its financial partners have reiterated their commitment to the development of the Poland Waste to Energy Power Plant.
IPWG is now finalizing the necessary documentation for the construction credit facility for the Poland Waste to Energy Power Plant, and is expected to furnish this final documentation within the next several weeks.
Upon returning from Poland, IPWG's CEO Mr. John Benvengo said, "After having met with the Polish people and government officials, I believe that IPWG will bring great value to Poland and its people with the construction of this waste to energy plant. I look forward to shepherding this project to its conclusion and realizing the vision of this project and its anticipated benefits to the Polish community."
About International Power Group, Ltd.
International Power Group, Ltd. is a leader in the development and implementation of new cutting-edge technologies that maximize recycling values while providing environmentally safe disposal of solid waste and hazardous materials. Through the application of these new technologies, solid wastes and hazardous materials can be minimized to their maximum extent while producing significant secondary benefits such as clean energy and clean water. Founded in 2004, IPWG is a publicly traded company, listed on the Pink Sheets.
FORWARD-LOOKING STATEMENTS
This document contains 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. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The forward-looking statements are based on current expectations, estimates and projections made by management. IPWG intends for the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," or variations of such words are intended to identify such forward-looking statements. The forward-looking statements contained in this press release include, statements regarding the timing of the furnishing of final documents, and the anticipated value and benefits of the waste to energy plant. All forward-looking statements in this press release are made as of the date of this press release, and IPWG assumes no obligation to update these forward-looking statements other than as required by law. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements, including the risk that the project may not be concluded when anticipated or produce the benefits anticipated.