NEWPORT BEACH, Calif., Nov. 9, 2011 (GLOBE NEWSWIRE) -- Pioneer Exploration Inc. (OTCBB:PIEX) completes its acquisition of IBAgreen, Inc. for the purchase price of $3.85 million payable with an issuance of 38.5 million restricted shares in the capital of Pioneer.
The IBA Technology was specifically developed to address coal ash and incinerated bottom ash (IBA), which is the resulting residue that is created after the combustion process of burning coal or solid waste to generate electric power. Currently, there are approximately 600 coal burning and 85 waste to energy electric power plants across the USA creating an aggregate 85 million tons of toxic coal ash or IBA annually.
The IBA Technology stabilizes the chemical structure of the ash and alters the mechanical qualities, thus neutralizing their environmentally hazardous characteristics, and then transforms the neutralized ash into sustainable, environmentally friendly, engineered construction materials, which meet or exceed the current performance specifications and are priced competitively with traditional construction materials.
For further information about IBAgreen, Inc. please visit IBAgreen's website at http://www.ibagreen.com/
Angelo Scola - CEO/President
On Behalf of the Board of Directors
Email: contact@ibagreen.com
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