ORLANDO, Fla., Jan. 31, 2014 (GLOBE NEWSWIRE) -- IAHL Corporation (Other OTC:IAHL) IAHL is pleased to announce that its subsidiary Altenesol Colombia S.A.S has signed a binding agreement with Empresas Públicas de Medellín (EPM) https://www.epm.com.co/ for the purchase of LNG from the Nataly I plant to supply the region of the Uraba Antioqueño which is being served with a virtual CNG system. The contract will be structured by a fixed ten year stipulation with various provisions that will allow for quantity extensions provided both parties are in agreement.
EPM was established on November 18, 1955 as a residential public utilities company. It is organized as a state-owned, industrial and commercial enterprise, owned by the municipality of Medellin. EPM provides electricity, gas, water, sanitation, and telecommunications throughout various cities around the country and is one of the largest companies in the country with an approved annual budget for 2014 of 10.1 trillion COP (5.19 billion USD). EPM is comprised of 45 companies; 25 of them in Central America, United States and Spain, and 20 in Colombia. EPM is headquartered in the city of Medellin, Colombia.
"Securing EPM as a customer is a materially defining event for our company and our shareholders. We will disclose details on the final contract once it has been executed," said Nelson De La Nuez, CEO IAHL/Altenesol.
"Achieving this milestone will enable the distribution of natural gas more efficiently regardless of any distance requirement. The process of transporting natural gas in its liquid form (LNG) optimizes the efficiency of the amount of NG delivered per trip. We believe this binding agreement sets the foundation to achieve revolutionary expansions of natural gas benefits for a vast number of people," said Carlos Arturo Diaz, EPM Gas Vice-President.
EPC update:
Altenesol has procured a third party independent engineering firm (CH·IV International) http://www.ch-iv.com/ to analyze the final two EPC bids as they are very close in quality and price. Although minimal time will be required, it will ensure an independent selection and provide the best possible outcome for the company and shareholders. We will announce the winner of the bid when the entire selection process has been finalized.
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect. Although IAHL believes that the expectations reflected in such forward-looking information is reasonable, undue reliance should not be placed on forward-looking information because IAHL can give no assurance that such expectations will prove to be correct.