ORLANDO, Fla., June 9, 2014 (GLOBE NEWSWIRE) -- IAHL Corporation (Other OTC:IAHL) is pleased to announce that its subsidiary, Altenesol Colombia S.A.S, has engaged the final contracts for the sale of all volume from the first 180,000 gallon per day (GPD) train of Nataly I. The finalized contracts are being drafted outlining all covenants to be addressed including the 10 year take-or-pay (TOP) contract structure.
Empresas Publicas de Medellin (EPM) and Adventus Fuels (AFC) commitments have solidified 100 percent of the volume from train 1 with final contracts on the way. AFC specializes in trading and developing Small/Midscale LNG fuel and terminals in the Caribbean, LATAM, and West Africa market. Structure S.A. Banca de Inversión is one of the sponsors of AFC (www.Adventusfuels.com). AFC associates include but not limited to Genser Energy (www.Genserenergy.com), Haytrac (www.Haytrac.com), Structure S.A. Banca de Inversión (www.Structure.com.co), Small-LNG (www.Small-LNG.com) and LNG America (www.LNGAmerica.com).
"We see this project as an excellent source to provide lower energy costs to the market and our experience in the energy sector gives us access to many companies that will benefit from bringing this technology to them," said Hector Ulloa J, President, Structure Banca de Inversión.
Luis Cardenas legal representative of AFC commented, "We look forward to expanding the impact of this technology into many areas in and around Latin America and a long and mutually beneficial relationship with Altenesol."
"Equity and debt funding completion is nearing as several entities are vying for the right to participate in the final closing. Those names will only be released upon final contract signing due to the competitive nature of this process. We continue to evaluate all final terms and conditions equally that are being offered from those entities. Our vision and efforts have moved from investor procurement to partnership selection as we select only those who are most advantageous to the company and for the betterment of our shareholders' interest," said Nelson De La Nuez, C.E.O Altenesol/IAHL.
We are proud to announce the engagement of Prietocarrizosa (www.Prietocarrizosa.com), a prestigious law firm of Colombia, to handle the closing of Equity, Debt, LNG off-take and all other contracts related to the project. Their team provides expert legal advice and act as representatives for local and multinational companies as well as for individuals and governmental organizations. They have provided legal advice to the Colombian government; have structured and carried out mergers and acquisitions; and have participated in numerous multifaceted international transactions. They have also worked in the complex oil and gas industry as related to contract, finance and project development.
"We are proud to bring our companies experience in both the finance and contract segments of this history making project benefiting both the people of Colombia and the surrounding regions," said Juan Fernando Gaviria, Partner of Prietocarrizosa.
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.