NEW YORK, May 19, 2011 (GLOBE NEWSWIRE) -- Golden Spirit Enterprises Ltd. (OTCBB:GSPT) reports that the Company has prepared a budget and proposal as per the request of the Library of Guangxi Zhuang Autonomous Region Giu Lin Su Qiao Development Zone Co. Ltd. (LGSR) to develop and market Terralene Fuel in Guangxi, China. LGSR is a state owned Company based in Guangxi.
The proposed joint venture between the Company and LGSR calls for an investment of US$2 Million by LGSR, which will allow for the construction of a blending facility, holding tanks, land, building and blending components as well as working capital. The blending facility will produce approximately 4.3 million gallons of Terralene per month which is in line with LGSR's mandate in developing an alternative fuel that will not only assist in reducing China's carbon emissions problem but is economically viable as well to the consumer.
"This joint venture will be a very big step towards getting Terralene Fuel recognized and used in the fuel market," states President, Jaclyn Cruz. According to news agency, Headlineauto, "With China's government considering proposals to invest around 100 billion yuan (US$15 Billion) into the alternative fuel vehicle market, reports of the country's central government's desire to place China as the world's leading market for alternative-energy vehicles by 2020, and China's National Development and Reform Commission comments that it was looking to subsidize the purchase of at least four million alternative energy vehicles by 2012." We view this as a very positive step for our Company.
About Terralene Fuels
Terralene® is a patented, proprietary, alternative fuel formulation which reduces greenhouse gases and other environmentally damaging emissions which are prevalent in existing gasoline combustion engines. Although the formulation is somewhat based on fossil fuels and other non food chain agricultural components, it is designed as a Green and Clean Alternative Renewable Fuel. The internationally known law firm of Gowling Lafleur Henderson LLP is retained to manage the Terralene Patents and Trade Marks.
Visit our site: www.terralenefuels.com
/s/ Jaclyn Cruz
Jaclyn Cruz, President
For further information contact: 1-888-488-6882
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays in testing and evaluation of products and other risks detailed from time to time in Golden Spirit's filings with the Securities & Exchange Commission.