DENVER--(BUSINESS WIRE)--Evergreen Energy Inc. (NYSE Arca: EEE), announced it has re-commenced testing coal upgrades at its Fort Union Test Facility located near Gillette, Wyoming.
Ilyas Khan, Executive Chairman of Evergreen, stated: “The resumption of testing at the Fort Union site is an important advancement in our K-Fuel development efforts. I was recently able to visit the Fort Union Site and was very impressed with the remarkable advances in our timetable that have been made possible so soon after our financial restructuring. The test facility is an invaluable asset without which we would be months if not years behind our current schedule. In addition to the test facility, the importance of historic test data, the quality of the lab and of the analytics support equipment should not be underestimated. These assets represent decades of development and investment by Evergreen, and underpin the unique proprietary position of our coal upgrading process that would require significant time and major capital to replicate. We will slowly increase our capacity at Fort Union in the coming weeks and months and thus cater for the significant level of market demand. We are also pleased that our first successful tests this past weekend were completed using locally sourced Powder River Basin coal.”
Background on Fort Union Status
As announced on August 24, 2010, Evergreen signed a definitive agreement to sell the assets of its Fort Union plant located near Gillette, WY. This sale has not yet been completed; however, once the transaction closes, Evergreen, through a separate agreement with the buyer, will retain ownership of a variety of important plant components and the right to perform testing at Fort Union.
Evergreen Energy Inc.
Evergreen Energy Inc. (NYSE Arca: EEE) has developed two proven, proprietary, patented, and transformative green technologies: K-Fuel® and the GreenCert™ suite of software and services. K-Fuel technology significantly improves the performance of low-rank coals, yielding higher efficiency and lowering emissions. GreenCert, which is owned exclusively by Evergreen, is a science-based, scalable family of environmental intelligence solutions that quantify process efficiency and greenhouse gas emissions from energy, industrial and agricultural sources and may be used to create verifiable emission reduction credits. Visit www.evgenergy.com for more information.
Safe Harbor Statement
Statements in this release that relate to future plans or projected results of Evergreen Energy Inc. are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended by the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), and Section 21E of the Securities Exchange Act of 1934, as amended by the PSLRA, and all such statements fall under the "safe harbor" provisions of the PSLRA. Our actual results may vary materially from those described in any "forward-looking statement" due to, among other possible reasons, the realization of any one or more of the risk factors described in our annual or quarterly reports, or in any of our other filings with the Securities and Exchange Commission. Readers of this release are encouraged to study all of our filings with the Securities and Exchange Commission. Our ability to execute our business plan and develop the GreenCert™ or K-Fuel® technologies may be adversely impacted by unfavorable decisions in pending litigation, the inability of the Company to satisfy the terms of the settlement agreement with the holders of its 2007 and 2009 Notes, delays in the commencement of operations at our Fort Union test facility, or by our inability to raise sufficient additional capital in a timely manner to pursue the development of our technology. Readers of this release are cautioned not to put undue reliance on forward-looking statements.