Solverdi announces first government supply contract

PHOENIX & BAULKHAM HILLS, AUSTRALIA: Solverdi Worldwide Ltd, the world’s renewable utility, has executed a $14.8 million annual contract for biofuels energy supply to Turkish Republic Northern Cyprus.

Under the terms of a three term (five years per term), renewable contract between Solverdi and IBI, Inc, IBI has assigned to Solverdi a 15 year commitment for the supply of biofuel from the Turkish Republic of Northern Cyprus. The government commitment was issued through a tender offer in March 2009 by the Agriculture Department of Northern Cyprus.

Solverdi’s contract calls for a guaranteed government minimum of 15,000 metric tons per year, and will increase to 20,000 metric tons in January 2010. The contract is based on a blended rate of 5.75 percent of all diesel fuel consumed or sold in Northern Cyprus.

Chief Executive Officer Dennis M. Danzik stated: “The contract in Cyprus offered up the opportunity to ship and convert our former Narangba facility, which was located outside Brisbane Australia, to Cyprus. Solverdi technology is currently being incorporated into the reactor portions of our former Narangba refinery in Los Angeles, before shipment to our new plant site at Famagusta, in the Turkish Republic of Northern Cyprus.”

He added: “Our current success in Cyprus is based on the diligent work in the United States of Dane Woods, CEO of IBI and Cruz Bustamante, former Lt. Governor of California. Leading Solverdi’s effort in Cyprus, our newest management team member, Hasan Ozbafli, has done a superior job in winning this opportunity to supply biofuels to the Northern Cyprus government.

“Our contracted business for 2010 is now very strong, and with this new foundation, we intend to move into other Mediterranean countries from our base in Cyprus, headed by Ozbafli. The delivery of our plant equipment is already underway, and installation of Phase I will begin in January. Cyprus is a manageable, business friendly opportunity in a Country that is acting in good faith to expand access and use of renewable fuels and energy.”

Dane Woods, CEO of IBI, Inc stated: “In 2008, our firm began a search to identify the best technology partner to fulfill the biofuels supply requirement. In identifying Solverdi, we have found a competent operator with superior engineering and manufacturing skills. Solverdi is actually delivering renewable product. The Solverdi business model will allow for steady growth for years to come.”

Cruz Bustamante, former California Lt Governor, and House Speaker said: “Solverdi’s business is unique in the world of renewable energy. I have had the experience of hearing and seeing dozens of renewable opportunities, most are just that, opportunities. Solverdi’s renewable energy delivery is a working business, and Solverdi’s team is laser focused on installations. I look forward to working with the Solverdi team.”

Solverdi has the distinct advantage, through utilization of its licensed technology, to produce valuable renewable byproducts--all from various wastewater materials, in turn resulting in renewable fuels, steam, and water. The Solverdi Process leverages its renewable fuels and specially engineered equipment with the use of amplified solar energy to supply electricity to an industrial or commercial building’s uninterruptable power supply.