PGI Energy, Inc. (PGIE: OTC Link) | PGI Energy Announces 5 Year Commodities Sales Contract for Scrap Metal

PGI Energy Announces 5 Year Commodities Sales Contract for Scrap Metal

Oct 20, 2011

OTC Disclosure News Service

Houston, TX –

(October 19, 2011) HOUSTONPGI Energy, Inc. (Pink Sheets: PGIE)

PGI Energy Announces 5 Year Commodities Sales Contract for Scrap Metal

PGI Energy announces joint venture with Sung Woo Systems a private commodities trading company to sell scrap metal steel from Ghana, Africa. Sung Woo Systems has contracts to supply steel to Hyundai, POSCO, and Beijing Steel, in Korea and China. The Joint venture’s first sell is to Exinvest Ltd in Korea for 1,000 metric tons of steel scrap metal for $437,000 and has already received a bank letter of credit for the purchase price from Hanmi Bank in California and Woori Bank, Seoul, Korea. The JV will sell to World Mine Resources of California $4,350,000 worth steel scrap metal monthly under contract with its partner Sung Woo Systems. The contracts are expected to net PGI Energy approx. $14,000,000 per year. PGI Energy commodities division will exclusively negotiate sells contracts, sourcing more steel scrap metal from vendors and provide logistics assistance through its transportation and logistics division. A copy of these contracts will be posted on company website for investors.

About us

PGI Energy, Inc. is an energy holding company, headquartered in Houston, Texas. The company’s purpose is to acquire assets in the proven producing oil, gas assets, refinery, pipeline sectors of the energy industry and other synergistic assets.

 

 PGI has formed several partnerships to grow its core business organically through strategic alliances diversifying its interest in green energy through biomass production, waste to energy, wood pellets production, syn gas, bio char production and plastics to synthetic crude. PGI has several core divisions which provide support to its operations and customers such as PGI Transportation Logistics, PGI Green E P, PGI Commodities Trading, and PGI Energy Trading, LTD.

 

 

 

 

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements that involve a number of risks and uncertainties. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “intends, “plans,” “should,” “seeks,” “pro forma,” “anticipates,” “estimates,” “continues,” or other variations thereof (including their use in the negative), or by discussions of strategies, plans or intentions.  A number of factors could cause results to differ materially from those anticipated by such forward-looking statements, including those discussed under “Risk Factors” and “Our Business.” Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons.

                                            

 

For more information visit: WWW.PGIEnergy.us or Email: ir@pgienergy.us

 

 

 

 

 

 

 

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/PGIE/news?id=36859

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