October 29, 2009 06:00 ET

ENVIROTEK Announces 20 Year Strategic Alliance Contract With Northern California Power Supply Company

COSTA MESA, CA--(Marketwire - October 29, 2009) - ENVIROTEK (PINKSHEETS: ENTK) today announced the execution of a signed agreement with a Northern California-based power supply company.

ENVIROTEK President Robert Thompson today announced the company recently entered into an exclusive strategic alliance agreement for multiple contracts with a Northern California-based Waste Heat Electric Power Generation Company supplying electricity directly to the national grid system. The base term of each contract is 20 years in duration. The alliance company, who has been supplying the Northern California grid system for over 5 years using their patented landfill based technology, is in the process of emerging as a publicly traded entity.

Mr. Thompson commented, "ENVIROTEK, under the terms of the agreement, has a 'first right of refusal' to provide up to 20% equity financing and ownership participation for all future projects worldwide. The Waste Heat Electric Power Generation Company currently has California-based project orders with an estimated raw cost of $40 Million that are assigned for development on California landfills. These fully executed contracts represent an estimated gross revenue, over the current 20 year power purchase contracts in hand, in excess of $330,000,000. This figure is based on the renewable wholesale rate currently paid by the utility at the 'Market Price Referent' of 11.2 cents/kw set by the California Public Utility Commission. This rate is also subject to incremental increase reviews during the 20 year term. This represents a secured 20 year residual income per contract, based on the contracts in hand, for ENVIROTEK's participation by way of the strategic alliance partnership agreements. ENVIROTEK has already invested significant funding into the Waste Heat Electric Power Generation Company towards the first scheduled California waste heat project contracts."

Mr. Thompson further commented, "The Company is also avidly pursuing additional avenues of 'Green' power generation process from the use of ALGAE with the company's strategic contract alliances with BioCentric Energy Holdings, Inc. (PINKSHEETS: BEHL)"

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Contact Information

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    Office: 920-273-7941