SOURCE: Bluesphere Corp

Bluesphere Corp

November 02, 2015 12:17 ET

Bluesphere Project Development Progress

Facilities to Connect to Grid in 2015

CHARLOTTE, NC--(Marketwired - Nov 2, 2015) -  Blue Sphere Corp. (OTCQB: BLSP) (the "Company" or "Blue Sphere"), a clean energy company that develops, manages and owns waste-to-energy projects, announced today that two waste-to-energy plants under construction in the United States with its joint venture partner are nearing completion.

The Company entered into a joint venture (the "Joint Venture") with an affiliate of York Capital Management ("York") to develop, construct and operate biogas generation facilities in Charlotte, NC, and Johnston, RI under the management of Entropy Investment Management, LLC ("Entropy"). As of the date of this press release, the erection of the anaerobic digesters, biopulper and wastewater treatment tanks has been completed at the Charlotte facility. All major equipment including the 1.2 MW CHPs has been delivered to the site, the reception building is nearing completion and the commercial operations date is scheduled in 2015.

The Company expects construction and delivery of all major equipment to the Rhode Island facility (including CHPs) to progress on schedule. The reception building construction for the Rhode Island facility began on October 19, 2015, and its commercial operations date is also scheduled in 2015.

All photos contained herein were taken in September, 2015.

About Blue Sphere Corporation
Blue Sphere Corporation operates in the fast growing clean-tech sector as a waste-to-energy project integrator. Blue Sphere develops waste-to-energy and other renewable energy projects. The Company aspires to become a key player in the global waste-to-energy and renewable energy markets. For further information, please visit the Company's website: www.bluespherecorporate.com.

About York Capital Management
York Capital Management is an investment management firm with primary offices in New York, London and Hong Kong. The firm, founded in 1991 by James G. Dinan, manages approximately $25 billion employing event-driven investment strategies specializing in arbitrage, special situations and credit opportunities.

About Entropy Investment Management
Entropy Investment Management, LLC, is a specialty energy investment management firm with its primary office in Charlotte, NC. The firm, founded in 2013 by David March and Lewis Reynolds, manages certain North and South American renewable energy assets of York Capital Management. As of the end of this year, Entropy expects to have managed the development of approximately 450MW of renewable energy in the U.S. and abroad.

Forward-Looking Statements
This press release contains certain forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995), which are subject to risks and uncertainties and may change at any time. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties and other factors including, without limitation, (i) uncertainties regarding general economic and market conditions, (ii) uncertainties regarding changes in the Clean tech sector, (iii) uncertainties regarding implementation of the Company's business strategy, and (iv) other risk factors as outlined in the Company's periodic reports, as filed with the U.S. Securities and Exchange Commission. As such, there is no assurance that the initiatives described in this press release will be successfully implemented or meet expectations. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events.

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