ATLANTA, GA--(Marketwired - Nov 30, 2016) - Dominovas Energy Corporation (OTCQB: DNRG) announces today it has concluded a business trip to Madagascar, Africa, which by invitation specifically and purposefully coincided with the Francophonie Summit 2016 event that was held last week in the island nation's capital city Antananarivo, Madagascar. Neal Allen, Dominovas Energy Chairman and CEO continued discussions with the government for the deployment of a nation-changing 650MW power plant for Madagascar. This announcement, closely follows Dominovas Energy's having recently filed an 8K chronicling the execution of a reciprocal letter of Interest (LOI) with the Government of Madagascar for the deployment of a baseload power supply.
The President of Madagascar has an unequivocal resolve to end the energy deficit of the country and is a primary objective. As such, this 650MWs of base-load power will create a substantial baseload of electricity generation that, heretofore, has not existed for the nation. It is anticipated that Dominovas Energy and the Government of Madagascar will next sign a binding Memorandum of Agreement that defines the deliverables and responsibilities of both parties, as it pertains to the installation, deployment, and operation of the 650MW power plant within Dominovas Energy's BOOTT (Build, Own, Operate, Train, Transfer) construct.
Dominovas Energy officials were also invited to participate in significant events and meetings that took place during the Francophonie Summit 2016 and they were hosted by the newly created agency AMDP (Agence Malagasy de Développement économique et de Promotion des Entreprises), as headed by the Directeur Général Mr. Hugues Ratsiferana. AMDP was envisioned by the President and was created early September of this year to specifically spur and accelerate economic development and investment within Madagascar. One of the first objectives of the agency is to lay a foundation for primary baseload power for the country. Dominovas Energy is working hand-in-hand with government officials and key members of AMDP to provide this baseload power from the proposed 650MW plant which will allow for large scale critical economic development on Madagascar.
In addition to meeting Madagascar's president Hery Rajaonarimampianina at the inauguration of the "Industry Salon of Madagascar," productive meetings were held with the Minister of Energy Lieutenant-General Herilanto Raveloharison, as well as with the Directeur Général Délégué of the AMDP Mr. Joana Ravaloson.
Neal Allen, CEO and Chairman of Dominovas Energy, noted, "I applaud the President's leadership, vision and commitment to the future of Madagascar. Several countries were considered by Dominovas Energy as a possible 'ground zero' for this power plant, but Madagascar has exhibited an unyielding commitment to this project from the initial introduction of the opportunity and has put in place exceptionally competent people to shepherd this project. From the beginning, President Rajaonarimampianina recognized the significance of this project and further, if successfully deployed, its paramount importance for Madagascar's short and long term national development. We are quite excited to have converted a well-structured project idea into a material project that will literally light this island nation. After visiting the island earlier this year, and with several subsequent visits prior to last week's visit, Dominovas Energy worked relentlessly to development a sound and comprehensive energy solution for Madagascar. We jointly recognize that a legacy project of this nature and magnitude is clearly a once in a lifetime opportunity."
The power project's spillover effect from a macroeconomic point starts with the significant augmentation of Madagascar's present energy capacity that will serve to not only "electrify" its population, but also this electricity will serve as the ignition for many of the mining, manufacturing, and resort enterprises as necessary for them to act as force-multipliers and major employers that will energize and support Madagascar's economy as a whole. These industries and others, will be natural off-takers for a large portion of the electricity produced. Madagascar is experiencing, first-hand, the effect of suppressed demand of power. Studies have shown that corporations and people will access, use, and pay for power if it is available, sustainable, and reliable. Madagascar's lack of sufficient base-load power has constrained and significantly limited the country's growth potential. Ultimately, the anticipated increase in power production and the revival of the manufacturing and mining sectors will also directly positively affect the service and hospitality industries. Job creation in excess of 3,000 people during the construction period of the plant is expected, along with a significant number of people to be employed as ongoing operation of the plant will be necessary. With an anticipated investment by Dominovas Energy of between US$1.2 billion and US$1.5 billion, Madagascar's Gross Domestic Product (GDP) could very well double within the next 3-5 years. Madagascar should anticipate that because of this substantial investment in the plant that subsequent major investments will follow from the manufacturing, hospitality, mining, and agriculture sectors.
Neal Allen, CEO and Chairman of Dominovas Energy, further noted, "This project is of paramount importance for Madagascar's national development. Dominovas Energy's investment will support a multitude of opportunities moving Madagascar from its current modality, to a substantial global economic competitor. We are honored and equally excited to have the privilege to begin this journey with Madagascar."
During the coming months, Dominovas Energy will perfect all feasibility studies as well as execute all documents required for successful financial close during 2017. It will also subsequently structure the project in concert with the Government of Madagascar and a "best in class" EPC. With the requisite funding and financial close anticipated with the next several months, Dominovas Energy will immediately commence the building of the power plant and will support the expansion of the footprint of the present power transmission network throughout the country, all concomitant with the plant installation.
About Dominovas Energy Corporation (OTCQB: DNRG)
Founded in 2005, Dominovas Energy Corporation (DEC) is a publicly traded company, based in Nevada. With its operating headquarters in Atlanta, Georgia, USA, Dominovas Energy Corporation is a leading power solutions provider to emerging markets around the world. DEC seeks to deploy its energy solutions for deployment in multi-megawatt power generation worldwide. The worldwide pursuit of ecologically sustainable and efficient production of electricity inspired its founders to create an "energy solutions" company. Recognizing that Emerging markets offer immense potential for growth, Dominovas Energy is aggressively moving to allocate its intellectual and financial capital forthwith, in order to, strategically address energy solutions that are reliable, efficient, and sustainable baseload solutions. By deploying these solutions throughout of the world, Dominovas Energy is committed to creating shareholder value by not only generating guaranteed revenue streams, but also by increasing the value of "human and community capital." Devoted to core values by operating under the utmost of honesty and integrity in all its business transactions, Dominovas Energy is additionally dedicated to respecting the rights of all individuals, while acknowledging and respecting all cultures necessary to support the growth and development of the communities and countries in which it operates. The Company strongly believes that the impact that advanced technologies will make on the world is undeniable and the Company is resolute in its mission to provide electricity where and when economically viable.
For more information, visit www.dominovasenergy.com.
Madagascar, officially the Republic of Madagascar (French: République de Madagascar), and previously known as the Malagasy Republic, is an island country in the Indian Ocean, off the coast of Southeast Africa. The nation comprises the island of Madagascar (the fourth-largest island in the world), and numerous smaller peripheral islands. Following the prehistoric breakup of the supercontinent Gondwana, Madagascar split from the Indian peninsula around 88 million years ago, allowing native plants and animals to evolve in relative isolation. Consequently, Madagascar is a biodiversity hotspot; over 90% of its wildlife is found nowhere else on Earth.
Until the late 18th century, the island of Madagascar was ruled by a fragmented assortment of shifting sociopolitical alliances. Beginning in the early 19th century, most of the island was united and ruled as the Kingdom of Madagascar by a series of Merina nobles. The monarchy collapsed in 1897 when the island was absorbed into the French colonial empire, from which the island gained independence in 1960. The autonomous state of Madagascar has since undergone four major constitutional periods, termed republics. Since 1992, the nation has officially been governed as a constitutional democracy from its capital at Antananarivo. However, in a popular uprising in 2009, president Marc Ravalomanana was made to resign and presidential power was transferred in March 2009 to Andry Rajoelina. Constitutional governance was restored in January 2014, when Hery Rajaonarimampianina was named president following a 2013 election deemed fair and transparent by the international community. Madagascar is a member of the United Nations, the Organisation internationale de la francophonie, and the Southern African Development Community (SADC).
In 2012, the population of Madagascar was estimated at just over 22 million. Malagasy and French are both official languages of the state. The majority of the population adheres to traditional beliefs, Christianity, or an amalgamation of both. Ecotourism and agriculture, paired with greater investments in education, health, and private enterprise, are key elements of Madagascar's development strategy.
For more information, please visit: https://www.cia.gov/library/publications/the-world-factbook/geos/ma.html and/or https://en.wikipedia.org/wiki/Madagascar
This press release, as well as other statements made by Dominovas Energy Corporation (the "Company"), contain forward-looking statements that reflect, when made, the Company's current views with respect to current events and financial performance. Such forward-looking statements are subject to many risks, uncertainties and factors relating to the Company's operations and business environment, which may cause the actual results of the Company to be materially different from any future results. All statements that address future operating, financial or business performance or the Company's strategies or expectations are forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements as is applicable would be discussed under captions as follows: "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's filings as would be filed with the Securities and Exchange Commission as required. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the Company. It should be remembered that the price of the ordinary shares and any income from them can go down as well as up. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events and/or otherwise, except as may be required by law.