SOURCE: NX GLOBAL INC

January 10, 2011 08:30 ET

NX Global, Inc. Receives Funding Commitment

AUSTIN, TX--(Marketwire - January 10, 2011) - NX Global, Inc. (OTCBB: NEGS) announces the receipt of a funding commitment for $100,000,000 for the purchase of property and construction of the waste to energy and algae facility to be built and operated in Canada by its subsidiary, Applied Concepts for Energy Corp ("ACEC") joint venture.

This commitment requires the guarantee of a business with a BBB credit rating or a local, provincial or federal government entity in Canada. We are diligently working on these requirements and at present we do not expect any difficulty in meeting them. The local governments have expressed a willingness and ability to meet these requirements and be a participant in the ownership of the waste facilities.

A portion of these proceeds may be used to fund the acquisition of a 2,000,000 sq ft greenhouse facility in Virginia to have immediate access for growing algae for fuel on contracts currently being sought. The acquisition of this greenhouse would allow us to have product to market in less than half the time it would take to build a complete facility and at a substantial reduction in cost. This facility operated for 18 years growing food and bedding plants.

The revenue from the Canadian project begins with income from project management at 8% of capital cost including building, labor and machinery. Revenue from the operations would begin in seven months from breaking ground. We expect $6,000,000 in tipping fees with small product sales in the first year. Energy sales should come on line in the second year with at least 50 megawatts produced per day. We expect the revenue from product sales and tipping fees to more than double in the second year as additional waste contracts become available. We will release income estimates for the greenhouse upon acquisition.

About NX Global:

NX GLOBAL, Inc. (OTCBB: NEGS) and its subsidiaries are publicly traded companies located in the USA.

Forward-Looking Statement: This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements.

Contact Information

  • NX Global, Inc.
    Robyn Bailey
    877 249 9089
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