PGI Energy

August 26, 2011 19:00 ET

PGI Energy Terminates Material Agreements

HOUSTON, TX--(Marketwire - Aug 26, 2011) - PGI Energy, Inc. (PINKSHEETS: PGIE) executive team has decided to terminate its Pro One Products sales JV agreement citing irreconcilable differences between the parties. We have also decided to terminate our working relationship with Intertorco Europe, S. A. and their USA office because the US embargo against Sudan prohibits us from conducting business with Sudapet and Northern Sudan regarding the oil industry. Intertorco had previously misrepresented facts and terms of our agreements specifically with regards to Saudi Aramco, which undermines our confidence in their ability to perform.

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 Manufacturing & Engineering, PGI Green E & P and PGI Commodities Trading.

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    Media & Investor Relations Contact:
    PGI Energy, Inc.
    Jose I. Colon