QueueMed International, N.V.

November 05, 2009 03:30 ET

QueueMed International N.V. Advances Poland Project

AMSTERDAM, HOLLAND--(Marketwire - Nov. 5, 2009) - QueueMed International, N.V. ("QueueMed" or the "Company") (FRANKFURT:QT1) today reported that on October 30, 2009 it entered into a memorandum of understanding (the "MOU") with Sunbay Energy Labowa SP.Z.O.O. ("Sunbay Labowa") and its existing shareholders to jointly develop power plants based on the gasification of waste and other feedstock to generate energy.

The gasification facilities are expected to operate at a power output of twenty megawatts of energy through the gasification process of four hundred tons of waste feedstock per day. QueueMed intends to develop several projects in Poland.

The duties of QueueMed pursuant to the MOU are to administer the affairs of Sunbay Labowa, finance the development and construction of the projects, to approve final agreements and to arrange and supervise the project management of the construction of the plants. Sunbay Labowa will be responsible for the local public and government relations, for negotiation and completion of the necessary project development agreements and in coordination with QueueMed secure all required permits and approvals as well as acceptable interconnection agreements and the conclusion of a final power purchase agreement.

Pursuant to the terms of the MOU, QueueMed will have the first right of refusal to develop gasification plants in Poland. The first such opportunity will be based in Labowa and the Company will hold a majority interest in Sunbay Labowa, which is in the process of negotiating the necessary feedstock, land option and power purchase letters of intent or agreements. QueueMed will reserve the first right to purchase any remaining third party interest in Sunbay Lobowa at any time within the first year of closing.

John Simmonds, QueueMed's newly appointed Chairman commented; "Renewable energy represents a market sector in which we expect to generate substantial returns for our shareholders and the European market is an exceptionally favourable arena for the Company to invest in."

QueueMed International N.V. is a Dutch incorporated company and was listed on the Open Market Segment of the Deutsche Boerse in August 2008. A public offering of QueueMed shares was not made in connection with their inclusion on the Open Market Frankfurt.

Contact Information

  • John G. Simmonds
    Chairman & Managing Director
    905-833-9845 ext. 1