Radar Acquisitions Corp.

Radar Acquisitions Corp.

March 14, 2008 09:00 ET

Radar Acquisitions Corp.: RPS Fuels, LLC, Signs Lease Agreement on Price Kentucky Refuse Pile

CALGARY, ALBERTA--(Marketwire - March 14, 2008) - Timothy Bergen, President and CEO of Radar Acquisitions Corp. (Radar) (TSX VENTURE:RAC) is pleased to announce that RPS Fuels, LLC, has signed a lease agreement with New Vision Energy, LLC, covering the coal waste pond known as the Price Kentucky Refuse Pile and the coal fines waste stream of four deep mines currently in development by New Vision Energy. RPS Fuels is the joint venture company formed by Radar and New Energy USA, LLC, for the development of Re-Fuel™, an engineered solid fuel product incorporating waste coal and biomass.

The Price Kentucky Project site, located in central eastern Kentucky, is permitted for wash plant, refuse mining and refuse disposal. It is accessed via paved roads and has an onsite rail load-out that New Vision Energy is currently reactivating.

"With this site already permitted and the first of New Vision's four deep mines slated to go into production in early June, we could have an operational Re-Fuel™ processing plant on the site as early as this summer," says Linden Swensen, CEO of RPS Fuels. "We are very excited about the financial and environmental benefits that will accrue from processing the Kentucky Refuse Pile and the working arrangement we have established with New Vision Energy."

RPS Fuels conducted due diligence and sample drill testing of the refuse pile to determine the viability of a Re-Fuel™ production facility at the Price Kentucky Project site. Based on the results, management believes the refuse pile and coal fines waste stream of New Vision Energy's four deep mines will supply enough recyclable material for the economic development of a long-term Re-Fuel™ production facility.

New Vision Energy will be acting as operator of the Re-Fuel™ production facility on the Price Kentucky Project site and will be paid a royalty. The royalty will be US$4.00 per clean ton for each and every ton of 2,000 pounds of coal recovered, or 12 percent of the average gross sales price on all coal recovered and removed, whichever amount is greater.

New Vision Energy, LLC, is a private company based in Wise, Virginia, USA. The company is led by a seasoned management team possessing experience in engineering, operations and sales. The team has a track record of successfully implementing green field projects and turning around struggling operations, which will enable them to manage the Price Kentucky Project through all phases of development.

About Radar Acquisitions Corp.

Radar is a diversified natural resource development company focused on growth through the acquisition, exploration and development of resources and resource related technologies. Radar is focused on a joint venture agreement it has with New Energy USA, LLC, to develop engineered solid fuel products (Re-Fuel™). The Re-Fuel™ technology is a patent pending process that combines coal waste with bio-mass to produce an engineered solid fuel product - Re-Fuel™ - a competitively priced product that looks and behaves like coal, but burns much cleaner.

Re-Fuel™ will benefit the environment through the reclamation of coal slurry and other bio-refuse in the production phase and cleaner stack and ash emissions in the power generation phase. Production of Re-Fuel™ can qualify the producing joint venture company for a variety of tax credits while providing coal waste owners/suppliers with a significant benefit by decreasing site reclamation costs. Users of Re-Fuel™ will benefit from a competitively priced, cleaner, more efficient product that may also make them eligible for substantial carbon credits.

This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Radar's current beliefs and is based on information currently available to Radar and on assumptions Radar believes are reasonable. These assumptions include, but are not limited to, the quality and amount of waste coal being used to supply the Re-Fuel™ technology being consistent with sample testing results, the amount of waste coal being consistent with historical estimates and the ability of RPS to build Re-Fuel™ production facilities within timelines and costs budgeted by RPS. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Radar, its subsidiaries or RPS to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the early stage development of Radar, RPS, Re-Fuel™ and the Re-Fuel™ technology; general business, economic, competitive, commodity prices, political and social uncertainties; uncertainties as to market acceptability of Re-Fuel™ and the Re-Fuel™ technology; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, Re-Fuel™ and the Re-Fuel™ technology; timing and availability of external financing on acceptable terms; not realizing on the potential benefits of Re-Fuel™ and the Re-Fuel™ technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Radar has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Radar does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Radar Acquisitions Corp. - Corporate Head Office
    Timothy J. Bergen
    (403) 262-3797 or Toll Free: 1-877-262-5888
    Email: tbergen@radar.ab.ca
    Ascenta Capital Partners Inc.
    Bryson Goodwin
    Investor Relations
    (604) 684-4743 ext 239 or Toll Free: 1-866-684-4209
    Email: bryson@ascentacapital.com