SOURCE: Turkpower

January 11, 2011 10:42 ET

TurkPower Corporation Announces Exclusive Bio-Ethanol Mandate

NEW YORK, NY--(Marketwire - January 11, 2011) - TurkPower Corporation (OTCBB: TRKP) (the "Company") announced today that it has signed a consulting and sell mandate with the owner of a Bio-Ethanol plant with a production capacity of 94,000,000 liters per year, in the Mersin area of Turkey where several refineries and fuel companies have major production plants and storage facilities. The Company will perform consulting services and present the projects to qualified investors. The total investment amount is aproximately $150M of which $75M will be in the form of equity. Pursuant to the agreement, the Company would receive success fees of 5% upon closing of the Bio-Ethanol project for its consulting and financing services. 

Ryan E. Hart, the Company's Chairman, commented: "This is another substantial mandate for TurkPower, and we are very excited and pleased to receive exclusivity for this project. There are currently only 3 Ethanol manufacturers in Turkey, all of them producing from sugar cane and other agricultural products. TurkPower's project is the only one producing from wood waste, resulting in higher profitability and lower agricultural price correlation and volatility. Besides Turkey's yearly increasing electricity consumption growth, also the use of fosil fuels has been growing year for year over the past ten years. TurkPower believes increasing the share of ethanol in gasoline -- currently around 2% compared to 5.75% in the European Union -- will help Turkey keep up with growing demand. The Company also believes producing ethanol from wood waste is far more superior than the production from agricultural products."

The Company would like to caution its investors that while it is very excited and optimistic about the Bio-Ethanol project and other similar large projects, there remain uncertainties and the Company will not be compensated for its efforts until a binding agreement with a purchaser or investor for the Bio-Ethanol project has been signed.

About TurkPower Corporation

TurkPower Corporation is a Turkish-American consulting and service operations firm with a strong focus on the booming Turkish energy market. TurkPower offers its domestic and international clients consulting services and acts as a full service operator for wind, hydro, solar, coal and geothermal energy parks in Turkey. In addition to its energy business, TurkPower aims at becoming a large player in the Turkish mining industry by acquiring and consolidating operational mines with proven reserves, utilizing economies of scale to increase returns.

Safe Harbor Statement

The statements by our officers, and other statements regarding optimism related to the business, consulting, service operations, expanding exploration and development activities and other statements in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the Company's business and subject to successful financing. Words such as expects, anticipates, intends, plans, believes, sees, estimates and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many risk factors that affect the industry the Company operates in and other risk factors listed from time to time in the Company's Securities and Exchange Commission (SEC) filings under "risk factors" and elsewhere.

Contact Information

  • Contact:

    Ryan E. Hart
    TurkPower Corporation
    100 Park Avenue
    New York, New York 10017
    T 212-984-0628
    F 212-880-6499