Business & Finance
Business and Finance
Business and Finance 
Wed, December 9, 2009
Tue, December 8, 2009
LONDON--(Marketwire - December 8, 2009) - Vega Promotional Systems, Inc. (
As the year is coming to an end, our business is expanding much faster than we ever expected. We have opportunities all over the world and as we work toward implementing our Business Plan, it is important to stay focused and not run ourselves too thin. With that said, we would like to update you on the various projects we are working on.
As mentioned earlier, we have started the process of moving from the Pinksheets to the OTCBB. We hope to have our audit completed by the end of January and will provide further updates as this matter progresses.
The Green Valley Project:
The addition of Robert Chew to assist in redesigning the Green Valley Project has moved that project to the forefront of the Company's plans. Mr. Chew has arranged for a meeting of engineers to take place on December 18, 2009 at the western Indiana production site. The purpose of this meeting is to finalize the specifications for the generator sets to be installed on the land recently leased by the Company directly above the Green Valley Mine. Our goal is to have the new generator sets in place and operational during the fist quarter of 2010. We will post additional information about the project, along with photographs of the facility on our website within the next couple of weeks.
South Georgia Manufacturing Plant:
We recently announced plans to build a manufacturing plant in the State of Georgia to produce biomass products and bio-diesel products for power generation units. The plant will be located in Tifton, Georgia. We are working with two different equipment manufacturers for the facility and hope to have an order placed before the end of the year. When completed, the manufacturing facility will capitalize on the abundance of biomass in Georgia's Bioenergy Corridor.
We have applied for a grant from the State of Georgia under the federal State Energy Program to help fund the construction of the manufacturing plant. The U.S. Department of Energy announced July 7, 2009 that Georgia will receive $32.9 million in federal money to support energy efficiency and renewable energy projects across the state. The money is part of a total of nearly $82.5 million the department will award Georgia as part of the federal State Energy Program.
Brazil Manufacturing Plant:
The Joint Venture Project, Biomass of the Americas, LTD will utilize special alternative energy technology called torrefaction. Torrefaction converts most forms of biomass waste into thermally treated biomass powder that is then turned into bio-coal briquettes for shipment to the end user. Members of Vega's management team will be in Brazil during the month of January and we will provide additional information at that time.
We are also working on a potential project in China and will update you when we have more information.
Funding for these projects will come from various sources. For instance, we are planning on utilizing private funding for the Georgia plant. However, we are optimistic that the Georgia plant will be funded by the grant from the State of Georgia. The Green Valley Project is being funded internally. The project in Brazil will be funded jointly by Vega and our Joint Venture Partner. The proposed China project would be funded by our partners in Asia.
Thanks again for your interest in Vega and your continued support.
We look forward to providing more information in the coming days.