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EMBERCLEAR INC. PROVIDES UPDATE WITH RESPECT TO ACQUISITION OF FUTURE VENTURES LLC

^{Published on 2010-08-30 03:20:39 - Market Wire}
 

 ------------------------------------------------------------------------- As at and for the year ended December 31, 2009 ------------------------------------------------------------------------- Interest and Dividend Income $24,349 ------------------------------------------------------------------------- Project Development Costs(1) $1,658,600 ------------------------------------------------------------------------- Total Expenses $2,828,007 ------------------------------------------------------------------------- Net Loss $(2,803,658) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Total Current Assets $1,536,884 ------------------------------------------------------------------------- Total Assets $1,550,697 ------------------------------------------------------------------------- Total Current Liabilities $3,551,026(2) ------------------------------------------------------------------------- Total Liabilities $3,551,026(2) ------------------------------------------------------------------------- ------------------------------------------------------------------------- (1) Project Development Costs are primarily in relation to the Good Spring IGCC Project. (2) Includes a $3 million note issued by FPPI to EmberClear that was satisfied in full in the second quarter ended June 30, 2010 when the full principal amount thereof was converted into equity of FPPI. 

 - An air quality permit issued by the Pennsylvania Department of Environmental Protection ("PA DEP") authorizing the construction and operation of the Good Spring IGCC Project. The process involved for the approval of the air quality permit included: (i) meeting with PA DEP to develop a preliminary attainment plan; (ii) development of an air quality discharge permit application using reasonable available control technology for the project; (iii) working with PA DEP to (A) develop air discharge limits for emissions from the Good Spring IGCC Project relating to the IGCC technology to be utilized, and (B) completing modeling for dispersion information and non-degradation as required; and (iv) development of a final permit application for submission to PA DEP. The air quality permit was obtained from PA DEP in April 2010. - A waste water discharge permit issued by the PA DEP. The process involved for the approval of the waste water discharge permit included: (i) showing the quantity and quality of process water leaving the Good Spring IGCC Project site and its quality after treatment; (ii) detailing treatment procedures to be utilized in attainment of stream discharge requirements; and (iii) filing for a National Pollutant Discharge Elimination System permit with the Federal Environmental Protection Agency to utilize nearby municipal treatment plants. The waste water discharge permit was obtained from the PA DEP in the third quarter of 2009. - An ash disposal permit issued by the PA DEP. The process involved for the approval of the ash disposal permit included completing leachability analysis of slag (ash) generated from the Good Spring IGCC Project and showing the total disposal quantity. The ash disposal permit was obtained from the PA DEP in the second quarter of 2009. 

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