International Power Group Egypt, Ltd, a wholly owned International Power Group, Ltd (IPWG.OB) subsidiary, announced that the company has finalized royalty agreement negotiations with both Egypt Rubber, Ltd. (ERL) and the LOL Group (LOL). Both companies have considerable expertise in the waste oil and used tire recycling fields and will serve a critical link for future company success.
Louis D, Garcia, Chief Financial Officer of IPWG Egypt, stated, “These agreements are in furtherance of the August 2007 Memorandum of Understanding and Cooperation Protocol Agreement between the Egyptian government and IPWG Egypt’s principal shareholders. ERL will be constructing and operating a state-of-the-art tire recycling plant in Alexandria, Egypt, and LOL will be taking over from the Egyptian government operations of an existing waste oil recycling facility in Alexandria, Egypt.”
He continued, “ERL and LOL already have in place agreements for the supply of waste oil and used tires to their plants, as well as orders for all of the recycled lube oil and rubber they will be producing. IPWG Egypt will receive a five percent (5%) royalty from both ERL and LOL for consulting and business development services.”
International Power Group, Ltd. is a leading company focused on providing multifaceted alternative energy solutions through environmentally friendly methods. Through the company’s various subsidiaries, International Power intends on providing turnkey solutions for waste disposal, electricity, and potable water production.
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