SAN DIEGO, Jan. 18, 2024 (GLOBE NEWSWIRE) -- via IBN -- Astra Energy Inc. (OTCQB: ASRE) ("Astra" or the "Company") is pleased to provide a shareholder update.
Dear Shareholders,
The last several months have been very busy and successful in building value for your company, Astra Energy Inc. We thank you for your support and confidence. As everyone is witnessing, the world is championing the clean and renewable energy transition alongside a growing demand for reliable power source alternatives. We believe our focus on sourcing and advancing technologies and projects in the energy sector, as well as engaging directly in project development will lead to great value for all of us as stakeholders. Listed below is an update on our progress.
Project Development Portfolio
Astra advanced discussions regarding a Power Purchase Agreement for a Clean and Renewable Energy Park Project ("Project") in Zanzibar which combines a 45 MWp solar PV project and a waste-to-energy plant designed to transform the waste for the island nation to produce either valuable commodities or energy. Astra has already secured over 200 acres of land for the Project adjacent to Kibele landfill as previously announced. This Project will serve as a model for a comprehensive solution for the elimination of waste to create energy that can be extended to the benefit of other regions.
Recently, Astra engaged a world class engineering partner to conduct a comprehensive full project Feasibility Report for the 350-Megawatt Combined Cycle Power Plant in Tanzania. This project is being developed by the Company's subsidiary Astra Energy Tanzania Limited, along with the Tanzania Electric Supply Company, in mainland Tanzania. We are currently in the process of securing land.
In 2024 we plan to expand our project portfolio.
Clean and Renewable Technology Portfolio
Astra's subsidiary Regreen Technologies Inc. ("Regreen") achieved a significant milestone with the installation of an operational model at a materials recovery facility in Hesperia, California, to test and demonstrate the technology. As a result, we anticipate partnerships, joint ventures, licensing transactions and equipment sales will follow. Approximately three and a half months ago we announced Regreen has the potential to be a spin out as it holds intellectual property, owns existing equipment, and has the capacity to generate revenue from licensing and the sale of existing equipment. Our goal is to execute a transaction that does not dilute shareholder value. We have reviewed several proposals but will be patient in determining the right path forward.
Last September Astra secured Global Manufacturing Rights for the Holcomb Energy Systems LLC Inline Power Generator and the Self-Sustaining Power Plant, two technologies that have the potential to profoundly impact the energy sector. With any new technology of this caliber, it is the subject of much discussion, but we have seen first-hand the progress achieved since our initial involvement over a year ago. We are even more steadfast in our belief of the broad and disruptive potential of this technology within the sector.
As for administration, we recognize the need for consistency, integrity, and compliance and are focused on maintaining this and keeping the filings current. We take full responsibility for the recent delay and have taken active measures to avoid this happening again in the future. Our balance sheet remains clear of any convertible notes and we will continue to build and strengthen our team.
We are looking forward to success in 2024 and are very excited about the progression of the initiatives that we have been working hard to execute. We strive to build an enduring business and would like to thank our directors, advisors, key team members and their families for their commitment, resiliency and dedication. We also thank you, our shareholders, for your continued support and trust.
Kind Regards,
Ron Loudoun
CEO and Chairman
About Astra Energy Inc.
Astra Energy is an integrated solutions provider investing in and developing clean and renewable energy projects in markets where demand is high, supply is limited and there is an opportunity to address other imminent market needs.
Astra's corporate strategy is rooted in securing technologies and assets, identifying viable market opportunities, and bringing together resources, expertise, technology and defined action plans to execute first-in-class projects that benefit communities, local economies, the planet and the Company's investors.
Its goal is to create a more secure and sustainable power sector that supports the Company's purpose, mission and values to transform the economic, environmental and social landscape for generations to come.
For more information on Astra Energy Inc., visit the Company's website at www.astraenergyinc.com.
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements. In evaluating these forward-looking statements, readers should consider various factors, including the Company's ability to change its direction, its ability to keep pace with new technology and changing market needs, and the competitive environment of its business. These and other factors may cause the Company's actual results to differ materially from any forward-looking statement.
Corporate Communications:
Heidi Thomasen
IR@astraenergyinc.com
1-800-705-2919
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