ORLANDO, Fla., Dec. 20, 2013 (GLOBE NEWSWIRE) -- IAHL Corporation (Other OTC:IAHL) IAHL is pleased to announce that Altenesol LLC and Altenesol Colombia S.A.S. have completed both the front end engineering design (FEED) study and finalized the acquisition of the land upon which the Nataly I LNG plant will be constructed. The FEED study brings all aspects of the logistical, design, material, permitting and contingencies and cost estimates under a 3 percent margin. The final numbers from the FEED will give firmer insights for the construction's funding requirements. Altenesol Colombia S.A.S. has also completed the soil analysis, topographical, LNG Plant placement and road access studies.
FEED Study and EPC Contractor Update
The FEED study was finalized in December and has resulted in a lower CAPEX than expected to complete Nataly I LNG Plant. We will announce the winner of the engineering, procurement and construction (EPC) contract in January of 2014. There has been a high level of interest for LNG from a number of entities in Colombia and other countries. A larger plant has also been engineered to handle those higher LNG requirements in the event that more off-takers exceed the current 180,000 GPD projections. Therefore, the actual LNG plant size will be directly subject to off-taker contractual agreements that are currently in negotiations. Those details will be disclosed in future press releases once the information is available.
BTG Pactual Colombia and MountainView Capital Corporation of Canada have played a key role in bringing the project to its current state by providing both commercial and financial support. Altenesol Colombia S.A.S. has formed an alliance among companies which are or will become involved in the LNG sector in Colombia to expand the market and work together to bring LNG to both the corporate and private sectors in Latin America.
The following is a list of the companies already signed into the alliance:
1) KENWORTH DE LA MONTAÑA -- > Authorized PACCAR dealer in Colombia which is instrumental in future conversions of existing trucks in Colombia.
2) RENTING Colombia S.A. -- > a subsidiary of Bancolombia group responsible for the leasing of the complete logistical service for companies throughout the country, a turnkey solution (leasing, maintainability, etc.) of their fleets.
3) GECOLSA -- > Authorized Caterpillar dealer in Colombia. They have the service contract with the mining companies utilizing all of the Caterpillar technology. They will be responsible for installing and maintaining the LNG system for all of the converted equipment in the Gran Mining industry in Colombia.
The following companies are part of the Alliance in a supporting role:
1) Westport HD -- > One of the largest producers of LNG conversion kits that go on to all new trucks utilizing the Cummins engines.
2) Cummins Inc. -- > Engine manufacturer with over 85% on the market in Colombia.
3) BTG Pactual and MountainView Capital Corporation -- > Agents supporting this technology in Colombia and sourcing the capital requirements.
4) Canacol Energy LTD -- > Natural Gas supplier for the LNG Plants.
"This is a major milestone for our company, our shareholders and the people of Colombia. We are in final negotiations to close on long term contracts which were waiting on completion of the FEED study to move forward and we will release the details when we enter into a definitive agreement with such parties.
We will be adding details on each of the companies in the alliance on our website as well as a section dedicated to the construction process so our shareholders can see active progress. We have laid a very solid foundation which has taken extra time and work on the front end but will allow us to fast track both additional plants and revenue streams from all aspects of developing this new market. This will directly impact and quicken our goal of moving to a major exchange." stated Nelson De La Nuez, CEO IAHL/Altenesol.
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect. Although IAHL believes that the expectations reflected in such forward-looking information is reasonable, undue reliance should not be placed on forward-looking information because IAHL can give no assurance that such expectations will prove to be correct.
CONTACT: Info@altenesol.comSource:Altenesol, LLC