ORLANDO, Fla., April 9, 2013 (GLOBE NEWSWIRE) -- IAHL Corporation (Other OTC:IAHL) through its subsidiary Altenesol Colombia, S.A.S is pleased to announce that the next round of funding, for the LNG project in Colombia, has been secured. This initial tranche will be utilized for the following objectives:
- Completion of the Front End Engineering Design Study (Feed Study) which encompasses engineering scope, design and technology selection and comprehensive financial model;
- Finalize land purchase, enabling site development and permitting, and
- Due diligence and transaction expenses.
Several extremely qualified firms, all well versed in LNG and cryogenic plant engineering, design and construction, have been selected to bid on the project. Upon selection of a plant supplier, the project will reach a major milestone which should release the next stage of funding. Each phase of the project will now trigger monetary disbursements as we move to the construction phase of the project.
"The project is coming together and the picture is becoming clearer. We are pleased to have brought several strategic investors in this round that have knowledge and understanding of LNG and see and share the same vision we do," commented Stuart Jara Board Director of IAHL.
"This is the product of years of hard work, dedication and perseverance that our entire team has put forth as we move to construct Colombia's first LNG Plant (Nataly I). Many exciting developments with LNG for the residential, industrial, transportation and the mining sectors are also coming with this as we open an entire market not yet available in Colombia and other Latin American countries," said Nelson De La Nuez C.E.O IAHL/Altenesol.
Now that this funding phase has been completed, the current LNG off-takers will now begin to convert the existing LOI's into binding contracts. Upcoming press releases will be instituted, naming each as they convert, bringing more transparency to the market and a better understanding of the depth and potential for growth we are bringing to both our customers and investors.
No change to IAHL share structure was needed to complete this transaction as we are committed to moving to a higher exchange. This will be in line as we increase our revenue production and revenue streams this year.
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.
CONTACT: Info@altenesol.comSource:Altenesol, LLC