Wednesday 31st October 2007
Sydney, New South Wales, Australia, October 31st, 2007 — White Energy Company Limited, a Sydney based company specializing in cleaner coal technologies (ASX: WEC), announced today that it has retained the New York City firm of Porter, LeVay & Rose, Inc. as its investor relations and financial communications agency.
Porter, LeVay & Rose is a full-service investor relations firm based in New York City with 37 years’ experience representing a variety of public and private companies and financial institutions in the US and abroad as well as substantial experience in the mining and energy field.
John Atkinson, Managing Director of White Energy Company, said, “We are pleased that Porter, LeVay & Rose will be representing White Energy to the investment community, our shareholders and the financial media in the US. Their decades of investor relations experience and a specialist’s knowledge of the US markets attracted us to them, and we plan to tap into the firm’s knowledge to help us tell our story, and thereby, achieve our financial goals. In addition, we are impressed with their list of ‘green’ companies and the success they have had in communicating to the investment community the profitability of environmentally friendly technologies”.
“Our objectives are to raise our profile on Wall Street through a strategically targeted communications plan, build on that raised profile to begin analyst coverage, and develop a following that will invest in our future, resulting in a higher valuation for White Energy as it develops its clean energy portfolio. As an Australian company, we believe that it is vital for our future to secure a spot in the US market, and again, PLR’s familiarity with ADRs and its understanding of the global energy market will serve us well.”
Michael Porter, President of Porter, LeVay & Rose, Inc., stated, “White Energy Company owns the global marketing rights to White Coal Technology (WCT), a patented process that dehydrates lower grade coals to improve the heat energy content and quality of these coals. WCT effectively upgrades lower grade coals into higher grade briquettes with properties similar to higher grade and value bituminous coals. The upgraded coal burns more efficiently with fewer carbon emissions, and its reduced moisture content cuts load volumes, reducing transportation costs. Both physically and chemically stable, the improved ‘clean coal’ is safer to handle, transport and store.”
“We believe that White Energy’s entry into the American market is a significant step given the vast quantities of coal that the US possesses. According to the World Coal Institute, coal provides 25% of the world’s primary energy needs and generates 40% of the world’s electricity. Coal reserves are available in almost every country, with recoverable reserves in approximately 70 countries. At current production levels, proven coal reserves are estimated to last 155 years, while proven oil and gas reserves are estimated to last 41 and 65 years, respectively, at current production levels. But not all of that coal is high quality and clean burning.
White Energy’s technology essentially improves the quality of some of types of coal, meaning a more abundant supply of the more desirable grades and a cleaner environment. Clean coal may even have the potential to replace petroleum-based products in certain applications.”
“White Energy is also engaged in Asian coal development. White Energy is in the process of building its first major commercial plant in a joint venture with PT Bayan Resources, the eighth largest coal miner in Indonesia. Encouraged by the significant market opportunity White Energy and Bayan recently agreed to increase the annual output of upgraded coal to 5 million tons. In addition, Bayan have agreed to a 5-year commitment to purchase a portion of the upgraded coal from the joint venture which equates to a US$215 million off take obligation.“
Porter added, “White Energy also recently entered into its second major joint venture transaction with the Adaro Group, one of the largest coal producing groups in Indonesia, and Itochu Corporation, a major Japanese trading house. Under the terms of the agreement, White Energy will design, build and operate coal upgrading plants at the Adaro mines in East Kalimantan. The company has nearly completed its financial and technical feasibility studies; White Energy intends to build a 1 million ton per annum plant, ultimately increasing the plant’s capacity to 8 million tons per annum.”
He concluded, “We believe that White Energy is poised to become a significant factor in coal production both in Asia and in North America. We are excited by the opportunity to tell their story to the American investment community, and we are confident that the technology and the management the Company possesses will impress Wall Street.”
About White Energy Company Limited
White Energy Company Limited is a public company listed on the Australian Stock Exchange under the ticker symbol WEC. White Energy has an experienced board and management team with considerable experience in the coal sector who endeavor to maximize Shareholder value by efficiently managing its current projects as well as continuing to assess new investment opportunities with a particular focus on cleaner coal technology.White Energy has a technology that represents a first step in building a cleaner coal solution. White Energy’s process is an important first step – an evolutionary process that speeds the maturation of lower grade coals.
White Energy is committed to delivering cleaner coal technologies with a view to ultimately achieving zero emission targets. The process has been shown to be cost and operationally superior to competing technologies. The process was developed by CSIRO in conjunction with TraDet Inc, K.R. Komarek Inc and The Griffin Coal Mining Company Pty Ltd.