Environmental Power Completes Reclamation of Waste Coal Site

Sep 28, 2004 financialwire.net

 

(FinancialWire) Environmental Power Corporation (OTCBB: POWR) said its Scrubgrass Generating Plant ("Scrubgrass") in Kennerdell, PA has completed the reclamation of the 160-acre Leechburg waste coal site, which is located in North Apollo, PA.

Environmental Power Corporation has a 22-year (1994-2016) leasehold interest in Scrubgrass through its 100%-owned subsidiary, Buzzard Power Corporation.

Since 1994, Scrubgrass has removed from the Leechburg site approximately 1.6 million tons of bituminous waste coal and used it as fuel to power the 87 MW facility to generate electricity. The combustion process at the Scrubgrass facility produced alkaline ash, which the Pennsylvania Department of Environmental Protection has approved for use in active and abandoned mine reclamation. Scrubgrass shipped this ash back to the Leechburg site, where it neutralized other acid-bearing materials that could not be used as fuel and supplemented the native soil to promote site re-vegetation.

The removal of waste coal from the Leechburg site eliminated a source of acid mine drainage, which posed a serious threat to water quality and public safety. When this reclamation project commenced, the average pH level of the ground and surface water at the site measured 1.7 - 2.0, one of the lowest in the country. This created a highly acidic and inhospitable environment for plant and animals. Today, the average pH level of the ground and surface water at the Leechburg has significantly improved to 4.0 - 6.5. With this reclamation completed, Scrubgrass has returned the land to the landowner.

At present, Scrubgrass is removing waste coal from 10 active and abandoned area mine waste dumps encompassing approximately 900 acres of land.

Joseph Cresci, Chairman of Environmental Power Corporation, commented, "We are extremely proud of Scrugbrass' accomplishments, and applaud its management team for their continued contributions to western Pennsylvania's environment and eco-system. By cleanly burning over 600,000 tons of waste coal annually from active and abandoned area mine waste dumps, the Scrubgrass facility has demonstrated significant social and environmental benefits while generating enough electricity to power approximately 83,000 homes. Over its history, Scrubgrass has re-claimed more than 500 acres of land, curtailed groundwater pollution and saved approximately $20 million in public funds by eliminating the need for government to clean up waste coal sites."

Environmental Power was enrolled in Investrend Research's unique and pioneering professional analyst program, which facilitates independent analysts to provide financial coverage for shareholders and investors in companies that otherwise would have little or no analyst following.

A Focus Report was issued by J. Christopher Hughen, August 30, 2002, but the research has not been updated recently.

The Investrend Research program is the largest in the world and includes a number of safeguards to reduce or eliminate conflict. These systems, including media coverage and endorsements, may be accessed at http://www.investrendresearch.com

There is currently no independent professional analysis of the company's activities.

Investrend Research subscribes to the "Standards for Independent Research Providers" at http://www.firstresearchconsortium.com, and adheres to the Guidelines for independent providers jointly endorsed by the National Investor Relations Institute (http://www.niri.org) and the CFA Institute (http://www.cfainstitute.org).

The Dow Jones Newswires has stated that independent research has been growing in credibility over the past 18 months, specifically citing Investrend Research, and the New York Times has reported a survey by Charles Schwab & Co. reveals an astonishing 78 percent of active stockholders now "value research from independent firms over analysis by Wall Street firms with financial ties to the companies they are rating." A survey at Investopedia reveals that 74.7% of investors say that "legitimate fee-based research is objective and useful," and 70.9% say that a company that enrolls for "legitimate fee-based research is making a positive statement about its investment potential."

Enrollment fees for Focus coverage are $2,840, and the fees were paid by Westport Strategic Partners, Inc., which had a marketing relationship with the company. There are never any fees associated with FinancialWire, which independently covers a wide range of corporate news, including but not limited to those that are or have been enrolled in Investrend's platforms.

Complete information about any company enrolled in an Investrend shareholder empowerment platform, including those of its affiliates and independent analysts and webcasters, including disclosures and disclaimers, is available at the company's InvestorPower page at http://www.investrend.com/company/list.asp?sPathParam=yes  , and on each report and press release, and investors are advised to read those disclosures carefully before trading in the equities of any enrolled company.

For up-to-the-minute news, features and links click on http://www.financialwire.net

FinancialWire is an independent, proprietary news service of Investrend Information, a division of Investrend Communications, Inc. It is not a press release service and receives no compensation for its news or opinions. Other divisions of Investrend, however, provide shareholder empowerment platforms such as forums, independent research and webcasting. For more information or to receive the FirstAlert daily summary of news, commentary, research reports, webcasts, events and conference calls, click on http://www.investrend.com/contact.asp

Listen to StreetSignals" (Investrend "ON-THE-AIR") "live" Saturdays from 9 p.m. to 10 p.m. on stations coast-to-coast, or live and archived on the web at http://www.BusinessTalkRadio.net , beginning October 2, 2004.

The FinancialWire NewsFeed is now available in multiple formats to your site or desktop, free. Click on: http://www.investrend.com/XmlFeeds?level=268

http://www.financialwire.net

News Provided By

(C) 2004 financialwire.net, Inc. All rights reserved.