Global Poletrusion Group Corp.
Under the Symbol:
Global PoleTrusion Group Corp. Announces New Project To Provide Composite Utility Poles In East Africa
Thursday, May 30, 2019 7:30 AM
MIAMI, FL / ACCESSWIRE / May 30, 2019 / Global PoleTrusion Group Corp. (OTC PINK: GPGC) has entered into an agreement with Avalon Assure Solutions Ltd., a Kenyan company specializing in energy project development, to create a partnership for the manufacturing, sale and export of composite utility poles in Kenya, Uganda, Tanzania and Ethiopia. GPGC and Avalon estimate sales of around 100,000 poles over the next three years, which would generate approximately $200 million USD in revenues.
This project represents a significant opportunity for growth for GPGC as these East African countries have prioritized the development of their energy transmission infrastructures in order to improve the availability of electricity for their citizens. While sufficient amounts of energy are being produced, the transmission network needed to deliver electricity is not currently available.
As part of Kenya's Big 4 Agenda and Vision 2030 program, the Kenya Electricity Transmission Company Limited (KETRACO) is planning to install over 5,000 km of high voltage electrical lines. Similar initiatives are also in place for Uganda (Energy for Rural Transformation), Ethiopia (Energy Access Project), and Tanzania.
"This project will allow us to help deliver electricity to rural areas, where it can be used to provide services for education and healthcare," said Ramiro Guerrero, President and CEO of GPGC. "Our FRP composite poles are ideal for these remote locations. Their light weight allows us to easily transport the poles to areas that are difficult to access and they do not require the use of heavy equipment for installation."
The GPGC team was recently invited to Kenya and is currently reviewing the feasibility of setting up a composite pole manufacturing facility near Nairobi and obtaining permits and certifications from the Kenya Bureau of Standards. GPGC and Avalon are working to complete a definitive agreement within 60 days.
GPGC recently announced that its subsidiary, Los Santos Energy Corp., a Panamanian company that is 80 percent owned by GPGC, has obtained a 10-year power purchase agreement for biomass energy in Chiriquí, Panama. GPGC has completed the preliminary engineering for this project and is currently in the process of finalizing the financing for this project through Polaris Capital Power Inc. (www.polariscapitalpower.com).
The Company invites the public to their website (www.globalpoletrusiongroup.com) for more information on their products and news updates on their projects.
About Global PoleTrusion Group Corp.
GPGC is an engineering firm that caters to the needs of telecommunications and utility companies, providing composite poles, towers and renewable energy solutions. Their composite structures outperform their steel, wood and concrete counterparts as they are stronger, lighter, easier to install and environmentally safe. With its advanced engineering and manufacturing capabilities, GPGC is at the forefront of providing creative and effective solutions to address the needs of utility companies.
PoleTrusion Canada provides engineering services for GPGC. They create the latest state-of-the-art composite structures, custom-designed based on the needs of their clients. The company is part of the Advanced Composite Materials for Civil Structures Chair at the University of Sherbrooke. Dr. Benmokrane, a director of the Chair, is on the technical board at GPGC.
This news release contains « forward-looking statements », as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
SOURCE: Global PoleTrusion Group Corp.