Altenesol and Altenesol S.A.S. Complete FEED Study and Land Purchase
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
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
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
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
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.
Press spacebar to pause and continue. Press esc to stop.