@ luketheduke 23MW - 500 Beiträge pro Seite

[1201]

http://stocknessmonster.com/news-item?S=TVS&E=ASX&N=182202&P…

TRAVELSHOP LIMITED 2001-10-10 ASX-SIGNAL-G

HOMEX - Melbourne

+++++++++++++++++++++++++
COMPANY ANNOUNCEMENT

The Directors of Travelshop Limited (Travelshop) are pleased to
announce that Travelshop has entered in to a Heads of Agreement with
Energy Equipment Australia Pty Ltd (EEA) to establish a Green Energy
Facility to produce up to 23 MW of electricity at Kemerton, Western
Australia.

The Heads of Agreement is subject to the completion of due diligence
by both parties and this is expected to be completed within the next
21 days. As previously advised to the market the Board of Directors
of Travelshop have been reviewing proposals to expand the business
activities of Travelshop. The Board of Travelshop believes that it is
in the best interests of Travelshop`s shareholders to both diversify
and increase the scale of the Company`s activities. The proposed
acquisition of the Kemerton Green Energy Facility project could meet
the objectives of diversifying and increasing the net assets and
activities of Travelshop.

EEA

EEA is an Australian based integrated energy and technology company
that develops, owns and operates renewable greenwaste to clean energy
facilities.

Energy Equipment Group was a company originally started in the UK in
the 1970`s and was a fully owned subsidiary of Petrofina UK, a major
UK based company in the oil and refineries business. In the early
1980`s the company was capitalised at US$8 billion.

In mid 1980`s Energy Equipment Group was operating in Australia for
the coal industry and EEA was established in 1986. EEA successfully
undertook projects utilising fluidised bed technology emphasising the
environmental protection by curbing heavy pollution in emission
created by many coal fired boilers. In 1987, EEA successfully
implemented a coal fired fluidised bed boiler to produce steamof
10MW for Letona Foods in Lecton, Australia. This FBC project was the
first ever built in Australia.

Energy Equipment Group has proprietary technologies and know-how in
fluidised bed combustion and coal gasification which is supported by
many successfully implemented commercial operations in Australia,
China and Europe.

EEA`s capabilities are in design, manufacture and installation of the
plant as well as technology provider.

RENEWABLE ENERGY INDUSTRY

Currently there is global-wide demand for generating electric power
from renewable energy sources and minimising green house gases
emission from power generation.

A report was recently released by the Federal Government which
reviewed the progress of its Renewable Energy Action Agenda. In this
report the Minister for Industry, Science and Resources, Senator Nick
Minchin, stated, "The next twelve months should see considerable
growth in the Australian renewable energy industry. The introduction
of the Mandatory Renewable Energy Target (MRET) earlier this year has
provided a major boost to the development of this industry."

Dr Bruce Godfrey, chair of the CEO group overseeing the
implementation of the Action Agenda is quoted as saying, "There is a
growing recognition by industry of the significant business and
growth opportunities available in renewable energy, attracting new
industry players and a heightened recognition of Australia as an
attractive investment location." The report is available on the
Internet at www.isr.gov.au/agendas/sectors/energy.

THE PROJECT

The proposed green energy facility, to be located at Kemerton,
Western Australia, is to generate 23 MW of electrical power by using
green wood waste as fuel which is collected from local council tips.

This integrated process consists of the following major
units/systems:

1. Waste/fuel handling facilities, with a storage capacity up to 2
days operation.

2. The fluidised-bed combustion system with a maximum thermal output
of 85 MWth.

3. The Steam generation system (the boiler), producing approx 80 ton
of steam per hour at 50 bars and 475deg C.

4. The power generation unit (turbine generator) designed to generate
23 MW.

5. Flue gas cleaning facilities be able to treat 250,000 Am(3)/h, at
135deg C, of flue gas.

The proposed project will have the following features:

* The overall project is regarded as a sustainable and renewable
green energy facility with significant carbon and greenhouse credits.
The electricity generated is considered as Green Energy.

* It will consume approx 200,000 tons of green waste per annual and
generates approx 23 MW of electrical power, with the potential to
increase.

* The plant has the capabilities to utilise a wide-range of green
waste with inherent moisture content ranging from 20 to 55%.

* It significantly reduces Green House emission for its power
produced.

* It fully meetsEPA`s standard on emission.

* The waste liquid discharged to the environment will be very
minimum, if not zero.

* Inert ash being the only residual, which as negligible impact on
environment, and will be used to produce roadblocks.

PROPOSED TERMS OF ACQUSITION

The proposed acquisition Of the Green Energy Facility at Kemerton is
still subject to due diligence by both parties and will be subject to
the approval of Travelshop shareholders.

In consideration for EEA vending the project rights into Travelshop,
EEA will receive 110,000,000 ordinary shares in Travelshop and 25
million options exercisable at 20 cents on or before 30 November,
2004.

Additionally EEA will be paid $1,800,000 for engineering design work,
fuel supply contracts and site work costs. This payment will be met
by $725,000 in Travelshop shares issued at 7 cents per share with an
attaching option issued at 2 cents per option and $1,075,000 in cash.

CAPITAL RAISING

The parties have agreed to jointly raise $2,000,000 for working
capital and as a contribution to the project site works. An
underwriter for this capital raising has been nominated in the Heads
of Agreement.

DIRECTORS

If the project acquisition is completed by Travelshop it is proposed
that of the current Directors of Travelshop only Mr Robert Nichevich
will continue to hold office. The new Directors will be appointed by
EEA.

At the appropriate time it is proposed that Mr James Kwok,the
principal of Energy Equipment Australia will join the Board of
Travelshop. Mr Kwok has over 18 years experience in major engineering
projects and as a senior executive of various engineering and energy
development companies, including CMPS&F (now Egis Consulting) and
Great Pacific Energy. He is a Chartered Professional Engineer, Member
of the College of Mechanical Engineers (AUST), National Professional
Engineer Register, a fellow of the Institute of Engineers (Aust) and
a fellow of the Australian Institute of Management.

SHAREHOLDERS MEETING

ASX have advised Travelshop that the acquisition of the Green Energy
facility at Kemerton is deemed a change of activities and Chapter 11
of the ASX Listing Rules will apply. Consequently, subject to the
completion of due diligence it is hoped that all of the necessary
shareholder approvals required under the Corporations Law and ASX
Listing Rules will be submitted to shareholders at the Annual General
Meeting currently scheduled for the last week of November, 2001. An
Information Memorandum and Notice of Meeting will be sent to
Travelshop shareholders which will provide detailed information
concerning the Green Energy Facility at Kemerton, the proposed
arrangements for the future funding of Travelshop and effects that
the acquisition of the project will have on the capital structure of
Travelshop.

EXISTING ACTIVITIES OF TRAVELSHOP

The events of September 11, 2001 in the USA and the Ansett crisis
have seriously eroded the revenues of the Travel business over the
last four trading weeks. In order to conserve cash resources the
Directors closed all of the travel businesses on Tuesday October 9,
2001. Travelshop will undertake an orderly wind down of these
businesses and there are adequate resources to ensure that all
client, creditor and staff commitments are paid in full.

SUMMARY

The Directors believe that the completion of the Travelshop:EEA
Agreement, if approved by shareholders, will be an important step in
redefining the future of Travelshop. It will add significant value to
Travelshop and will become the basis for improving future returns to
the Travelshop shareholders.

P Stedwell
DIRECTOR



TRAVELSHOP LIMITED 2001-10-10 ASX-SIGNAL-G

HOMEX - Melbourne

+++++++++++++++++++++++++
ASX MARKET RELEASE

SUSPENSION FROM OFFICIAL QUOTATION

The securities of Travelshop Limited (the "Company") will be
suspended from quotation immediately, following the announcement by
the Company of its intention to enter into a project with Energy
Equipment Australia Pty Ltd.

Unless ASX decides otherwise,the Company`s securities will be
reinstated to quotation prior to the commencement of trading on 11
October 2001.

In accordance with ASX`s requirements for compliance with Chapter 11
of the Listing Rules, if shareholders approve the proposal it is
expected that the Company`s securities will be suspended from
quotation immediately following such approval and will remain
suspended until the Company has complied with Chapters 1 and 2 of the
Listing Rules.

For further details,please refer to the Company`s announcement.

Security Codes: TVS
TVSO


E Melville-Jones
SENIOR COMPANIES ADVISER

MORE TO FOLLOW

[luketheduke]

@1201

Alles klar, die Meldung kannte ich schon nur die 23 MW haben mich hier etwas irritiert.

Trotzdem danke für das Posten, dass nenne ich ein Service, sogar mit persönlicher Ansprache !

Eine richtige familiäre Atmosphäre im im Aussie-Board!