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8-K - COLOMBIA ENERGY RESOURCES, INC. | v192834_8k.htm |
EX-10.3 - COLOMBIA ENERGY RESOURCES, INC. | v192834_ex10-3.htm |
EX-10.1 - COLOMBIA ENERGY RESOURCES, INC. | v192834_ex10-1.htm |
EX-10.2 - COLOMBIA ENERGY RESOURCES, INC. | v192834_ex10-2.htm |
For Immediate
Release
Freedom
Resource Enterprises, Inc. Changes Name to Colombia Clean Power & Fuels,
Inc. and Adopts New Corporate Strategy
HOUSTON,
TEXAS. August 9, 2010 -- Freedom Resource Enterprises, Inc. (OTCBB: FRDRD.OB)
announced today that the Company has completed a name change to Colombia Clean
Power & Fuels, Inc., effective July 28, 2010. The name
change reflects the proposed new operating business of the Company, which is to
acquire and develop coal mining assets, and mine and sell coal, coke and coal
by-products using traditional and clean coal techniques – primarily in Colombia,
South America.
The
Company adopted its new operating strategy based on the size of the Colombia
coal market, and opportunities it has identified to acquire substantial coal
resources and to build mines to produce high-grade metallurgical coal and
implement advanced coal technologies, such as coal gasification and
coal-to-liquids, to produce metallurgical coke, urea, liquid fuel, power and
other clean energy solutions.
Colombian
coal is recognized worldwide for its high-heat-value, low-ash and low-sulfur
contents. As the nation’s second largest export item after oil,
investment and development of sustainable coal mining is an important priority
for the Colombian government. In Colombia, the state owns all
hydrocarbon reserves and private companies operate coal mines under concession
contracts with the state. The Company is in the process of securing concessions
in the Santander region of Colombia. The Company has established an
initial target to control over 300 million tons of metallurgical coal through
concessions. The Santander region was selected because of its large
metallurgical coal resources, its location on the Magdalena River with river
access for shipping, and its proximity to Colombia’s main pipeline and several
other refined products pipelines.
Edward
Mooney, Colombia Clean Power & Fuels Inc. CEO and Director, remarked: "We
believe that Latin America, and Colombia specifically, represent large and
expanding markets for energy from coal resources. We are seeking to
acquire and develop significant coal resources for export into established
global markets where demand is high. We also believe an emerging
opportunity exists to introduce new commercial-scale clean coal technologies
such as gasification in Colombia.”
-
more -
Colombia
Clean Power & Fuels, Inc.
Press
Release August 9, 2010
Page
2 of 2
The
Company also announced today that it has completed a reverse stock split, with
holders of record as of May 22, 2010 and thereafter receiving 2 shares of common
stock for every 5 shares held, and has adopted an Employee Equity Incentive Plan
that the Board of Directors believes will enable the Company to recruit and
retain experienced operations and marketing executives and technical experts
from the global coal and energy industries as the Company seeks to
develop a world class leadership team.
About
Colombia Clean Power & Fuels, Inc.
Colombia
Clean Power & Fuels, Inc. (OTC BB: FRDRD.OB, formerly Freedom Resource
Enterprises, Inc.) is developing coal mining, coal coking and clean coal
technology operations in the Republic of Colombia. The Company plans
to build mines to produce high-grade metallurgical coal and implement advanced
coal technologies, such as coal gasification and coal-to-liquids, to produce
metallurgical coke, urea, liquid fuel, power and other clean energy
solutions. Colombia is the world’s tenth largest producer and fourth
largest exporter of coal, with an estimated 7 billion metric tons (“MT”) of
recoverable reserves and 17 billion MT of potential reserves
The
Company’s current operations are focused on exploration and development
activities. The Company has retained leading engineering and
geological services firms in the U.S. and Colombia to conduct exploration work
in selected Concessions under consideration for acquisition by the
Company. The Company’s team of executives, advisors and partners is
comprised of experienced entrepreneurs and business professionals in the U.S.,
Colombia and China that have a breadth of experience in coal mining and clean
coal technologies as well as substantial industry relationships.
This
release contains forward-looking statements regarding Colombia Clean Power &
Fuels future plans and expected performance based on assumptions the Company
believes to be reasonable. A number of risks and uncertainties could cause
actual results to differ materially from these statements, including, without
limitation, the success rate of business development efforts, exploration
efforts and the timeliness of development activities, fluctuations in coal and
energy prices, and other risk factors described from time to time in the
Company’s reports filed with the SEC. In addition, the Company operates in
an industry sector where securities values are highly volatile and may be
influenced by economic and other factors beyond the Company’s control.
Colombia Clean Power & Fuels undertakes no obligation to publicly
update these forward-looking statements, whether as a result of new information,
future events or otherwise.
Company
Contact: Daniel Carlson, Chief Financial Officer
Telephone
+1 (415) 460-1165
SOURCE:
Colombia Clean Power & Fuels, Inc.