Astra Energy Inc. Issues Q3 2023 Letter to Shareholders SAN DIEGO, Aug. 16, 2023 (GLOBE NEWSWIRE) -- via IBN -- Astra Energy Inc. (OTCQB: ASRE) (“Astra” or the “Company”) provides the following updates to the company’s shareholders.
Highlights:
- Astra reaches major operational inflection point and ramp-up underway for upcoming revenues to accelerate throughout 2024.
- Regreen Technologies Inc. achieves significant milestone with installation of operational demonstration model at materials recovery facility in Hesperia, California.
- Regreen Technologies Inc. records its first revenues from an initial deposit for a joint venture with large company in India.
- Astra-Holcomb Energy Systems Inc. achieves development milestone with installation of both onsite and offsite demonstration of the Inline Power Generator (ILPG) technology.
- Astra-Holcomb Energy Systems closes initial purchase order of ILPG units for potential large-scale use in communications towers.
- Both the Zanzibar 50-Megawatt (Budget $170 million) Clean Energy Park Project and the Tanzanian 350-Megawatt combined cycle power plant project (Budget $380 million) advance as Astra moves towards becoming an independent power producer in the region.
- Convertible note cleared from balance sheet to protect shareholder interest and avoid any potential dilution.
Dear Astra Shareholders,
The first half of 2023 reflects the business traction we have achieved through many years of hard work establishing the Company's foundation. We expect this progress to continue and expand.
The overall timing for the clean and renewable energy sector as well as for the Company could not be better. The demand for solutions has never been greater. The business case for each respective technology will support broad market adoption.
Further, both the Zanzibar and Tanzanian projects have gained support and commitments from local officials as well as the US Chamber of Commerce. Studies, reports, engineering etc. are underway, as well as initial discussions surrounding power purchase agreements. It's very noteworthy that Astra intends to own and operate these projects as an independent power producer, selling the power to the state-owned utilities via a long-term power purchase agreement.
As a result of a diligent work ethic and solid business fundamentals, Astra is well positioned to capitalize on these business opportunities and create an influx of deals. We hope that this letter provides a concise synopsis of recent achievements and a sense of what the future holds for this company. We plan to create value for all stakeholders. Thank you for your consideration and support.
Sincerely,
Ron Loudoun
CEO and Chairman
https://www.globenewswire.com/news-release/2023/08/16/2726420/0/en/Astra-Energy-Inc-Issues-Q3-2023-Letter-to-Shareholders.html