CHARLOTTE, NC--(Marketwired - May 18, 2015) - Blue Sphere Corp. (OTCQB: BLSP) (the "Company" or "Blue Sphere"), a clean energy company that develops, manages and owns waste-to-energy projects, announced today they have acquired 4 fully operational biogas facilities in Italy. Each of these facilities produce 1MW.
Blue Sphere Corp. established Blue Sphere Italy S.r.l as a wholly-owned subsidiary for all future Italian acquisitions. The Company anticipates the potential of 13 more acquisitions in the near future.
Blue Sphere Italy S.r.l signed a definitive agreement with Kinexia, an Italian public company, and will now await a change of control process that could take up to 60 days from the date of execution of the definitive agreement. The Company cannot make any guarantees that the change of control will be approved in this timeframe or at all. After finalization this, acquisition will result in expected total annual revenue flow of 8.6M Euro ($9.8M) for Blue Sphere Corp. It will also accretively provide 1.1M Euro ($1.26M) in annual cash flow to the Company.
This acquisition represents the initial execution of a long term business strategy geared toward rapidly increasing revenues and adding exceptional assets and cash flow to the Company's balance sheet.
Blue Sphere generates electricity from biogas derived from organic waste, which is mostly food waste, and sells this electricity to leading electric companies through long-term power purchase agreements. Waste-to-energy is one of the fastest growing segments in the renewable energy markets. According to SBI Energy, the thermal and biological segments reached US$6 billion in 2012 and will reach US$29 billion by 2022.
"Achieving this important milestone validates Blue Sphere Corporate's ability to acquire operational Biogas facilities, and moves us closer to our goal of being one of the largest players in the Waste to Energy global market," said CEO Shlomi Palas.
For more detailed information, please refer to the Company's Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission on May 18, 2015.
For further information please contact Janet Vasquez at 917-5697470 or info@bluespherecorporate.com or go to www.bluespherecorporate.com
About Blue Sphere Corporation
Blue Sphere Corporation is a company in the cleantech sector as a waste-to-energy project Integrator. Blue Sphere develops waste-to-energy and other renewable energy projects. The Company aspires to become a key player in the global waste-to-energy and renewable energy markets. For further information please visit www.blspqb.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Litigation Reform Act of 1995, which are subject to risks and uncertainties and may change at any time. These statements are only predictions and involve known and unknown risks, uncertainties and other factors including, without limitation, (i) uncertainties regarding our ability to obtain adequate financing on a timely basis including financing for specific projects, (ii) the financial and operating performance of our projects after commissioning, (iii) uncertainties regarding the market for and value of carbon credits and other environmental attributes, (iv) political and governmental risks associated with the countries in which we operate, (v) unanticipated delays associated with project implementation including designing, constructing and equipping projects, as well as delays in obtaining required government permits and approvals, (vi) the development stage of our business and (vii) our lack of operating history. As such, there is no assurance that the initiatives described in the press release will be successfully implemented or meet expectations.
The Company assumes no obligation to update the information in this release.