(MENAFN - GlobeNewsWire - Nasdaq) itemprop="articleBody">ORLANDO, Fla., April 04, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- IAHL Corporation/Altenesol (OTC: IAHL) announces Corporate Update as follows:
The IAHL/Altenesol team thanks its shareholders for their continued support as we bring LNG to new markets in Colombia. We are currently involved in the three separate projects. Our engineering and logistical phases are in place as we are now waiting for Global pricing to facilitate the necessary margins enabling the Nataly 1 project to the market.
Final negotiations are under way with one of Colombia's largest multi-billion-dollar oil and gas providers servicing all aspects of Colombia's energy needs including power generation. Our project will enable the conversion of their natural gas to LNG and transport it to separate re-gasification areas for their required application. This will replace the pollutant bunker fuels and diesel used is this application for power generation. We already have trucking in line to fulfill 9 containers a day 360 days a year for a 10-year period. Details and agreed pricing will be released when the finalized off-take contracts have been signed due to non-disclosure agreements in place.
Our team is working diligently with several Government agencies to bring final incentives to the Trucking conglomerates and unions which will directly impact thousands of trucks across Colombia. The project consists of converting freight trucks from diesel to LNG and LCNG both supplied by Altenesol to the market. There will be several smaller plants and re-gasification facilities required to service this contract. This will add numerous revenue streams through the process of converting trucks from diesel to natural gas. New natural gas trucks will also be purchased from the cultivated relationships we have formed with producers of those products. Altenesol will be responsible for logistical engineering and the construction of each conversion facility located on the same land as each plant. Extreme pollution issues in the major cities of Colombia have prompted the government to address this problem. The conditions have now reached the level where trucking is restricted during certain times of the day. The current Colombian Governmental Administration has made this a priority for the advancement in Clean-Energy for their country.
Negotiations are taking place with two of the largest infrastructure providers of fuel distribution in Colombia to bring the LNG/LCNG option for the mass transit arena. These conversions will directly impact thousands of buses both articulate and single to the government owned and country wide transit systems which moves millions of people each year. The necessity to replace the dirty fuels being used has already been approved by the government and logistical plans to expand and redirect new and existing infrastructure is underway. Exact amounts are being addressed due to the decision of how many buses are brought into service in each phase of this extensive project. These providers and the revenue streams will be released when the contractual obligations have been executed. The advantage we have is all the engineering for plants and conversion facilities are completed. We can adjust volumes up and down as needed to differentiate for the number of buses that come on line.
The board has approved a significant repurchase of our common stock up to 5 million shares if we continue to trade at present levels. This will happen when capital funding has been closed for each of our projects and all investor obligations have been satisfied. We feel that this year will bring the required cash flow and future projected expansion to begin fully audited financial statements to the market necessary for up listing. We have been approached by several fund managers and stock information agencies eager to become involved with us once those conditions are met.
The entire IAHL/ALTENESOL team thanks our investors and shareholders for their support through a very challenging time in the energy markets. Current economists we consult with believe the global market conditions are poised for a strong recovery due in part to rising demand, lower supply levels and geopolitical conflicts in which supply could be interrupted or terminated during this year. Those factors will increase the price of oil and thus assist those companies with alternative solutions to meet those needs. We feel we have positioned ourselves to take advantage of those conditions. We intend to have more frequent updates to keep our shareholders better informed as we move forward this year.
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 of1934. 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.