BEIJING, CHINA and HOUSTON, TX--(Marketwired - May 17, 2016) - The JOVO Group and SCT&E LNG, Inc. announced today that they signed a historic Cooperation Agreement on May 13th in New York City at the China-U.S. Economic and Trade Cooperation Conference held at the Marriott Marquis Hotel in Times Square. The event drew a standing room only crowd of more than 500 people with many VIPs in attendance, including key industry leaders and a number of state and federal officials.
The key note address was given by Mr. Hu Chunhua, member of the Political Bureau of the CPC Central Committee and Party Secretary of the Guangdong Province. Mr. Hu Chunhua expressed his country's interest in working with United States business leaders to improve trade and trust between the two countries. Among the dignitaries present were Mr. Hu Chunhua, Mr. Patrick Santillo, Deputy Assistant Secretary of Commerce for China, Ms. Kathy Hochul, Lieutenant Governor of the State of New York, Mr. Cui Tiankai, Ambassador of the People's Republic of China to the U.S., Mr. Myron Brilliant, Executive Vice President and Head of International Affairs at the U.S. Chamber of Commerce, and Mr. Xu Qin, Mayor of Shenzhen Municipal Government.
The long-term, multibillion dollar agreement signed between JOVO and SCT&E LNG is a first of its kind between a U.S. LNG developer and a private Chinese LNG terminal owner. The agreement provides for long-term offtake of LNG from the future SCT&E LNG export terminal to be built on Monkey Island in Cameron Parish, Louisiana, and a potential equity investment into the SCT&E LNG facility by the JOVO Group.
Mr. Zhang Jianguo, Chairman of the JOVO Group, stated, "We evaluated multiple projects to supply LNG to our receiving terminal and selected the SCT&E LNG project. During the review process, my team and I built a strong relationship with Mr. Greg Michaels, Chairman of SCT&E LNG, and his team, and we have confidence in the project and our relationship moving forward. The JOVO Group currently imports LNG and has plans to expand its LNG import capabilities to further leverage the natural gas distribution network in Southern China." Mr. Michaels added, "We are extremely confident in the JOVO Group's team and look forward to working together. We are excited about this agreement and the ability to supply LNG to meet the rapidly-growing demand for clean burning energy in Southern China, especially the Guandong Province."
The Guandong Province boasts one of the country's most prosperous economies, and the region's rapid economic development has been met with high-energy consumption, primarily through the use of coal and other dirty fossil fuels. The Guandong province has one of the highest capacities of coal-burning power, and Chinese leadership is now looking to curb its coal consumption by adopting clean burning energy alternatives, such as natural gas in the form of LNG. The agreement between SCT&E LNG and the JOVO Group represents a positive step forward for the region in meeting its country's national air quality standards.
About SCT&E LNG:
Originally established by Southern California Telephone Company, SCT&E LNG, INC. is a Nevada corporation and developer of an LNG export terminal. The SCT&E LNG project is currently modeled as an LNG tolling facility utilizing cryogenic technologies to liquefy natural gas for export globally. The SCT&E LNG plan is to liquefy approximately 1.60 billion cubic feet (bcf) per day of natural gas to create approximately 12 million tons per annum (mtpa) of LNG at its future facilities on Monkey Island in Cameron Parish, Louisiana.
Southern California Telephone Company, today doing business as Southern California Telephone & Energy (SCT&E), is a successful twenty-one year, privately-owned United States Public Utility Company. The company was originally founded in 1994 as Wholesale Airtime, Inc. by CEO Greg Michaels. Southern California Telephone Company is a Telecommunications and Energy Company which has developed, owns, and operates redundant telecommunications networks. The company maintains facilities on both coasts of the United States. SCT&E holds a U.S. Federal Energy Regulatory Commission (FERC) Authority, allowing it to buy and sell energy nationwide. SCT&E has multiple locations, with its corporate office headquartered in Temecula, California.
Safe Harbor:
This news 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 defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks, uncertainties, and assumptions that include expected earnings, future growth and financial performance, and typically can be identified by the use of words such as "expect," "estimate," "anticipate," "forecast," "plan," "believe", "optimistic," "intend," "will," and similar terms. Although SCT&E LNG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially from those anticipated in these forward-looking statements. A variety of factors that could cause actual results to differ materially from those contemplated above include, among others, general economic conditions, hazards customary in the oil, gas and LNG industries, weather conditions, competition and developments in oil, gas and LNG markets beyond the Company's control, the volatility of energy and fuel prices, failure of customers to perform under contracts, changes in the oil, gas and LNG markets, changes in government regulations of markets and of environmental emissions, the condition of capital markets generally, securitization of sufficient capital or a strategic business arrangement to fund its plan of operation, the Company's ability to access capital markets, management resources and infrastructure necessary to support the growth of its business, unanticipated facilities outages, adverse results in current and future litigation, failure to identify or successfully implement acquisitions (including receipt of third party consents and regulatory approvals), failure to acquire or transact on off-take agreements, and other risk factors related to the liquefied natural gas and related and connected business.
All forward-looking statements attributable to SCT&E LNG or persons acting on its behalf are expressly qualified in their entirety by these factors. SCT&E LNG undertakes no obligation to update or revise any forward-looking statements, other than as required under applicable securities laws, whether as a result of new information, future events or otherwise. The foregoing factors could cause SCT&E LNG's actual results to differ materially from those contemplated in the forward-looking statements included in this news release and should be considered in connection with information regarding risks and uncertainties that may affect SCT&E LNG's future results.
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3008819
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3008822
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=3008825
