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Cleantech Transit Inc. (OTC.BB:CLNO) announced in a recent press release that funding to be provided to Phoenix Energy for the commercialization of a 500 Kilowatt biomass gasification plant should be eligible to apply for a renewable energy cash back incentive program offered by the U.S. Federal Government. If it concludes its planned investment in Phoenix Energy, under Section 1603 of the American Reinvestment and Recovery Act, Cleantech Transit will be entitled to receive its pro-rata share of 30% cash grant payments. Once the final interconnect process and application are complete the grant should be received within 60 days. The 5-year grant vesting period, means all parties must remain owner of record for that length of time, underscoring Cleantech and its partners’ commitment to this project and the host community.
The U.S. Treasury’s cash grant program was created to provide funding, in lieu of tax credits, for the development of clean energy projects and clean tech jobs nationwide. The Merced facility has already employed several individuals, both for the construction phase and subsequent plant operations once in service.
As previously announced, the full commercial operation of the first plant is expected to be completed during the second quarter of 2011.
Alex Holtermann, CEO of Cleantech, commented, “The structure of this cash back program will add more predictability to our financing needs. The cash back incentive program also applies for new projects, which can accelerate the installation of other plants this year.”
About Cleantech Transit Inc.
Cleantech Transit Inc. was founded to capitalize on technology advances and manufacturing opportunities in the growing clean energy public transportation sector. The Company has expanded its focus to invest directly in specific green projects that can maximize shareholder value. Recognizing the many economic and operational advances of converting wood waste into renewable sources of energy, Cleantech has selected to invest in Phoenix Energy (www.phoenixenergy.net). This project can generate shareholder returns as well benefit the Company’s manufacturing clients worldwide. For more information, visit www.cleantechtransitinc.com.
Crown Equity Holdings, Inc. (OTCPK:CRWE)
Since the early 90’s, the internet has become known as a medium for advertising. It has also been preferred by consumers and businessmen in public shopping and business dealings. Unlike any other media, like television, radio and print, internet advertising solutions with its low cost has become widely used.
Crown Equity Holdings Inc., together with its digital network, currently provides electronic media services specializing in online publishing and Web sites, which bring together targeted audiences and advertisers that want to reach them. CRWE mission is to profitably disseminate a variety of information as a worldwide online media publisher in an environment that has a positive effect.
Crown Equity Holdings Inc. offers internet media-driven advertising services, which covers and connects a range of marketing specialties, as well as search engine optimization for clients interested in online media awareness.
For more information, visit http://www.crownequityholdings.com
Arena Pharmaceuticals, Inc. (Nasdaq:ARNA) reported financial results for the fourth quarter and full year ended December 31, 2010, and reviewed recent developments. "Our focus is working with Eisai to obtain FDA approval of lorcaserin, preparing to submit an application for European approval of lorcaserin, and advancing select earlier-stage research and development programs on our own or in collaboration," said Jack Lief, Arena's President and Chief Executive Officer. "Resubmitting the lorcaserin NDA is our top priority, and we are committed to addressing the outstanding issues to the FDA's satisfaction." Arena reported a net loss in the fourth quarter of 2010 of $28.2 million, or $0.23 per share, compared to a net loss in the fourth quarter of 2009 of $29.8 million, or $0.32 per share, and a net loss in the full year ended December 31, 2010, of $124.5 million, or $1.14 per share, compared to a net loss in the full year ended December 31, 2009, of $153.2 million, or $1.82 per share.
Arena Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, focuses on discovering, developing, and commercializing oral drugs in the therapeutic areas of cardiovascular, central nervous system, inflammatory, and metabolic diseases.
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