HENDERSON, Nev., Nov. 15, 2010 (GLOBE NEWSWIRE) -- Qualibou Energy Inc. (Pink Sheets:QALB) today announced that it has entered into a due diligence period with a potential partner to fund construction of a 20 Megawatt geothermal facility in St. Lucia. The agreement will close on the 15th of December 2010 and the plan is for the companies to enter into a partnership agreement that will fund the $80 million USD required to complete the initial 20MW facility.
Stephen Baker, President & CEO of Qualibou Energy, stated, "This is a great opportunity for Qualibou to develop the St. Lucia resource." He continued, "This initial project will enable us to evaluate the full potential of our concession and to plan our further developments of the resource."
Qualibou Energy Inc. is an emerging renewable energy company with a growth strategy emphasizing greenfield developments. The company's first geothermal concession is located on St Lucia and has a development goal of 120 Megawatts. The Company's proven and probable reserves are 170 Megawatts or 60.1 million barrels of oil equivalent (BOE).
'On behalf of the Board of Directors'
Stephen Baker
President & CEO
Qualibou Energy Inc.
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Safe Harbor: Statements regarding financial matters in this press release other than historical facts are "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 Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The Company is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
CONTACT: Qualibou Energy, Inc. Investor Contact: Investor Relations (702) 990-1984