Arrow Forms Subsidiaries
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| Posted
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Fri, 30 Oct 2009 12:30:27 GMT |
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Arrow Resources Development |
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NEW YORK, NY -- 10/30/09 --
Arrow Resources Development, Inc. (OTCBB: ARWD) (herein "Arrow"), is pleased to announced that it has formed two
wholly owned subsidiaries, PT. Arrow Resources East and PT. Arrow Renewable
Energy; both are Indonesian registered companies. PT. Arrow Renewable
Energy's initial project will be a joint venture agreement with PT. Sumber
Alam Utama (SAU) to execute their Power Purchase Agreement with PT.
Perusahaan Listrik Negara (PLN), the Indonesian national electricity
company for the development of 10,000 MW (approximately 200 plants and 50
MW each) with a purchase price of $.075 per kilowatt hour. PT. Arrow
Renewable Energy, along with PT. Sumber Alam Utama, has gained approval to
generate geothermal energy from the patent pending Single Well Engineered
Geothermal System ("SWEGS") and will sell all energy production to PLN for
distribution to the local Indonesian market. The initial power plants will
be built at the Company's plantation locations in Sulawesi, Indonesian.
About Arrow Resources Development, Inc.
Arrow Resources Development, Inc. develops and coordinates corporate
operations, finance, sales and marketing activities along with the
administration of the corporate citizenship programs for natural resource
development companies in the Asian market. Its initial relationship with
Arrow Pacific Resources Group Limited (BVI Company) is for the development
of large scale plantation and farming operations in Indonesia. Arrow has
signed a similar agreement with Gerakan Masyarakat Pelestari Lingkungan
Hidup (GMPLH), and GMPLH's joint venture partner, PT. Tiga Daun (Indonesian
company owned by Arrow Pacific) for the large scale plantation/farming and
ethanol plants in Indonesia. Arrow's agreements entitle the Company to 10%
of all gross revenue generated by all their partners' plantation/farming
including any and all sales of natural resources and derivative products.
For more information about the company, please visit their website at
www.arrowrd.com.
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 firm that 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:
Arrow Resources Development, Inc.
Investor Relations
Email Contact
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