Universal Communication Systems, Inc. Subsidiary, Millennium Electric `TOU` Ltd., and Chinese Joint Venture Partners Sign Agreement to Photo-Voltaic (PV) `Solarize,` the First Two PetroChina Gas Stations, One in Beijing, the Other in Shanghai Thursday April 8, 11:27 am ET
MIAMI, April 8 /PRNewswire-FirstCall/ -- Universal Communication Systems, Inc. (OTC Bulletin Board: UCSY - News) company chairman Michael J. Zwebner announced today that the company has signed an agreement with their Chinese joint venture partners, JiangSu Yangtze Petrochemical Co Limited of Shanghai China, a division of Petro-China, to commence a program of " PV Solarization" of two first test cases -- PetroChina Gas Stations in China. The program will be enacted through their new Chinese corporation: Shanghai Gaochen Energy Technology and Development Co Limited, (SGETD) which was recently formed for the proposed new business.
Under the terms of the agreement, SGETD will, using the latest Photo Voltaic (PV) Solar Energy Panels and Systems, and appertaining technologies perfected in Israel, plan the complete PV Solarization of two PetroChina Gas Stations. The initial costs of these first two installations is estimated to be up to \$100,000 each. The pay-back schedule is estimated to be less than 3 years.
UCSY Company chairman, Michael Zwebner stated: " This is a very major achievement for our company. PetroChina is one of the world`s largest Petroleum companies and operates thousands of Gas Stations throughout China. As part of our agreement, following the successful installation and conversion of the initial two PetroChina Gas Stations transferring from Grid Connected electric power to PV Solar Energy, we will contract further to " PV Solarize" over 1,000 additional Gas Stations in a contract potentially worth over \$100 million. Our Chinese joint venture partners are very excited about the possibilities of moving from Grid Supplied Electric Power, to PV Solar Energy Systems."
In addition, as previously reported, UCSY subsidiary Millennium Electric TOU Limited will jointly develop the local market for Photo Voltaic Solar Panels and Systems, for sales and distribution to both the Chinese market and for export to other markets around the world. It is also anticipated that the group will eventually contract to manufacture a range of Millennium`s PV Solar panels in China.
About PetroChina
PetroChina, one of the largest companies in the Peoples Republic of China in terms of sales, is engaged in a broad range of activities related to petroleum and natural gas, including: exploration, development and production of crude oil and natural gas; refining, transportation, storage and marketing, including import and export of crude oil and petroleum products; production and sale of chemical products; and transmission, marketing and sale of natural gas.
Further information can be viewed at: www.PetroChina.com
About Universal Communication Systems Inc. For further information, visit our web address: http://www.ucsy.com
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