On March 21st, 2006 the Ontario Government's announced the new standards price they will pay for energy produced from renewable sources in Ontario.
Toronto, Ontario Canada - (For immediate release) - March 24, 2006 12:00 PM EST
Biomaxx Systems Inc. (Other OTC: BMXSF) is particularly interested with the inclusion and recognition of electricity produced from biomass. Biomaxx Systems Inc. will now develop a new initiative to produce a commercially viable product offering for biomass to electricity production. In the past the challenge with renewable energy in Ontario, has been the lack of compensation for a grid tie system linking to the power grid, and the lack of commitment from the Ontario Power Authority.
Before this announcement, it was costly and complex for a renewable energy producer to sell their energy. This will create opportunities for farmers, landowners, communities, aboriginal groups, business owners and the hobby energy producer to sell power back to the Ontario Power Authority at a fixed market price under the Ontario's Standard Offer Program. The Ontario Power Authority will pay 11 cents per kilowatt hour for energy produced from wind, biomass, hydroelectric and will pay 42 cents per kilowatt hour for energy produced from solar.
The Premier of Ontario, Dalton McGinty announced the new standards price for renewable energy produced in Ontario. Entrepreneurs and businesses can sell clean power produced from solar, wind, biomass, and hydroelectric systems back to the power grid. "We're taking a bold new step that will allow hundreds of small, local, renewable energy producers to get into the energy market -- providing cleaner energy that will help meet Ontario's needs today -- and in the future," said Premier McGuinty.
"Standard Offer contracts have been the fastest and most successful way of producing renewable energy throughout the world," said Premier McGuinty. "Encouraging communities to develop more renewable electricity will spur the kind of innovation in the energy sector that will help clean up our air, create jobs and contribute to our long-term prosperity."
The program is expected to produce 1,000 megawatts of renewable energy to Ontario's energy supply which will be enough to power 250,000 homes and reduces dependence on other energy sources, reduces air pollution, protects the environment and will create new jobs and opportunities.
Attending the announcement was world-renowned scientist Dr. David Suzuki who stated "Ontarians need a reliable power system that doesn't leave a legacy of economic or environmental debt. Today's announcement will revolutionize the market for clean, renewable energy in North America and lay the groundwork for a healthier, brighter future."
The Ontario Government has been proactive in the development of a clean, reliable, affordable and sustainable energy supply in Ontario and this initiative follows up on the commitment to generate five per cent of the energy produced, representing 1350 megawatts, through renewables by 2007. Last year they came close with 1300 megawatts produced from renewable sources.
Biomaxx Systems Inc. expects demand for biomass to electricity related products and our expertise in this field will present great opportunities to the company.
About Biomaxx Systems Inc.
Biomaxx Systems Inc.'s corporate mandate is to promote clean, efficient and safe energy alternatives and to reduce emissions and control green house gas emissions for the Global alternative fuel markets. Biomaxx Systems Inc. plans to develop proprietary biotechnology processes to improve the efficiency of fermentation process used to produce bio-fuels and intends on licensing this technology.
Biomaxx Systems Inc. also provides professional consulting services in the fields of Biotechnology, Bio Fuels, Renewable energy and related specializations. Biomaxx will leverage the knowledge of our experienced professionals and consultants with distinct specializations in the key areas of biotechnology and bio-energy. Biomaxx Systems Inc. is a Canadian company with international reach, covering most global markets.
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This release includes forward looking statements, which are based on certain assumptions and reflects management's current expectations. These forward looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
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