Gediminas Jasionis

Global Environmental Energy Corp (OTCBB:GEECF)

by Gediminas Jasionis February 6, 2008
Biosphere_2.jpgFreedom Renewable Energy today announced that it has been licensed by Global Environmental Energy Corp (OTCBB:GEECF, DE:GLI) to sell "Biospheres" in the United States.

What is a Biosphere? According to the company, the Biosphere Process™ burns solid waste to create heat, which is used to create steam, which drives a turbine, which generates electricity. Municipal waste is thus converted to energy. Conceptually, it's just an incinerator that uses the released heat to create electricity.

The license requires that Freedom Renewable Energy purchases a minimum of 25 Biospheres per year from Global Environmental Energy Corp (GEECF), at an initial price of $9 million each. In addition, GEECF will receive continuing royalties from the operation of each system.

Global Environmental Energy Corporation builds the Biospheres in China, although the company is based in the Bahamas. The Bahamas-based company was spawned by a Delaware-based company of the same name. The Bahamas company trades under the symbol GEECF, whereas the Delaware company traded under GEEC. An SEC filing (Form 20-F) from the company explains the fate of the Delaware company:

On May 19, 2005 Global Environmental Energy Corp (Delaware) filed a voluntary petition and commenced its reorganization pursuant to section 327(a) of chapter 11 of title 11 of the United States Code (the "Bankruptcy Code") and Federal Rule of Bankruptcy Procedure 2014(a) in the Eastern District of Louisiana number 05-142201. On May 28, 2005, the record date, Global Environmental Energy Corp (Bahamas), memorialized its shareholders list as at that date and prepared the share certificates for distribution to the shareholders. The dividend of Global Environmental Energy Corp (Delaware) was to have been paid with record date of May 28, 2005, to shareholders of record on that date pending approval of the chapter 11 reorganization of Global Environmental Energy Corp (Delaware). Pursuant to an order signed on June 5, 2007 by the Bankruptcy Judge in the United States Bankruptcy Court, Eastern District of Louisiana, the bankruptcy of Global Environmental Energy Corp (Delaware) has been converted from a Chapter 11 reorganization to a Chapter 7 liquidation. As a result of the Chapter 7 liquidation, the common stock will not be distributed as previously contemplated.
Meanwhile, Freedom Renewable Energy is "a Delaware corporation, formed in 2007 for the sole purpose of acquiring a license for commerializing of the 'Biosphere' technology in the United States," according to the website of the company. Hmm. Freedom Renewable Energy does not have publicly traded stock, but apparently intends in the future to have AIM-listed stock.

Yesterday, OTCBB-listed GEECF stock was trading at 20 cents a share, with jitters up and down. With the announcement of Freedom Renewable Energy's license for Biosphere purchases, perhaps we will see some marked activity today for the stock, even though it sounds like the deal was almost a fait accompli.

The company websites are as follows...

Global Environmental Energy Corp: www.geecf.ru
Freedom Renewable Energy: www.freedom-renewable.com

Comments 2

1. Guest
July 11, 2012, 01:19PM

Quotes you do know of course this is a scam - and a poor one at that.

2. Guest
February 15, 2008, 12:29AM

Quotes GOOD JOB GUYS, I HOPE YOU DO SELL A LOT OF THESE ALL OVER THE WORLD. I WOULD LIKE TO HEAR SOMETHING ABOUT SAHARA PETROLEUM, THAT WOULD BE A HIT. THANKS FOR WORKING ON BEHALF OF OUR PLANET.

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