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Blue Sphere Corp. Submits Product Identification Note for One of Its Projects in Ghana

^{Published on 2010-12-02 07:40:32 - Market Wire}
 

LONDON--([ BUSINESS WIRE ])--Blue Sphere Corp. (OTCBB: BLSP) (the "Company" or aBlue Spherea), a company in the Cleantech sector as an Emission Reduction project integrator, is pleased to announce that it has submitted the Project Identification Note (aPINa) to the Ghanaian government for preliminary approval of its landfill gas mitigation clean development mechanism (aCDMa) project in Accra, Ghana.

Submission of the PIN is the first step in the project implementation and registration process. Once received by the Ghanaian government, the PIN will be reviewed by the Ghanaian Environmental Protection Agency (aEPAa) to confirm that the project meets all applicable Ghanaian criteria for CDM project implementation. This review is expected to take up to 4 weeks. Once complete, it is expected that the Ghanaian EPA will issue to Blue Sphere a letter of endorsement, which represents the Ghanaian governmenta™s preliminary approval of the project. The next step will be to commence the project design document (a more detailed description of the project) and to receive from the EPA a letter of approval, which represents the Ghanaian governmenta™s final approval of the project.

The Project consists of the installation of a gas collection system and flare at the non-operational landfill sites Oblogo and Mallam, which are located within one mile of each other in Accra, Ghana.

About Blue Sphere Corp.

Blue Sphere Corp. is a company in the cleantech sector as an Emission Reduction Project Integrator. Blue Sphere develops projects for greenhouse gas emission reduction and renewable energy production. The Company aspires to become a key player in the global carbon reduction market, helping enterprises with high pollution emissions achieve their green goals. For further information please visit the Company's website [ www.bluespherecorporate.com ].

This press release contains forward-looking statements, which are subject to risks and uncertainties. Among these are: (i) uncertainties regarding our ability to obtain adequate financing on a timely basis including financing for the project described in this release and other specific projects, (ii) uncertainties regarding the market for and value of carbon credits including carbon credits associated with industrial gases, as well as the duration and amount of estimated emissions from specific projects, (iii) political and governmental risks associated with the foreign countries in which we operate, (iv) unanticipated delays associated with project implementation including designing, constructing and equipping projects, as well as delays in obtaining required host country and United Nations approvals, (v) the development stage of our business and (vi) our lack of operating history. As such, there is no assurance that the initiatives described in the press release will be successfully implemented or meet expectations.

Forward-looking statements are also subject to other risks, uncertainties and factors including, but are not limited to, the nature of the carbon credit industry, including changing customer demand, changing regulatory requirements, different regulations across national borders, customer acceptance of our services and products, the impact of competitive services, products and pricing, dependence on existing management, that technology may not work as expected and general economic conditions. In regards to our company, the following are also risk factors: our ability to finance operations and growth, our ability to attract and retain employees and consultants, competition from cheaper or more accepted competitors, whether our technology can perform under commercial conditions and our ability to keep control on costs. Readers should also refer to the risk disclosures outlined in disclosure documents filed by other start up environmental companies with the Securities and Exchange Commission available at [ www.sec.gov ].

The Company assumes no obligation to update the information in this release.