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Blue Sphere Corp. Announces Financing Update for Its Navoi, Uzbekistan and Aktau, Kazakhstan Projects

^{Published on 2010-12-07 12:01:06 - 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 Aon Israel Insurance Brokerage Ltd. has agreed in principle to arrange debt financing for our N20 abatement projects at the Navoiyazot Nitric Acid Plant No. 5 in Navoi, Uzbekistan and the Kaz Azot Plant in Aktau, Kzakhstan.

The Uzebekistan project contemplates a debt facility of approximately USD $10 million and the Kazakhstan project contemplates a debt facility of approximately USD $7 million. It is contemplated that each debt facility will be on a project finance basis, and will require equity participation of at least 30% of the transaction amount.

Our relationship with Aon Israel was initiated in October 2010. Aon Israel has not committed to invest in our company or to cause any person to invest in our company. The terms and conditions of any financing arranged by Aon Israel will be subject to due diligence and negotiation and entry into of definitive transaction contracts and other transaction documentation. There can be no assurance that we will be successful in securing financing through Aon Israel or otherwise.

For further information please contact Sam White at 888-309-9088 or [ info@bluespherecorporate.com ]

About AON

AON Israel Brokerage Ltd. is a member of AON, a Fortune 500 company with offices in more than 120 countries and annual revenues of approximately US$7.6 billion. AON is a world leader in the global insurance and financial markets, including trade finance, risk management products and consulting. For full information on AON, including financial reports, please see [ www.aon.com ].

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 ]

Forward-Looking Statements

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 projects 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.

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