The notice comprises default and termination provisions of the 21 September 2012 EPC Payment Agreement, the Heads of Terms Agreement effective 13 March 2012 and the joint venture agreement with Good Coal.
Good Coal JV, effective 5 June 2012, also includes the Exclusive Technology License Agreement.
The company, which owns the proprietary technology that converts raw coal into a cleaner burning and more efficient fuel, is currently continuing with its construction of the Oklahoma pilot plant.
Clean Coal will now assume all obligations of the project under a new construction contract.
Following construction and commercial implementation of the company’s technology, Clean Coal will exclusively own the pilot plant, thereby representing the only recipient of sales revenues in the ASEAN region from the plant’s product.
Clean Coal director, president and CEO Robin Eves stated that AGPL’s inability and failure to meet its contractual funding obligations was unanticipated.
"Furthermore, the equity capital already received and anticipated under the Stock Purchase Agreement is expected to cover the cost of the pilot plant as well as the Company’s working capital needs through the end of 2014," Eves added.
