(Source: Marketwire)
CALGARY, ALBERTA--(Marketwire - Nov. 17, 2008) - Immersive Media Corp. (TSX VENTURE:IMC) ("IMC") is pleased to announce that it has completed its previously announced strategic investment with Future Fuels LLC ("Future Fuels") in Future Power PA Inc. ("Future Power"), a wholly-owned subsidiary of Future Fuels. IMC's U.S.$5 million investment, which is structured as a secured convertible senior debt instrument, will provide start-up capital for Future Power, a Pennsylvania based joint venture focused on generating electricity using IGCC (Integrated Gasification Combined Cycle) clean coal technology for the PJM electricity grid, which serves over 51 million customers in the Northeastern portion of the United States.
Future Power's initial objective is to complete certain preliminary development work that is necessary in order to construct and operate a 150MW electricity generation plant near Good Spring, Pennsylvania using IGCC technology. IMC's investment will fund the completion of this objective and will provide Future Power with working capital for general purposes. For additional information relating to IMC's investment in Future Power, including the structure and terms of IMC's investment, see IMC's press release issued on November 3, 2008.
About Future Fuels LLC
Future Fuels integrates its gasification technologies, coal and land assets to develop clean coal projects. Projects produce power, liquid fuels, methane and other clean coal-derived energy. Future Fuels specializes in smaller mine mouth projects utilizing refurbished equipment and unique partnership structures to lower transportation and transmission costs so that ecologically friendly technologies, which cost more to implement than traditional means, can bring energy to markets at competitive prices. The management and directors of Future Fuels have considerable experience in the development of energy projects based on many years of industry experience at various firms around the world. To learn more, visit Future Fuels' website at www.futurefuelsllc.com.
About Immersive Media Corporation
IMC is the leading provider of full motion, high-resolution, interactive spherical video technology and production services. Using eleven video streams arranged according to geodesic geometry, Immersive video captures an almost complete spherical image; a high- resolution 360 degree view of surroundings that is seamlessly stitched together. IMC's immersive movies can integrate GPS coordinates and other metadata producing our GeoImmersive(TM) video. IMC's open platform design easily interfaces with industry standard applications and databases providing viewers with greater visual detail for timely, fact-based decision-making, and for the distribution of interactive streaming spherical video.
The Future Power joint venture is a departure from the core business of IMC, but represents an opportunity for IMC to make the optimal use of its cash resources that are not immediately required for its core business.
