LAGUNA BEACH, CA and CAMERON PARISH, LA — (Marketwired) — 10/10/14 — CEO and Chairman of SCT&E LNG, the developer of a large scale Liquefied Natural Gas (LNG) manufacturing and export facility located in southwest Louisiana, has been invited to attend the Louisiana Business Development Trade Mission to Panama during the week of October 12-17, 2014. Organized by the Louisiana District Export Council in conjunction with the Louisiana Committee of 100 and the U.S. Commercial Service, the Trade Mission in Panama is a strategic opportunity to foster new business opportunities and enhance partnerships between Panama and the United States.
As a delegate, Michaels will observe firsthand the progress of the Panama Canal expansion, a $5.25 billion project that will double its capacity and allow passage of post-Panamax vessels. Michaels has a keen interest in the passage of LNG vessels through the canal and will hold meetings and discussions with Panamanian officials regarding such. During the Trade Mission in Panama, Michaels will meet with government officials, industry professionals, and business leaders to promote the $9.2 billion SCT&E LNG liquefaction project scheduled to be built on Monkey Island, in Cameron Parish, Louisiana. SCT&E LNG plans to ship LNG through the canal via large ocean going LNG vessels, thus making this Panama Trade Mission an important and timely event. The Mission forum will advance and expand connections with potential off-takers of LNG by providing business-to-business introductions, meetings and networking with selected foreign participants as well as extensive market access.
Panama currently has no restrictions on the outflow of capital or outward direct investment. Following its accession to the World Trade Organization in mid-1997, Panama opened up trade and lowered tariffs across the board, giving it the lowest average tariff rate in Latin America. While visiting in Panama–s favorable business climate, Michaels will meet with prospective investors interested in the $9.2 billion liquefaction project.
The United States is Panama–s most important trading partner. In 2012 U.S. exports to Panama jumped 20% to $9.9 billion due to Panama–s growing economy. U.S. products are widely used and accepted in Panama and, because of its steady growth, Panama is also in need of clean burning electrical generation. Part of Michael–s itinerary will include meetings regarding potential electrical generation projects and LNG terminals in the region.
Originally established by Southern California Telephone Company, a successful twenty-year, privately owned United States Public Utility Company, SCT&E LNG was established for the development of a Liquefied Natural Gas (LNG) Manufacturing and Export Terminal. The SCT&E LNG project is currently modeled as an LNG Tolling Facility utilizing cryogenic technologies to liquefy natural gas for the exportation of natural gas globally. Plainly stated, the SCT&E LNG plan is to liquefy approximately 1.62 billion cubic feet per day of natural gas to create approximately 12 million tons per annum of LNG at its future facilities on Monkey Island, Cameron Parish, Louisiana. Southern California Telephone Company, doing business today as SCT&E, includes its subsidiary North Energy Central whose principals have built over $5 billion in power generation projects worldwide. Originally founded in 1994 by CEO Greg Michaels, the company is a vertically integrated Telephone, Energy, and Power Generation Corporation, offering Telecommunication Services as well as Energy Services, including renewable energy and energy efficiency solutions, thus blending the world of utility mediums.
The company has multiple locations, with its corporate office headquartered in Temecula, California. SCT&E owns and operates a redundant telecommunications network and maintains facilities on both coasts of the United States. The company holds a U.S. Federal Energy Regulatory Commission (FERC) Authority allowing it to buy and sell energy nationwide in both the wholesale and retail markets.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties, and assumptions that include expected earnings, future growth and financial performance, and typically can be identified by the use of words such as “expect,” “estimate,” “anticipate,” “forecast,” “plan,” “believe” and similar terms. Although SCT&E LNG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, general economic conditions, hazards customary in the oil and gas industry, weather conditions, competition in oil and gas markets, the volatility of energy and fuel prices, failure of customers to perform under contracts, changes in the oil and gas markets, changes in government regulation of markets and of environmental emissions, the condition of capital markets generally, the company–s ability to access capital markets, unanticipated facilities outages, adverse results in current and future litigation, failure to identify or successfully implement acquisitions (including receipt of third party consents and regulatory approvals), and failure to acquire or transact on off take agreements.
SCT&E LNG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause SCT&E LNG actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect SCT&E LNG–s future results.
Contact:
Stephanie Moreau
Assistant to Greg Michaels
Southern California Telephone & Energy
951-693-1880
800-840-6673
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