SOURCE: Radar Acquisitions Corp.
Radar Releases RFP Looking for Qualified Clean Coal Development Partner
CALGARY, AB--(Marketwire - January 23, 2009) - Radar Acquisitions Corp. (TSX-V: RAC) is pleased to announce that they are looking for a qualified partner to participate on a joint effort basis with Radar in responding to an RFP for base load power (Clean Coal technology) published by Xcel Energy on January 9, 2009 as stated below under the heading Xcel Energy's Request for Power.
Radar's Buick Coal Property, located 90 miles south east of Denver, Colorado, and encompassing over 22,500 acres of leases, holds a significant resource that is ideally suited for the development of additional power generation capacity. The technical information on the Buick Project can be located at www.sedar.com filed on November 2, 2007 labeled as "Report NI 43-101, Limon Lignite Project, Elbert County, Colorado USA."
Radar feels optimistic from its previous efforts (see news release dated June 14th, 2005 and January 3rd, 2006), that its Buick Coal Property, combined with coal gasification or other clean coal technology, would be a strong candidate to supply the full amount or a portion of the MWs of power requested.
Therefore, Radar is inviting any qualified party interested in partnering with the Company to submit a statement of qualifications and partnership proposal. In order to meet the stringent Xcel RFP deadlines, time is of the essence and therefore submissions are due by February 10th, 2009. For any further information, please contact the Company as soon as possible.
Xcel Energy's Request for Power
On January 9, 2009, Public Service Company of Colorado (Public Service) issued an All-Source solicitation seeking resources to serve the needs of its retail and wholesale customers. The All-Source solicitation seeks proposals for power purchase agreements for capacity and energy resources with in-service dates preceding May 31, 2015. The solicitation is part of the most recent 2007 Colorado Resource Plan approved by the Colorado Public Utilities Commission in December.
Xcel Energy is seeking to add up to 700 megawatts of additional wind and solar generation through the All-Source RFP. In addition, the company will consider acquiring up to 600 megawatts from solar thermal generation with storage capability or natural gas backup.
Under CPUC rules, all forms of electric generation greater than 30 megawatts -- both fossil and renewable -- can be bid, although this RFP restricts coal-fired bids to those from facilities that capture and sequester at least 50 percent of their carbon dioxide emissions.
About Radar Acquisitions Corp.
Radar Acquisitions Corp. is a natural resource development company focused on growth through the acquisition, exploration and development of coal resource and resource-related technologies. Radar has currently two major projects under development; the Buick Coal Project which holds significant coal resources in Colorado, USA and the RPS Fuels joint venture which develops engineered solid fuel products. Other coal and related opportunities continue to be evaluated on an opportunistic basis. For more information about the Company go to www.radar.ab.ca.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain certain Forward-Looking Statements. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. However, we disclaim any intention and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Corporate Head Office:
Timothy J. Bergen
President
Peter Leger
Vice-President
Tel: 403.262.3797
Toll Free: 1.877.262.5888
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