Energy Company, Chancellor Group, to Acquire an Interest In Alternative Energy Technology
LAS VEGAS, Nov. 14 /PRNewswire/ -- Chancellor Group, Inc. announced today that it has signed a preliminary agreement with Energy Transfer Corporation of Santa Barbara, California, to fund the further development and commercialization of a revolutionary energy technology.
The technology will dramatically cut the cost of energy and can replace fossil fuel burning power generation facilities, provide a safe and clean alternative to nuclear power generation facilities, abate serious environmental problems, including ozone depletion and global warming, and reduce the world's dependence on oil.
Shane X.G. Rodgers, Chancellor Group vice chairman, said that, subject to completion of previously announced financing arrangements, the company will pay Energy Transfer Corporation an initial $6.5 million over a six month period for a 40 percent interest in the company's Advanced Heat Generation System (AHGS). For an additional payment, the company has an option to own a 50 percent interest.
A working prototype produces 10 watts of energy output for one watt of energy input. Indications are that the technology could generate up to double that energy output.
Chancellor Group and Energy Transfer Corporation will form a new joint venture company to exploit the technology and develop and commercialize a wide range of heating, cooling and energy generation products. The new company plans to begin continuous testing and beta-testing of the core technology in various applications over the next two years.
The technology was developed by three Santa Barbara scientists and engineers, Michael Racich, Mitch Conner and Susan Jung. The three principals of Energy Transfer Corporation have extensive experience in complex space guidance systems, nuclear power plant controls, theoretical physics, thermodynamics, computer systems, and information technology.
The Advanced Heat Generation System involves a unique means of activating nuclear level reactions. It efficiently creates high-spin and high-excitation nuclear states without linear accelerators but through very low energy means. When correctly activated there is a large energy release associated with this type of reaction.
The technology generates enormous quantities of heat energy more efficiently than any other existing heating system without using fossil fuels or electrical heating coils.
Calorimetric testing was done in conjunction with Brookhaven National Laboratories, an internationally respected testing facility and research lab. Energy Transfer Corporation also has the support of Long Island Research Institute, which specializes in the commercialization of new technologies, and the International Resource Group, which is involved in all types of energy related policies and technologies.
Present indications are that the technology will result in a product that is smaller, cheaper, safer and more efficient than fuel cells as well as having more applications. The technology is generations ahead of fuel cell technology and has more advantages and none of the liabilities of fuel cells, which require the establishment of a costly hydrogen fuel distribution infrastructure.
Among the many applications of the technology are residential, industrial and commercial power, steam heating, and heating, ventilation and air conditioning. Other applications include automobile engines, water desalinization, power utility markets, and local and private power generation markets.
Applications of the technology are so economical and versatile that the technology can also be used for portable power generation needs.
Chancellor Group (OTC Bulletin Board: CHAG) is an emerging energy and natural resources company. Information about the company is available on the company's web site www.chancellorgroupinc.com, on www.thestockbroker.com and on www.wallstreetnewscast.com, which has audio interviews with company executives.
This news release contains forward looking statements that involve risks and uncertainties. Actual results, events and performance could vary from those contemplated in the release.
SOURCE Chancellor Group, Inc.
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