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The story behind the change of Director's Interest

  1. ENVIROSTAR ENERGY LIMITED 2002-07-05 ASX-SIGNAL-G

    HOMEX - Sydney

    +++++++++++++++++++++++++
    The Directors wish to inform the market of the reasons behind the
    transfer and sale of shares by its major shareholder, a company
    associated with CEO Mr James Kwok as detailed in the Appendices 3Y
    which was lodged with the Australian Stock Exchange today.

    Mr Kwok's company has sold some of its shares in the company by way
    of off-market transfer so that he may personally continue to support.

    Energy Equipment Australia financially during the final stages of the
    construction and commissioning of the Stapylton Green Power Plant. Mr
    Kwok has informed the board that he is a reluctant seller as he
    believes in the successful future of the Envirostar Energy. However,
    he wishes to honour his commitment through Energy Equipment Australia
    to continue to fund the completion of the Stapylton 5 MW Project.

    Mr Kwok is the owner and Managing Director of the private company,
    Energy Equipment Australia (EEA) which acquired the rights to the
    Fluidised Bed technology used in the power generation process. In
    addition, EEA is the EPC contractor at Stapylton. In view of the
    financial losses incurred by EnviroStar through the collapse of
    Financial Options Group, EEA, the support of Mr Kwok, has
    trade-financed the construction and commissioning at Stapylton.
    Furthermore, Mr Kwok has willingly and personally taken on the
    financial responsibility of meeting certain payments relating to the
    project which would otherwise have been met by EnviroStar
    demonstrating, his total commitment to the project and the timely
    completion of the 5MW plant.

    Mr Kwok and EEA have been working with this technology for many
    years, EnviroStar has a number of projects under various stages of
    development, all of which have been initially funded by EEA.

    The approval and planning process for each of these power generation
    plants takes several years and Mr Kwok has consistently demonstrated
    his persistence, determination and commitment to the technology and
    the development of these projects, both technically and financially.

    Following the commissioning of the Stapylton 5MW plant, the second
    stage (20MW) is ready to proceed, subject to financing. Site works
    have commenced for the 20MW Morwell plant. This has been achieved
    with the direct support of EEA and Mr Kwok.

    The Directors of EnviroStar wish to express their appreciation to Mr
    Kwok for his continued support and commitment to its activities.

    For further information, see our website
    (http://www.envirostar.com.au) or contact Chris Coudounaris, via the
    communication points shown below.

    Telephone Number: (02) 9232 0788

    Facsimile Number: (02) 9232 0799

    Email address: info@envirostar.com.au



    C S Coudounaris
    CHAIRMAN
    EnviroStar Energy Limited.



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