Wednesday May 9, 9:36 am ET
NEW YORK--(BUSINESS WIRE)--GreenShift Corporation (OTC Bulletin Board: GSHF - News) today announced the execution of letters of intent that provide for the design, construction and operation of integrated corn oil extraction and biodiesel production facilities on-site at selected ethanol facilities.
The letters of intent call for GreenShift's majority-owned process engineering company, GS CleanTech Corporation (OTC Bulletin Board: GSCT - News), to design, build and integrate a total of twelve corn oil extraction systems based on its patent-pending technology with four biodiesel production systems at four separate ethanol production facilities in the Mid-Western U.S. The biodiesel production systems are based on GS AgriFuels Corporation's (OTC Bulletin Board: GSGF - News) patent-pending NextGen Fuel biodiesel process technology, and correspond to about 30 million gallons per year of corn-oil derived biodiesel production. GS AgriFuels is GreenShift's majority-owned clean fuel production company.
If these letters of intent are successfully converted into executed contracts, this would result in a total of about $80 million in process engineering and equipment sales and certain ongoing royalties for GS CleanTech, and about $12 million in one-time equipment sales and about $30 million per year in ongoing biodiesel sales for GS AgriFuels.
Kevin Kreisler, GreenShift's chairman and chief executive officer, stated that "These letters of intent are a long-awaited validation of the technologies and business model we have introduced to the marketplace. GreenShift's model is to acquire, develop and commercialize clean technologies that facilitate the more efficient use of natural resources while maximizing economic gains for our clients, partners and shareholders. Our go-to-market strategy for our corn oil extraction and biodiesel production technologies is to use technology to acquire feedstock and then to build and own integrated fuel production assets that help to increase the profitability of our host ethanol facilities. While this plan has taken longer to implement as compared to a simple equipment sales model, we are confident that our model, which incorporates engineering service sales, equipment sales and recurring fuel production sales, will prove to be superior over the long term. We are very excited by these term sheets and look forward to moving through technical due diligence, execution of definitive agreements and into deployment in each case."
About GS CleanTech Corporation
GS CleanTech Corporation provides applied engineering and technology transfer services based on clean technologies and process innovations that make it cost-effective and easy to recycle and reuse resources. Additional information on GS CleanTech's Corn Oil Extraction System and GS CleanTech's ethanol efficiency program is available online at
www.gs-cleantech.com.About GS AgriFuels Corporation
GS AgriFuels (
www.gs-agrifuels.com) was founded to produce and sell clean fuels from agriproducts in innovative ways. GS AgriFuels' business model is based on the manufacturing and sales of proprietary biodiesel equipment and the use of new technologies to produce biodiesel and ethanol from non-traditional feedstocks such as corn oil and cellulosic biomass through the utilization of several new proprietary technologies, including innovative desiccation, process intensification, gasification, and catalytic technologies, synergistically at small-scales to enable the refining of many forms of biomass into clean fuels at Integrated Multi-Fuel ("IMF") production facilities. Additional information on GS AgriFuels is available online at
www.gs-agrifuels.com.About GreenShift Corporation
GreenShift Corporation develops and supports clean technologies and companies that facilitate the efficient use of natural resources. GreenShift's ambition is to catalyze the rapid realization of disruptive environmental gains by creating valuable opportunities for a great many people and companies to use resources more efficiently and to be more profitable. Additional information on GreenShift is available online at
www.greenshift.com.http://biz.yahoo.com/bw/070509/20070509005692.html?.v=1&prin…
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