Veridium Amends License Agreement for Exclusive Rights to CO2 Bioreactor
Tuesday April 18, 9:44 am ET Technology Enables Cost-effective New Supply of Ethanol Feedstock NEW YORK--(BUSINESS WIRE)--April 18, 2006--Veridium Corporation (OTC Bulletin Board: VRDM - News) today announced its execution of an amended license agreement with Ohio University ("Ohio") for its patented bioreactor process for reducing greenhouse gas emissions from fossil-fuelled combustion processes. Veridium's original license with Ohio provided for non-exclusive rights to the technology for the purpose of processing exhaust gas streams from electrical utility power generation facilities, and exclusive rights to the technology for applications involving all other sources. The amended license agreement increases the scope of Veridium's license to provide for exclusivity in all applications, including electrical utility power generation facilities. Veridium's bioreactor technology is simple, robust and scalable, and was originally designed to reduce greenhouse gas emissions from fossil-fueled combustion processes. The technology is based on a new strain blue-green algae discovered thriving in a hot stream at Yellowstone National Park. The algae use the available carbon dioxide, water and light to grow new algae, giving off pure oxygen and water vapor in the process. Once the algae grow to maturity, they fall to the bottom of the bioreactor where the algae can be harvested for further refining several times per day. A prototype of the technology was built that is capable of handling 140 cubic meters of flue gas per minute, an amount equal to the exhaust from 50 cars or a 3 megawatt power plant. New Feedstock for Ethanol Production Ethanol is made from starch-based feedstocks. The algae in the bioreactor convert exhaust carbon dioxide and sunlight into a biomass that is comprised of about 94% starch and about 6% oil. This exceeds the starch concentration in corn, the primary feedstock for domestic ethanol production today, which contains about 63% starch and 3-4% oil. Even more impressive is that the preliminary test data show a doubling of the biomass several times per day - a rate much faster than plants, and it does all of this on a footprint that is orders of magnitude less than the surface area required for crops. Veridium's immediate focus for this technology is to deploy a commercial-scale pilot operation while seeking out qualified early adopters for deployment of the technology in the ethanol industry and in the traditional power generation industry. "We have been focused on ethanol front for some time now and most of our current market development focus is on deploying technologies that enhance production efficiencies for existing ethanol facilities," said David Winsness, chief executive officer of Veridium's industrial design division. "Our bioreactor technology is just one of several such technologies that we plan to roll out this year." Earlier this year, Veridium filed for patent protection on its BioStarch Recirculation System(TM) - an implementation of Veridium's bioreactor technology that routes exhaust carbon dioxide from the fermentation stage of ethanol production facilities through a bioreactor that is specifically designed to be integrated with existing ethanol facilities. "We believe that finding ways to rapidly squeeze more supply out of the existing production infrastructure is a critically necessary objective," said Winsness. "In conventional ethanol production, almost a third of the mass of the corn ends up in the form of exhaust. Our view is that carbon dioxide exhaust is a valuable resource that can be used to increase the current output of host ethanol facilities, and we think that we are going to see considerably more than 10% gains in production out of existing ethanol facilities with our patented and patent-pending technologies." Conversion of Power Plant Exhaust Winsness added: "Demand for ethanol is increasing and we believe that it will continue to exceed supply for the foreseeable future. We also believe that the rate of the increasing demand will continue to outpace the rate of the increasing supply while we wait for new ethanol facilities to be built. While bringing our technologies to the ethanol industry remains our primary focus, we are also seeking out new low-cost and near-term sources of ethanol supply. We believe that the power generation industry is a perfect candidate for this given the capabilities of our bioreactor technology and we are excited to now have the exclusive rights to the underlying technology." About Veridium Corporation Veridium Corporation (OTC Bulletin Board: VRDM - News) is a publicly traded industrial waste recycling company and holds the rights to more than a dozen proprietary universal processing, water purification, emissions control and waste recycling technologies. Veridium's business model is based on the engineering and marketing of green innovations and processes that enhance manufacturing efficiencies, improve resource utilization and minimize waste. Veridium's mission is to deliver consumer oriented Natural Solutions(TM) based on an array of green technologies and applied engineering expertise that reduce waste at the source and make it easier for people and businesses to recycle and reuse resources. Veridium plans to focus on the continued acquisition, development and marketing of benchmark green technologies and products that accomplish the following key goals: - Reduce the volume of waste generated by residential and commercial consumers;
- Increase the convenience and decrease the cost of recycling by residential and commercial consumers; and,
- Increase the cost-efficiency of processing certain types of industrial wastes.
Veridium is about 70% owned by GreenShift Corporation (OTC Bulletin Board: GSHF - News), a publicly traded company whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and catalyze transformational environmental gains. Safe Harbor Statement This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Veridium Corporation, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Contact:Veridium Corporation Investor Relations 888-870-9197 - Extension 291Fax: 646-792-2636investorrelations@veridium.comwww.veridium.com orCEOcast, Inc. for Veridium Ed Lewis, 212-732-4300
Source: Veridium Corporation |
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