Press Release
February 10, 2009
Methes Energies Canada Signs Contribution Agreement with
Natural Resources Canada
New York, February 10, 2009 – Methes Energies International Ltd. announced today that its wholly-owned subsidiary, Methes Energies Canada Inc., has signed a contribution agreement with Natural Resources Canada allowing the company to receive a production incentive from one of NRC’s administered program - the ecoENERGY for Biofuels.
The agreement will provide Methes with a financial contribution of up to a maximum amount of Five Million Three Hundred and Sixty Thousand Canadian Dollars ($ 5,360,000 CDN) over a period of seven years ending on June 30th, 2015. The contribution has been granted for Methes’ five-million-liter-per-year facility located in Mississauga, Ontario, Canada.
The ecoENERGY for Biofuels Program supports the production of renewable alternatives to gasoline and diesel, as well as encourages the development of a competitive domestic industry for renewable fuels. The program provides an operating incentive to facilities that produce renewable alternatives to gasoline and diesel in Canada.
Through the ecoENERGY for Biofuels Program, the Government of Canada will invest up to $ 1.5 billion (Canadian dollars) over a period of nine years in support of biofuel production in Canada.
“We are proud to have been deemed eligible for funding by Natural Resources Canada. This program is a great example of how the Canadian Government is doing its part in increasing our supply of biodiesel for a clean and greener environment for all Canadians”, said Mr. John Loewen, President of Methes Energies Canada Inc.
About Methes Energies International Ltd. (“Methes International”)
Through its two wholly-owned subsidiaries - Methes Energies Canada Inc. and Methes Energies USA Ltd. - Methes Energies International Ltd. stands as a leader in the biodiesel arena with its innovative and efficient processes that are delivered to its clientele in easy turn-key solutions. These biodiesel solutions are designed for heavy users of biodiesel and diesel fuels, traditional diesel and biodiesel fuel distributors, large scale biodiesel producers, as well as entrepreneurs seeking the independence of producing their own fuel.
In 2007, Methes Energy Inc. introduced the Denami 600. This state-of-the-art design is the industry’s first compact, fully automated continuous flow biodiesel processor that offers the flexibility of using a wide variety of feedstock options. We believe that the Denami 600 positions itself as the most reliable and cost effective method of producing quality top grade B100 biodiesel fuel, which meets or exceeds current ASTM standards. The Denami 600 can produce a total of 1.3 million gallons (5 million liters) per year. Additionally, the Denami 600 is one of the only commercially available fully automated compact units on the market today. Finally, Methes Energies provides its customers with an efficiency of scale, reliability and independence from the traditional petroleum business sector. More information can be found at www.methes.com.
Forward-looking Statements: This news release contains forward-looking statements related to the future financial condition and results of operations of Methes. These statements are based on current expectations and estimates about the biodiesel markets and industry in which Methes operates and management's beliefs and assumptions regarding these markets. These statements are subject to important risks and uncertainties which are difficult to predict and assumptions which may prove to be inaccurate. Some of the factors which could cause results or events to differ materially from current expectations include but are not limited to: general economic conditions, market or business conditions; changing competitive environment; changing regulatory conditions or requirements; changing technology; and success in implementing productivity initiatives. Some of these factors are largely beyond the control of Methes. Should any factor impact Methes in an unexpected manner, or should assumptions underlying the forward-looking statements prove incorrect, the actual results or events may differ materially from the results or events predicted. All of the forward-looking statements made in this document are qualified by these cautionary statements, and there can be no assurance that the results or developments anticipated by Methes will be realized or, even if substantially realized, that they will have the expected consequences for Methes. Readers should not place undue reliance on any forward-looking statements. Further, Methes disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or any other occurrence. |