Methes Energies signs an Agreement of Purchase and Sale New York, February 28, 2008 – Methes Energies International Ltd. announced today that its wholly-owned subsidiary, Methes Energies Canada Inc., has signed an agreement to purchase a 22-acre facility near Sarnia, Ontario, Canada. Methes Energies intends to set up that site as a biodiesel facility that will produce 6.6 million gallons (25 million liters) of biodiesel per year. The agreement, which was accepted by the vendor, provides Methes Energies with two months to finalize the due diligence on the property and arrange for its financing. As the site already carries most of the infrastructure and equipment needed to produce biodiesel, it will only take a few weeks to prepare the site before 5 Denami 600 biodiesel processors can be installed. Included in the price of $ 2.2 Million Canadian dollars that Methes Energies has agreed to pay, is approximately 1 million gallons (4 million liters) of storage facility (tanks), several rail and truck loading racks, lab equipment, a water treatment plant, several furnished buildings, as well as an office space, air compressor, 2 X 1 million BTU boilers, and a fire suppression system.
“We are fortunate to have found a site that is almost already equipped with everything that we need to start producing Methes biodiesel quickly. We can easily add more units to this site in the future and also generate additional revenues with other activities that complement our business”, said John Loewen, President for Methes Energies Canada Inc. The new facility will employ approximately 6 people, and production is scheduled to commence during the summer of 2008. 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. |
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