ENVIROTEK Acquires Controlling Interest in One of 15 Nationwide Licensed, Biodiesel Refinery Facilities
November 04 2009 - 1:07PM
Marketwired
ENVIROTEK (PINKSHEETS: ENTK) today announced the Company recently
acquired 51% controlling interest in Extreme Green Technologies
Inc., a Nevada corporation with a CA, DBA: "Extreme Biodiesel"
located in Corona, California.
ENVIROTEK Board of Directors today announced the acquisition of
controlling Interest in "Extreme Green Technologies Inc." further
enhances ENVIROTEK's portfolio of "All Green" Alternative Fuels and
Energy Solutions for worldwide applications.
Robert Thompson commented, "We are ecstatic at the opportunity
to partner with such a leading state licensed Biodiesel and
alternative fuel refining company here in California, whose Board
of Directors have an almost identical vision as ours, towards an
all 'Green' alternative fuel refining and distribution network. The
opportunity to add Extreme Green Technologies' President Joe
Spadafore to our Board of Directors is an unprecedented bonus.
ENVIROTEK has committed to and already started funding the
expansion of Extreme Biodiesel's Corona facility in order to
increase the daily production capacity of Extreme Biodiesel."
Extreme Biodiesel is currently believed to be one of 15
Nationwide Licensed Biodiesel refinery facilities with
authorization to refine, produce and resell Biodiesel products. Of
which Extreme Biodiesel is one of only four of the above stated
licensed facilities in California.
ENVIROTEK'S Robert Thompson further commented, "With added
improvements to the refinery that are already in process along with
the funding by ENVIROTEK, it is projected the plant will be fully
operational with a daily production capacity of 4000 gallons by
January 1st, 2010. With additional funding from ENVIROTEK the 12000
sq. ft. facility will have a daily production of 10,000 gallons of
high grade Biodiesel per day and operating six days per week. The
annual output at the current refinery by mid 2010 is projected to
be in excess of 3,000,000 gallons per year which in the current
economic climate would equate to over $9,000,000 in annual revenue.
The facility's current production capacity is 1200 gallons per day.
The government currently offers a subsidy of $1.00/gallon to
licensed facilities producing Biodiesel along with Green Credits
valued at approximately $.033/gallon. This is in addition to the
profit margin from the production to resale of the Biodiesel. The
government subsidies are projected to continue through 2018 for
licensed facilities."
The $1.6M Extreme Green Technology acquisition partnership was
acquired by ENVIROTEK by way of Cash, Preferred (Non-Tradable)
shares, restricted shares and 5-year stock options.
About Extreme Green Technologies Inc.
www.extremebiodiesel.com
About ENVIROTEK
ENVIROTEK "PROVIDING TOMORROWS GREEN SOLUTIONS TODAY" Our
initiative is to help change the way the world looks at the
Environment, and provide solutions to "GO GREEN"
ENVIROTEK is a rapidly growing company that will be introducing
several innovative technology solutions to a growing crisis
throughout the world. Our goal is to improve the health,
environment and economy of people around the world by supplying
proprietary technology that can be used in both new and existing
systems to convert them to GREEN and to create Alternative Energy
Solutions.
We will be introducing cutting edge technology in a number of
areas, Energy, Environmental Cleanup, Dead Oil Wells and Waste
Management just to name a few. Our products will not only help
reduce the Co 2 green house effect, but will also be a solution to
save our resources for generation to come.
IMPORTANT LINKS
www.envirotekusa.org
www.thefuelfilm.com
To view this press release in video format visit:
http://www.vodnewswire.com/vodnewswire/news/envirotek_20091104/
Safe Harbor Statement: This release includes forward-looking
statements intended to qualify for the safe harbor from liability
established by the Private Securities Litigation Reform Act of
1995. These forward-looking statements generally can be identified
by phrases such as INCL or its management "believes," "expects,"
"anticipates," "foresees," "forecasts," "estimates" or other words
or phrases of similar import. Similarly, statements herein that
describe the Company's business strategy, outlook, objectives,
plans, intentions or goals also are forward-looking statements. All
such forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those in forward-looking statements.
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Contact: ENVIROTEK 949-999-2022