HydroGenetics, Inc. Announces Binding Letter of Intent to Acquire Leading Northeastern Biodiesel Producer
December 19 2008 - 1:45AM
PR Newswire (US)
ACQUISITION TO ADD $3.5M IN REVENUE, $1.5M EARNINGS MIAMI, Dec. 19
/PRNewswire-FirstCall/ -- Emerging green energy holding company
HydroGenetics, Inc. (http://www.hydrogeneticsusa.com/) (Pink
Sheets: HYGN) announced today the execution of a Binding Letter of
Intent to acquire Buffalo Biodiesel, Inc.
(http://www.buffalobiodiesel.com/). Headquartered in Northern New
York, Buffalo Biodiesel, Inc. is a leading producer, collector and
renderer of yellow grease and its ultimate fuel property,
biodiesel. Under the terms of the LOI, Buffalo Biodiesel, Inc. will
become a wholly owned subsidiary of HydroGenetics, Inc. "This
agreement signals yet another segment of the green energy world
HydroGenetics, Inc. will contend in," says CEO Marc Walther. "Our
emerging technologies, combined with the revenues generated by our
new subsidiary provides us with the necessary cash flow to grow our
biodiesel business short term while we are executing our long term
financing strategy and the development and commercialization of
green technologies in our pipeline." Buffalo Biodiesel, Inc. is a
unique biodiesel manufacturer because it does not rely solely on
the collection of raw materials by 3rd party collection firms.
Rather, Buffalo Biodiesel, Inc. collects, renders and processes
biodiesel itself, creating a more profitable and controlled
alternative energy business and a customer base that continues to
expand." Shareholders in HydroGenetics, Inc. should be thrilled
with today's announcement, as it signals maturity as well as a
broader role for our company in today's green energy world," says
CEO Walther. About Buffalo Biodiesel, Inc.
(http://www.buffalobiodiesel.com/) Buffalo Biodiesel, Inc., is an
alternative energy company that sells biodiesel and processes
yellow grease for the production of biodiesel to companies in the
USA and abroad. Buffalo Biodiesel Inc. is also a member of the
National Biodiesel Board and the Kenton Chamber of Commerce. About
HydroGenetics, Inc. HydroGenetics, Inc. is an alternative energy
company (http://www.culturechange.org/alt_energy.htm). The
company's mission is to acquire and develop alternative and 'green'
technology companies into revenue producing, profitable businesses,
utilizing investment capital and other resources including
management and strategic planning to increase shareholder value.
HydroGenetics, Inc.'s wholly owned subsidiary, HydroAxis
Technologies, Inc., is currently developing 'green hydrogen
generating technology systems for any internal combustion engine,'
which will significantly reduce gasoline consumption in existing
and new vehicles. Forward-Looking Statements Statements in this
press release relating to plans, strategies, economic performance
and trends, projections of results of specific activities or
investments, and other statements that are not descriptions of
historical facts may be forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Forward-looking information is
inherently subject to risks and uncertainties, and actual results
could differ materially from those currently anticipated due to a
number of factors, which include but are not limited to, risk
factors inherent in doing business. Forward-looking statements may
be identified by terms such as "may," "will," "should," "could,"
"expects," "plans," "intends," "anticipates," "believes,"
"estimates," "predicts," "forecasts," "potential," or "continue,"
or similar terms or the negative of these terms. Although we
believe that the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee future results,
levels of activity, performance or achievements. The company has no
obligation to update these forward-looking statements. DATASOURCE:
HydroGenetics, Inc. CONTACT: Mark Balbirer, Investor Relations,
+1-305-572-9850, for HydroGenetics, Inc. Web site:
http://www.hydrogeneticsusa.com/
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