Governor Schwarzenegger Signs Biodiesel Bill Into Law -- American Biofuels Expanding California Biodiesel Plant
October 04 2005 - 11:28AM
Business Wire
Last Thursday September 29, 2005, Governor Schwarzenegger of
California signed into law a proposal authored by State Senator Roy
Ashburn (R-Bakersfield) that would allow public agencies and
utilities to use vehicles that run off of biodiesel and biodiesel
blends. "By using biodiesel, we can reduce dependency on foreign
oil by up to 20 percent," said Senator Roy Ashburn. American
Biofuels (ABF), a biodiesel producing company which is 35% owned by
Green Star Products, Inc. (OTC:GSPI), has been working with the
California Energy Commission for some time now to establish
production and usage criteria for the State of California. American
Biofuels has foreseen the probability that the State of California
would commit to the use of biodiesel and anticipated a commitment
by the Governor's Office for the use of biodiesel in the state. On
September 30, 2005, Central Valley Business Times
(CentralValleyBusinessTimes.com) reported, "Bakersfield is the
location of a major biodiesel plant. In July, American Biofuels
said it was expanding its biodiesel production facility in
Bakersfield to an annual production capacity of 10 million gallons.
Expansion is expected to be finished by the end of the year." The
article went on to state: "Californians have always led the way in
protecting our lands and oceans and pioneering new forms of energy
use that reduce our reliance on foreign fuels," Gov. Arnold
Schwarzenegger says in a statement. "Today, we are continuing that
proud legacy with new legislation that will decrease our dependence
on foreign oil and encourage the use of cleaner burning domestic
fuels." Mr. Joseph LaStella, President of GSPI, stated, "This is a
major commitment even on a world scale considering that the state
of California has the 5th largest economy in the world and is also
the 10th largest emitter of global warming gases in the world. "In
response to the ever growing demand for biodiesel, American
Biofuels has already begun its next expansion to 10 million gallons
per year to be completed before year end (expansion pictures
available at GreenStarUSA.com), and will continue its expansion
next year to its eventual planned capacity of 35 million gallons at
the Bakersfield location," said LaStella. American Biofuels has
been a member of the National Biodiesel Board (NBB) since 2001 and
in the same year received its registration for three EPA
certificates for its biodiesel fuel and fuel additives. ABF was
also approved to participate in the US Department of Agriculture
(USDA) Bioenergy Program
(http://www.fsa.usda.gov/daco/bio_daco.htm), which pays producers
cash incentives for biodiesel production. In 2004, ABF was listed
on the USDA Bioenergy Program website as the 8th largest producer
of biodiesel in the U.S. and the largest producer on the West
Coast. Green Star Products, Inc. is an environmentally friendly
company dedicated to creating innovative cost-effective products to
improve the quality of life and clean up the environment. GSPI is
involved in the production of renewable clean-burning biodiesel and
other products including lubricants, additives and devices that
reduce emissions and improve fuel economy in vehicles, machinery
and power plants. For more information, see GSPI'S Web site at
http://www.GreenStarUSA.com or call Investor Relations at
619-864-4010, or fax 619-789-4743, or email info@GreenStarUSA.com.
Information about trading prices and volume can be obtained at
several Internet sites including http://www.bloomberg.com and
http://www.bigcharts.com under the ticker symbol "GSPI."
Forward-looking statements in the release are made pursuant to the
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that such
forward-looking statements involve risks and uncertainties,
including without limitation, continued acceptance of the company's
products, increased levels of competition for the company, new
products and technological changes, the company's dependence on
third-party suppliers, and other risks detailed from time to time
in the company's periodic filings with the Securities and Exchange
Commission.
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