GS AgriFuels' NextGen Fuel Division Showcases Proprietary 10 Million Gallon Per Year Biodiesel Production System
NEW YORK, Jan 24, 2007 (BUSINESS WIRE) -- GS AgriFuels Corporation (OTC Bulletin Board: GSGF) today announced that its NextGen Fuel division has completed the construction of its first 10 million gallon per year biodiesel production system. The system is scheduled for delivery to one of NextGen Fuel's clients later this quarter, but is now available for qualified customer viewings at NextGen Fuel's contract manufacturer, Warnecke Design Service, Inc., in Van Wert, Ohio.
NextGen's biodiesel process technology leverages innovative process intensification techniques to accelerate and enhance traditional biodiesel reaction kinetics, thus decreasing process time, reducing energy and raw material needs, and increasing product quality. These benefits translate to increased capital and operating cost efficiencies at smaller scales as compared to traditional biodiesel process technologies, and the modular and continuous-flow aspects of the technology make scaling plants up or down easy and cost-effective.
"We believe that there is a robust and mostly untapped domestic and international market for development of small-scale biodiesel production facilities," said Tom Scozzafava, GS AgriFuels' president and chief executive officer. "We currently have six NextGen systems built or contracted, representing 50 million gallons per year of production capacity, and we intend to continue selling additional systems into this market."
An important benefit of the NextGen technology is that it enables the reduction of construction costs and lead times. NextGen can have production equipment for a site operational in as little as 12 weeks from an order, and a complete turn-key site based on the NextGen technology can be developed and brought online in under six months (as compared to 18-24 months for competing larger scale technologies).
NextGen's standard systems are rated for nameplate capacities of 5 and 10 million gallons of biodiesel per year. Since the NextGen technology is modular, adding capacity to a developed site is as simple as building an additional production line and plugging it into the prior line(s).
Scozzafava added: "The NextGen technology is also a key aspect of our own production plans, which are based on the use of proprietary technology to establish a feedstock procurement advantage."
GS AgriFuels' affiliated process engineering company, GS CleanTech Corporation (OTC Bulletin Board: GSCT), uses proprietary but proven technology to acquire, extract, process and refine low-cost and hedged biomass feedstocks that other producers cannot readily access. GS AgriFuels has the exclusive right to produce renewable fuels from these feedstocks.
GS AgriFuels has announced its plans to build biodiesel production facilities in Fulton, New York, and Memphis, Tennessee. In addition, GS AgriFuels intends to construct several biodiesel facilities located at or proximate to corn ethanol production facilities, where they will convert corn oil extracted by GS CleanTech from a corn ethanol co-product known as distillers dried grains into biodiesel fuel. All of GS AgriFuels' biodiesel plants will use the NextGen Fuel technology.
About GS AgriFuels Corporation
GS AgriFuels Corporation was founded to produce and sell clean fuels from agriproducts in innovative ways. GS AgriFuels' business model is based on the manufacturing and sales of proprietary biodiesel equipment and the use of new technologies to produce biodiesel, synthetic diesel, and ethanol from non-traditional feedstocks such as corn oil and cellulosic biomass through the utilization of several new proprietary technologies, including innovative desiccation, process intensification, gasification, catalytic, and carbon capture technologies, synergistically at small-scales to enable the refining of many forms of biomass into clean fuels at Integrated Multi-Fuel ("IMF") production facilities.
GS CleanTech and GS AgriFuels are majority owned by GreenShift Corporation (OTC Bulletin Board: GSHF), a company devoted to facilitating the efficient use of natural resources. Additional information on GreenShift is available online at www.greenshift.com.
GS AgriFuels is party to a merger agreement with GS Energy Corporation (OTC Bulletin Board: GSEG), another majority held GreenShift company, pursuant to which holders of GS Energy common stock will receive 1 share of GS AgriFuels common stock for each 1,000 shares owned in GS Energy.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of GS AgriFuels Corporation, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating resul
