GSGF GS AgriFuels' Portfolio Company Receives Grant
Business Wire - January 29, 2007 8:00 AM (EDT)
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Sustainable Systems, Inc. Receives $700,000 Grant from Montana Department of Labor
NEW YORK, Jan 29, 2007 (BUSINESS WIRE) -- GS AgriFuels Corporation (OTC Bulletin Board: GSGF) is pleased to announce that portfolio company, Sustainable Systems, Inc. ("Sustainable"), has received a $700,000 grant award from the Montana Department of Labor's Workforce Innovation in Regional Economic Development ("WIRED") Program.
Sustainable is a Montana-based agricultural company focusing on high value foods, biobased fuels and bioproducts. The grant money will be used for direct training costs of employees in conjunction with their Montola oilseed crush biorefinery expansion project in Culbertson, Montana. Sustainable currently employs 22 at its Montola operations. This funding will be utilized to expand the workforce to operate a larger oilseed extraction plant and biodiesel refining plant.
GS AgriFuels' President and Chief Executive Officer, Tom Scozzafava, stated, "Sustainable's strong foundation in Montana combined with this state support accelerates their biorefinery expansion at Montola. These funds will support skilled training efforts on the expanded oilseed extraction facility and on our proprietary NextGen biodiesel processing system."
Paul Miller, the President and Chief Executive Officer of Sustainable added: "We commend Governor Schweitzer, his staff, the Department of Labor and Department Commerce for recognizing the opportunities in biofuels and biobased products. The WIRED program funds will assist our expansion in Eastern Montana and represents the power of public and private partnerships for agricultural energy based economic development."
About GS AgriFuels Corporation
GS AgriFuels 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 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. Additional information on GS AgriFuels is available online at www.gs-agrifuels.com.
GS AgriFuels holds a 14.3% stake in Sustainable. GS AgriFuels is majority owned by GreenShift Corporation (OTC Bulletin Board: GSHF), a company devoted to facilitating the efficient use of natural resources.
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