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dirt digger

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dirt digger

Re: Soapy Bubbles post# 436

Monday, 12/03/2007 11:09:52 PM

Monday, December 03, 2007 11:09:52 PM

Post# of 1030
How about this from the GSGF site:


GreenShift Agrifuels and Global Ethanol Form Corn Oil Biodiesel Joint Venture
Wednesday November 14, 2:42 pm ET
Companies to Build 30 Million Gallon Per Year Corn Oil Biodiesel Facility at Global Ethanol's 100 Million Gallon Ethanol Facility in Lakota, Iowa
NEW YORK--(BUSINESS WIRE)--GreenShift Agrifuels (OTCBB: GSGF - News) and Global Ethanol, LLC today announced the execution of agreements to extract about 10 million gallons per year of crude corn oil from the distillers grain co-product of Global Ethanol’s 100 million gallon per year ethanol facility in Lakota, Iowa and 57 million gallon per year ethanol facility in Riga, Michigan, and to convert the extracted corn oil into biodiesel at Global Ethanol’s Lakota facility.

Under the terms of the agreements, GS AgriFuels Corporation and Global Ethanol formed a jointly owned company called GS Global Biodiesel, LLC to build, own and operate the Lakota, Iowa-based biodiesel facility. The GS Global Biodiesel facility will be initially sized for 10 million gallons of biodiesel production per year but will be designed to scale up to 30 million gallons per year in coordination with the onset of production of nearby corn oil extraction systems that are installed by GS AgriFuels’ parent company, GS CleanTech Corporation.

GS CleanTech’s patent-pending corn oil extraction system is designed to extract crude corn oil out of the distillers dried grain co-product of the dry mill ethanol production process. This crude corn oil has been proven to be an excellent biodiesel feedstock with the proper processing. GS CleanTech executed a development agreement with Global Ethanol and GS Global Biodiesel to build and install corn oil extraction systems at Global Ethanol’s Lakota and Riga ethanol facilities and to design and build the GS Global Biodiesel facility.

GS AgriFuels will raise and provide the financing for the construction of the corn oil extraction systems at Global Ethanol’s Lakota and Riga ethanol facilities, as well as the financing for the construction and operation of the GS Global Biodiesel facility. Global Ethanol will manage and operate the GS Global Biodiesel facility and market all of the biodiesel produced. GS AgriFuels has recently engaged an investment banker to raise the estimated $35 million needed for the project. The parties expect that the first tranche of financing, which will support the construction and installation of two extraction systems in Lakota and one extraction system in Riga, will close in December 2007. The GS Global Biodiesel facility is expected to be commissioned beginning during the fourth quarter of 2008.

Trevor Bourne, the chief executive officer of Global Ethanol, said that “We are very excited by the formation of GS Global Biodiesel. Global Ethanol is a leading producer of renewable fuels and is committed to increased production efficiencies and diversifying our commodities mix. GreenShift’s corn oil extraction and biodiesel production technologies have proven themselves to be the best solution available to achieve this. We are looking forward with great anticipation to the construction of GS Global Biodiesel and to exploring expanded opportunities to work with GreenShift in the future.”

“Global Ethanol is clearly committed to technology-driven production improvements and is a key strategic partner for GreenShift,” added Kevin Kreisler, GreenShift’s chief executive officer. “In addition to converting the 10 million gallons of corn oil that we extract from Lakota and Riga into biodiesel, we plan to ship an additional 20 million gallons of corn oil as we bring extraction systems online at nearby ethanol facilities to GS Global Biodiesel for conversion as well. Global Ethanol’s team will run the facility and market the biodiesel and their expertise in commodities management and operations will make a facility of this scale an exciting and successful project.”

About Global Ethanol, LLC

Global Ethanol, a Minneapolis based company was established in 2006 and currently employs 140 employees in three locations. With operating plants located in Lakota, Iowa and Riga Michigan, Global Ethanol is turning fields of corn into clean-burning ethanol. In Lakota we produce 34 million bushels of corn into 100 million gallons of ethanol annually. Another 57 million gallons are produced in Riga from 19.9 million bushels of corn.

At Global Ethanol, an unrelenting pursuit of excellence will help us achieve our goal to be a leader in the worldwide renewable fuels industry. Excellence is both our operational mandate and the promise we make to our customers, suppliers, shareholders and the rural communities we serve.

About GS CleanTech Corporation

GS CleanTech Corporation (OTC Bulletin Board: GSCT - News) provides applied engineering and technology transfer services based on clean technologies and process innovations that make the use of natural resources more efficient. Additional information on GS CleanTech’s Corn Oil Extraction System and GS CleanTech’s ethanol efficiency program is available online at www.gs-cleantech.com.

Additional information regarding GS CleanTech’s corn oil extraction technology and GS AgriFuels’ NextGen biodiesel technology is available online at www.gs-cleantech.com and www.nextgenfuel.com.

Pictures of a recent GS CleanTech corn oil extraction system installation can be found at http://www.gs-cleantech.com in the Multimedia & Downloads section of the Products & Services section for GS CleanTech’s Corn Oil Extraction Systems (http://www.gs-cleantech.com/product_desc.php?mode=1&media=true).

About GS AgriFuels Corporation

GS AgriFuels (OTC Bulletin Board: GSGF - News) 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, and catalytic 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.

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 GreenShift Corporation, GS CleanTech Corporation and 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 results.



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