Tony Miller said the same thing last year with his supposed biofuel partnership with Promethean biofuels. And we all know how that worked out. The following is a pr from June of last year. Sound familiar?
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U.S. Energy Initiatives & Promethean Biofuels Agree To Ramp Up Fuel Production To Maximum Capacity And Maximum Revenue.
SANTA CLARITA, Calif., June 19, 2013 /PRNewswire/ -- U.S. ENERGY INITIATIVES CORPORATION INC.(OTCPink:USEI) is pleased to announce today that USEI and Promethean Biofuels (an EPA approved biodiesel operating for the last 6 years) have signed a biodiesel production agreement whereby the companies will work together to bring this facility to its maximum capacity beginning in the next couple weeks. Promethean has the capacity to produce 2.1 to 3 million gallons of biodiesel per year (MGY) if producing at these levels; the goal is to reach capacity next month. This is a 12 month agreement and the Parties agree to divide the revenue produced by the sale of fuel produced (less cost); which should exceed $6 million dollars annually.
According to Anthony Miller, CEO, "This is a significant milestone for USEI and it is an immediate entry into the fuel production arena. This agreement provides us with significant revenue beginning next month. Promethean is a first class operation and has been operating profitably from the beginning. This relationship just allows the plant operate 24 hours a day… 7 days a week well above current levels. USEI will have a physical office at their location and will be hands on as much as possible to lend it experience to the operation. USEI will help with procurement of raw materials and logistical support to ensure that the venture is successful. USEI will be a feedstock provider of biodiesel made from pure vegetable oil which is eligible for a federal excise tax credit of $1 for every gallon blended with conventional diesel. Biodiesel from used cooking oil earns a credit of 50 cents per gallon".. "This is one of many relationships that we intend to create this year. Our immediate goal is to maximize our revenue through creating relationships with existing certified producers that are looking to increase their production levels through shared revenue agreements like this venture.", further commented Miller.
According to Todd Hill Managing Principal, "Promethean is proud partner with U.S. Energy Initiatives, to help meetCalifornia's Mandated Requirement for biodiesel under the Low Carbon Fuel Standard (LCFS). In the next few months we will ramp up towards our name plate capacity and generate significant capital. This venture is part of an ongoing and carefully coordinated plan that Promethean has planned throughout 2014. Note: We are approached often by companies looking for partnership arrangements, but the reality is that we are extremely selective and our focus is on relationships that will yield positive results.
AI
