BOULDER, CO--(Marketwired - Mar 12, 2015) - Vencor International, Inc. (OTC PINK: VCOR) provides the following Update to Shareholders.
Since current management joined the Company a few months ago, the entire dynamic of the Company has changed. Vencor has joined the fast moving renewable energy sector and its products are quickly becoming a popular alternative to traditional forms of energy, specifically, Bio-Coal for coal-fired power plants. To guide the Company's growth, industry expert, James Gaspard was hired as the Company's Chief Executive Officer.
As previously announced, the Company's goal is to move from the Pinksheets to the OTCQB. To do this, the Company hired the LAR Law Group. This process is ongoing and the Company will provide new information as it is received.
Mr. Gaspard successfully negotiated an Agreement for Vencor to secure the exclusive rights to torrefaction technology and torrefaction equipment manufactured by Virginia based, Torretherm, Inc. The first torrefaction machine is online and the second machine is currently being tested. The plan is for this machine to come online in the next few weeks. The two machines were necessary to keep up with the demand for the Company's products.
As a result of the Torretherm Agreement, the Company was able to secure an Agreement with Vega Biofuels, Inc. to produce a torrefied product Vega calls "Bio-Coal." Vega markets Bio-Coal to power companies around the world as an alternative to traditional coal. Vencor will be the exclusive manufacturer of Bio-Coal for Vega. Vencor has received the first Purchase Order from Vega to produce 3,000 tons of Bio-Coal. Vencor will provide a shipping update on this order as soon as production has been completed.
In order to provide proof of sustainability to its clients, Vencor entered into a Timber Agreement with a local logging company to purchase their tree top timber waste. The three year renewable deal will have a significant impact on the Company's bottom line by lowering its feedstock costs.
In order to provide additional shareholder value, the Company announced earlier this week that it had amended its Articles of Incorporation to reduce the number of authorized common shares by forty percent; from five billion to three billion.
