IESV news also
Intrepid Closes $7.6 Million Bond Financing Transaction
IDAHO FALLS, Idaho, Nov. 9 /PRNewswire-FirstCall/ -- Intrepid Technology
and Resources, Inc. (OTC Bulletin Board: IESV), a renewable alternate energy
company has closed on a 7.64 million dollar tax exempt bond financing package
to expand and complete construction of their two bio-gas plants in southern
Idaho.
Completion of the financing will now allow Intrepid to rapidly accomplish
the expansion of the Whiteside facility and finish the Westpoint bio-gas
plants.
Intrepid expects the Whitesides plant to be back in full expanded
production by the 1st quarter of 2007, and the Westpoint plant, which when
completed will be the largest operating biogas plant in the United States, to
start producing in the 2nd quarter of 2007. Revenues from the two plants,
including fiber sales, carbon emission credits and green gas sales could put
Intrepid on a cash flow positive course by the end of 2007 without additional
plants.
Intrepid believes that they have now demonstrated a replicable financial
model that can be utilized in nearly every location in the US where large
animal operations exist to build biogas plants that are wholly or partially
owned by the company. Intrepid will concentrate their efforts over the next
two quarters in bringing the two plants into full production. Thereafter
Intrepid expects to rapidly ramp up its sales and marketing activities and now
with the addition of demonstrated financing expects additional plants will
commence in 2007.
Intrepid's Chief Executive Officer Dr. Dennis Keiser: "Completion of our
financing package will now allow Intrepid to become the premier producer,
marketer and distributor of Green Gas in the United States. Alternative fuel
sources accompanied with their positive environmental impact are continuing to
be a major part of energy self reliance in our country and thorough the World.
"Financing our plants was the final piece that we needed to put in place.
We have demonstrated the technology works; the market for solid waste
reduction and energy production is enormous, and over the previous 18 months
we have solidified sound processes and procedures that now will allow us to
grow at rapid pace. I now believe that, should we choose this financing model
or other options, we have proven that future projects can, indeed, be
financed."
About Intrepid Technology and Resources, Inc.: We are an application
innovator in Alternative Energy technology and production and of biogas
products and services designed to assist in worldwide energy independence,
reduce pollution and carbon emissions from renewable agriculture feedstock and
industrial and agriculture waste materials.
Statements released by Intrepid Technology and Resources, Inc. that are
not purely historical are forward-looking within the meaning of the "Safe
Harbor" provisions of the Private Securities Litigation Reform Act of 1995,
including statements regarding the company's expectations, hopes, intentions,
and strategies for the future. Investors are cautioned that forward-looking
statements involve risk and uncertainties that may affect the company's
business prospects and performance. The company's actual results could differ
materially from those in such forward-looking statements. Risk factors include
but are not limited to general economic, competitive, governmental, and
technological factors as discussed in the company's filings with the SEC on
Forms 10-K, 10-Q, and 8-K. The company does not undertake any responsibility
to update the forward-looking statements contained in this release.
For additional information contact,
Steve Ellis (208-529-5337)
sellis@intrepid21.com
SOURCE Intrepid Technology and Resources, Inc.
Steve Ellis of Intrepid Technology and Resources, Inc., +1-208-529-5337, or
sellis@intrepid21.com
09Nov06 14:40 GMT
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Source PRN PR Newswire
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