NORCROSS, GA, JULY 23, 2013 – VEGA BIOFUELS, INC. (Pink Sheets VGPR) provides the following update to its shareholders.
The first half of the year has been a very busy, yet exciting time for the Company. I am proud to report that the Company is stronger than ever. We have been concentrating on several projects and I want to give you a brief update on the progress we’ve made and let you know what we are doing now and where we are headed. I also want to thank everyone for their continued support. I know it is difficult when there is little news coming out, but I assure you that we are moving forward and reaching our short-term goals. By meeting these goals, we are now in a position to maximize the importance these things play in the Company’s long-term success. Please remember that “no” news, does not mean there is “bad” news. It just means that we are not in a position to make an announcement at that time.
We are in the process of forming an Investor Relations Department within the Company. We tried to utilize an outside source and it just didn’t work. I apologize for any inconvenience this may have caused anyone and I look forward to having you communicate directly with the Company as we move forward. The Company is the “only” true source for information.
While we continue to move forward with our South Georgia manufacturing plant, we are also working with a Joint Venture partner to build a pilot-type torrefaction plant in South Carolina that would compliment the plant in Georgia. We are very excited about this project and what it will mean to the Company. In addition to bio-coal, there are other applications for torrefied products and the South Carolina plant would concentrate on those applications. We will have more information about this project as we move forward.
Testing on our bio-coal product has gone very well. We are now producing a larger quantity of product to be tested directly in our client’s coal-fired power plant. We look forward to the results of that testing and will share that information with you once it’s completed. Bio-coal made from black torrefied wood chips proved that bio-coal could be co-fired together with fossil coal in an existing coal-fired power plant with no need for modification or investment to the existing power plant. Torrefaction is gaining popularity and this is why we believe that our bio-coal product will help revolutionize the energy business around the world.
We have entertained international clients and demonstrated the torrefaction machine and process. They have been able to see green wood chips being fed into the machine and torrefied chips coming out the other end. It is exciting to watch the entire process, knowing that it could one day change the way the world produces energy. I have a few samples and would be happy to share them with you if you contact me through our website and give me your address.
Europe continues to be the focus of our marketing. Until things change in the U.S., we will continue to work with our European clients to show the rest of the world a safe, clean and renewable energy source. We have also had tremendous interest from Asia and Latin America.
We are working with a group that is interested in purchasing raw timber chips from us on a monthly basis. They are in the wood pellet business and do not have access to as much biomass as they need. These chips would be shipped from our South Georgia timber supplier directly to our client in containers.
We are also in discussions to merge the Company with another company in our industry. This would allow us to maximize the torrefaction technology and reach other target markets faster. We hope to have an announcement with more details in the next few weeks.
We are working with two major funding sources to help us raise the necessary capital to complete the projects we are working on. In addition, we have applied to both the State and Federal government for grant money that is available to companies in our industry.
We have some pictures of the torrefaction machine in operation and will have them posted on our website in the next few days.
Thanks again for your continued support and interest in Vega Biofuels.
Regards,
Michael K. Molen Chairman/CEO
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast,” “plan,” "project," "intend," "expect," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
