USSE NEWS: and Diversified Ethanol Inc. Sign Memorandum of Understanding to Join Forces to Enter Multi Billion Dollar Ethanol Market
Market Wire "US Press Releases "
NATCHEZ, MS -- (MARKET WIRE) -- 01/05/07 -- U.S. Sustainable Energy Corp. (PINKSHEETS: USSE) and Diversified Ethanol, a division of Originally New York, Inc. (OTCBB: ONYI), today jointly announced the signing of a Memorandum of Understanding ( MOU ) designed and intended to capture and dominate the multi billion dollar ethanol marketplace.
John Rivera, CEO of USSE, stated, "We are elated to announce this MOU with Diversified Ethanol. Their cutting edge technology is on the forefront of ethanol technology. Their existing technology is fully upgradeable and adaptable to future technology. With our combined resources, our shareholders will own the first production company with a full suite of profitable alternative energy solutions to the marketplace. Furthermore, our shareholders benefit from owning stock in our new fully reporting company as a result of the closing of the definitive agreement. Additionally, we plan to seek listing on a senior national exchange as expeditiously as possible after the closing."
Commenting further, Mr. Rivera stated, "Our immediate goal is to construct a million gallon per day ethanol plant to be supported by the excess energy generated by USSE and our subsidiary Sustainable Power Corp (SPC). Using Diversified Ethanol's technology we will obtain up to 30% more sugars from the corn we will process, according to independent university research. In addition, according to industry experts we will also save between 30-35% on our energy costs in producing ethanol, making our product the most cost competitive ethanol anywhere in the world."
Pursuant to the terms of the proposed definitive agreement, USSE shareholders will receive approximately 1.3 shares of Originally New York, Inc. common stock for each share of USSE held at the closing. The definitive agreement is subject to customary items like shareholder approvals and the filing and effectiveness of an SEC registration statement to register the underlying shares to be issued in the closing. Shareholders of USSE will be notified of the proper steps to be taken to tender their shares in the near future.
Taylor Moffitt, CEO of Originally New York, Inc. stated, "We are very pleased to announce this planned transaction for the benefit of all of our combined stockholders. Our cutting edge technology, combined with the revolutionary processes and technologies owned by USSE, create a tremendous synergy that will enable us to manufacture ethanol at enormous discounts and cost savings compared to what is available today. The profitability of our combined companies has the potential to be explosive. We believe we will quickly become a force to be reckoned with in the ethanol market."
Additionally, USSE still plans to effect the distribution of its previously announced dividend of Sustainable Power Corp to shareholders of record as of Dec. 1, 2006. Further information on this previously announced dividend will be made immediately after the closing of the definitive agreement with Originally New York, Inc.
About U.S. Sustainable Energy
USSEC holds patent pending technology for a new breakthrough biofuel and carbon-based fertilizer. USSEC has successfully demonstrated the most cost effective method of producing biofuel estimated at $.50/gallon according to exhaustive studies and independent Lab confirmation. The company has developed the process, units and catalyst that will transform agricultural biomass into biofuel and fertilizer. This technology offers a solution for foreign oil dependence, balancing industrial and agricultural concerns with environmental issues and stabilizing and eventually reversing global greenhouse gas emissions. USSEC's research and development has successfully demonstrated the core technology in its fully functional facility located in Port Gibson, MS. The company is currently pursuing fully scalable implementation and deployment at further locations. Unlike other biomass gasification, the USSEC process can operate at a variety of scale, converting even waste biomass into fuel and fertilizer. The fuel produced will ultimately be more valuable than ethanol or methanol, and the USSEC process can convert biomass materials at an efficiency that cannot be matched by currently planned operations. In addition, unlike virtually all other approaches for biomass to energy, which deplete soil nutrients, the USSEC process restores and enhances soil mineral and carbon content. As a direct result of this revolutionary approach to integrated energy and fertilizer production from biomass, the USSEC process effectively removes Greenhouse Gases from the atmosphere, and can do so profitably before the value of Green Certificates and Carbon Credits are considered.
For further information on the company, please visit www.ussec.us
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press release and some oral statements are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-Looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects," and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-Looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and the Company has no specific intention to update these statements.
INVESTOR CONTACT:
Redwood Consultants, LLC
415-884-0348
MEDIA CONTACT:
Kevin A. Mercuri
917-346-9386
kevin@5wpr.com
