IESV ..Intrepid Technology Engaged for Idaho Biodiesel Initiative Study
PR Newswire - October 22, 2003 09:30
IDAHO FALLS, Idaho, Oct. 22 /PRNewswire-FirstCall/ -- Intrepid Technology and Resources, Inc. (OTC Bulletin Board: IESV) has been engaged by the Idaho Biodiesel Initiative Steering Committee to prepare a cost-sharing US Department of Agriculture grant application for a $480,000 Idaho-based biodiesel plant feasibility study and, if the grant is approved, to lead that study and prepare the associated business plan. The Steering Committee is composed of independent growers of oilseed crops (canola, safflower, sunflowers) representing a 4-state region of the Intermountain West. These crops grow exceptionally well in this area and are excellent biodiesel feedstock. Intrepid, in preparing the application, was able to assemble a study team that includes an international firm specializing in biodiesel processing equipment, the University of Idaho (national leader in biodiesel research), a Department of Energy National Laboratory, a renowned attorney specializing in formation of agricultural business entities, a major petroleum distribution company, and the Pacific Northwest Oilseed Association. In addition, the Company was able to obtain letters of endorsement for the Initiative from the Governor of Idaho, the full Idaho US Congressional Delegation, several Regional Development Alliances, and numerous members of the state legislature and local political institutions.
"Being able to generate such high degree of enthusiasm and support for this Initiative is truly significant," said Dr. Keiser, Company CEO. "We are very optimistic the USDA will give the application a favorable review and that we are well underway in the biofuels business."
The application has now been submitted and successful applicants will be notified in December with funds disbursed by February.
Certain statements contained herein constitute "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. While the Company believes that the assumptions underlying such forward-looking information are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove to be accurate. Accordingly, there may be differences between the actual results and the predicted results, and actual results may be materially higher or lower than those indicated in the forward-looking information contained herein. Further, the Company assumes no obligation to update or otherwise publicly revise the forward-looking information disclosed herein to reflect circumstances existing after the date thereof.
SOURCE Intrepid Technology and Resources, Inc.
/CONTACT: Jacob D. Dustin, Intrepid Technology and Resources, Inc.,
208-529-5337/
(IESV)
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