International Oil & Gas Holdings Corporation Signs Pact to Acquire Bio-Fuel and Bio-Chemical Company
Oklahoma-based Bio Tech / PSP Science Technology Signs Letter of Intent with International Oil & Gas Holdings Corporation
International Oil & Gas Holdings Corporation (Pink Sheets:IOGH) today announced the signing of a Letter of Intent to acquire Bio Tech / PSP Science Technology, an Oklahoma corporation, comprising of a team of scientists, which has developed a proprietary and patented method to produce bio-fuels and bio-chemicals from renewable energy sources.
Bio Tech / PSP Science Technology currently operates a four million gallon per year pilot plant in Guymon, OK and hopes to expand the plant further to create a 30 million gallon per year plant. The company will typically expand to five initial production plants, which will consist of 15 production lines matching the pilot plant line, yielding 450 million gallons per year per plant, or 2.25 billion gallons per year total, and eventually leading to international expansion when five U.S. plants are fully operational.
“We are elated at the opportunity of acquiring Bio Tech / PSP Science Technology and look forward to entering this multi-billion dollar expanding renewable energy market,” stated Keith McAllister, Chairman and CEO of International Oil & Gas Holdings Corporation. “The proposed acquisition of Bio Tech / PSP Science Technology is another step in our strategic plan to bring together oil & gas opportunities and the production of bio-fuels and bio-chemicals under one umbrella, whilst being environmentally-conscious, and intending to significantly increase the Company’s market value.”
About International Oil & Gas Holdings Corporation
International Oil & Gas Holdings Corporation is a holding company owning subsidiaries engaged in a
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