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HBS and Its Partner, Environmental BioMass Energy ("EBE"), Announce the Signing of a Preliminary Agreement That Could Lead to the Funding of Up to Six Renewable Power Generation Plants for a Total Financial Commitment Approaching $500 Million
Wednesday May 14, 4:15 pm ET
PALO ALTO, CA--(MARKET WIRE)--May 14, 2008 -- Human BioSystems ("HBS") (OTC BB:HBSC.OB - News), a Silicon Valley-based biotech and bio-energy company, announced in a previous press release that it has partnered with the principals of Dairy Development Group ("DDG") to form Environmental BioMass Energy ("EBE"). EBE will specialize in the conversion of waste biomass, such as cow manure, to renewable electrical energy using proprietary technology. Project implementation is being initiated in California.
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Len Chapman, CEO of EBE, said, "The financing commitment is with an experienced Canadian capital firm acting via Excelsior Capital. It is in the form of a sale-leaseback structure. Mezzanine capital will be necessary to complete certain conditions prior to closing the sale-leaseback. A six plant commitment is included in the negotiated structure that will be designed to deliver more than 300 megawatts of power each year from bio-waste sources."
Mr. Chapman has been a Senior Executive with numerous Fortune 500 companies over the past 25 years including Monsanto, Specialty Foods Corporation, Safeway, and Kraft Foods. His current responsibilities entail provision of oversight for the design, construction and operation of sophisticated waste processing facilities. Other EBE management personnel have extensive leadership experience in business management and corporate integration, agribusiness, product development and market implementation.
According to EBE, California's Renewables Portfolio Standard (RPS) is one of the most ambitious renewable energy standards in the country. It requires electric corporations to increase procurement from eligible renewable energy resources by at least 1% of their retail sales annually until they reach the 20% benchmark by 2010. California is even considering a higher goal of 33% by 2020. Since it is unlikely that most power companies will be able to satisfy these ambitious governmental requirements in the short term, EBE will be well-positioned to take advantage of such stringent mandates.
Mr. Chapman went on to say, "California is particularly well suited for EBE's business plan because of the enormous size of its dairy industry. It is estimated that one out of every five dairy cows is raised in California. However, despite exceptional economic and agricultural growth, California's dairy practices have a detrimental effect on environmental sustainability and public health. The novel approach EBE has outlined will generate green energy and will beneficially impact both the dairy industry and the health problems associated with the large number of cows and manure.
"EBE's proprietary technology is designed to convert multiple sources of waste biomass thus providing unique solutions that address two pressing issues, the biological hazards of toxic waste material and the provision of a continuous supply of clean energy. It is hoped that this will establish EBE as a leader in the field of power production from biomass waste streams."
Contacts:
Human BioSystems Investor Relations Environmental BioMass Energy Inc.
Harry Masuda Yes International Len Chapman
(650) 323-0943 (800) 631-8127 559-687-1962
Certain statements contained herein "forward-looking" statements (such term defined in the Private Securities Litigation Reform Act 1995). Because statements include risks and uncertainties, actual results may differ materially from forward-looking statements. Factors could cause results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, inability HBS /EBE to raise funding for proposed joint venture projects, failure to consummate purchase of real property on which park will be built, failure obtaining regulatory approvals for construction of energy park/ plant, failure obtaining required financing and construct energy park and plant, failure of energy park and plant to meet standards, inability to find raw material for production of energy or sell energy on acceptable terms, risks involved in pursuing business unrelated to HBS' prior business, and other factors discussed in filings made by Company with Securities and Exchange Commission.
Contact:
Contact:
Rich Kaiser
Yes International, Inc.
(800) 631-8127
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Source: Human BioSystems
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