assets :Blue Diamond Ventures to Acquire Majority Interest in Gulf Coast Biodiesel Production Plant
Tuesday October 14, 8:30 am ET
HOUSTON, TX--(MARKET WIRE)--Oct 14, 2008 -- Blue Diamond Ventures, Inc. (Other OTC:BLDV.PK - News), through its interest in Blue Diamond Ventures Biodiesel, LLC, has secured the right to acquire the majority interest in a biodiesel production plant and related port facilities in the Gulf Coast.
Included in the acquisition are rail, pipeline and millions of gallons of storage tank capacity.
Immediate sales in the United States and abroad are expected from the facility which, following expansion, will have an eventual production capacity of 70 million gallons per year.
"This acquisition represents a significant strategic growth opportunity for Blue Diamond Ventures, Inc.," said CEO John Quincey Moaning. "There is a projected increase for more biofuel consumption in the United States and abroad."
Moaning continued, "This, along with our vision of expanding the development and supply of non-food feed stocks used in the industry, makes the acquisition a logical next step as we assist America in breaking its dependency on foreign oil without threatening the world food supply."
Blue Diamond Ventures Biodiesel, LLC anticipates investing immediately in the facility's capability to use non-food feed stocks to produce biodiesel.
This production facility has a current capacity of a million gallons per month and will be an integral part of Blue Diamond Ventures, Inc.'s overall biodiesel portfolio for sales in the United States and abroad. Blue Diamond Ventures, Inc. continues to negotiate the rights to acquire marginal land in Central America and Africa for the development of biodiesel production plants, as well as non-food feed stock.
As soon as Lands Registry procedures are completed, Blue Diamond Ventures, Inc. and the Government of Belize anticipate finalizing a purchase agreement of land in the Stann Creek District of Belize. The site will serve as headquarters for the company's biofuels and research and development operations in Belize.
