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GreenShift to Receive $38 Million Investment
Date : 12/16/2008 @ 9:10AM
Source : Business Wire
Stock : GreenShift Corporation (GERS)
Quote : 0.054 0.029 (116.00%) @ 1:55PM


GreenShift to Receive $38 Million Investment




GreenShift Corporation (OTC Bulletin Board: GERS) today announced that it has executed agreements to receive a $38 million investment to produce 20 million gallons per year of biodiesel from corn oil extracted from ethanol plants.

Under the terms of the agreements, GreenShift will receive an investment of $38 million in a new GreenShift joint venture subsidiary that will use the proceeds to build twelve corn oil extraction facilities and to expand the capacity of GreenShift’s NextDiesel biodiesel refinery in Adrian, Michigan to 20 million gallons per year.

GreenShift’s biodiesel production model is based on the integration of its patent-pending corn oil extraction technologies into corn ethanol production facilities to extract crude corn oil from distillers grain, a co-product of ethanol production. GreenShift installs its extraction technologies at its expense and then purchases the extracted oil for a price that is indexed at a discount to the price of diesel fuel. This hedges GreenShift’s biodiesel production margins and provides important benefits to participating ethanol clients, such as: increased revenue and earnings; decreased commodity and financial risk; decreased utility consumption and carbon emissions; and, enhanced biofuel yield from corn.

GreenShift’s extraction technologies are currently in use at four corn ethanol plants in Michigan, Indiana, New York and Wisconsin, and GreenShift has executed contracts to deploy its extraction technologies at a number of additional U.S. ethanol plants.

“Our view is that the established corn ethanol infrastructure is the most practical pathway in North America to cost-effectively increase the production and use of carbon-neutral biofuels at globally-meaningful scales,” said Kevin Kreisler, GreenShift’s Chief Executive Officer. “To continue to accomplish this in a competitive and environmentally-superior way, existing corn ethanol facilities must evolve to achieve improved production efficiencies. We intend to contribute to that evolution. We look forward to the completion of this investment and delivering the financial and environmental benefits of our patent-pending corn oil extraction technologies to our ethanol clients at an accelerated pace.” The traditional corn ethanol production process converts each bushel of corn into about 2.75 gallons of ethanol. GreenShift’s technologies increase this to about 2.95 gallons of biofuel per bushel by extracting and refining corn oil into biodiesel, while decreasing the energy needed for biofuel production.

Ed Carroll, GreenShift’s President and Chief Financial Officer added that “We are proud and excited to have the opportunity to receive this investment. This investment will give us the resources we need to scale our corn oil biodiesel model into sustainable profitability while providing our ethanol clients with a valuable opportunity to stimulate cash flows and defray commodity risk without having to commit capital. We are eager to bring our extraction offering to as many ethanol producers as possible, and as quickly as possible.” GreenShift’s technologies have the capability of extracting more than 6.5 million gallons of crude corn oil for every 100 million gallons of corn ethanol produced. According to the Renewable Fuels Association, 6.7 billion gallons of corn-derived ethanol were produced during the first nine months of 2008. At this rate, U.S. ethanol production during 2008 will exceed 8.9 billion gallons per year. This equates to a potential U.S. total annual production of about 580 million gallons per year of inedible corn oil that is recoverable with GreenShift’s patent-pending corn oil extraction technologies.

Funding under the agreements is expected to occur in early 2009 upon the satisfaction by GreenShift of pre-funding conditions. Additional information regarding this transaction will be made available online at www.greenshift.com in GreenShift’s December 16, 2008 Form 8K.

GreenShift’s technical services staff is available at 888-ETHANOIL or [e-mail] to respond to quotation requests and to answer any questions about GreenShift’s patent-pending corn oil extraction and other technologies.

About GreenShift Corporation GreenShift Corporation (OTC Bulletin Board: GERS) develops and commercializes clean technologies that facilitate the efficient use of natural resources.

GreenShift’s revenue model is based on the use of its proprietary technologies to become a leading producer of biomass-derived products, and to do so at reduced cost and risk by extracting and refining raw materials that other producers cannot access or process.

GreenShift currently owns and operates six production facilities – four corn oil extraction facilities based on GreenShift’s patent-pending corn oil extraction technologies, one biodiesel production facility, and one vegetable oilseed crushing facility.

Additional information is available online at www.greenshift.com.

Safe Harbor Statement This press release contains statements that may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of GreenShift Corporation and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully, and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.