HydroGenetics Completes Acquisition of Buffalo Biodiesel
* Tuesday January 6, 2009, 7:30 am EST
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ADDS $3.5M IN REVENUE, $1.5M EARNINGS
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MIAMI, Jan. 6 /PRNewswire-FirstCall/ -- Emerging green energy holding company HydroGenetics, Inc. (Pink Sheets: HYGN) announced today that it had completed the acquisition of Buffalo Biodiesel, Inc. Headquartered in Northern New York, Buffalo Biodiesel is a leading producer, collector and renderer of yellow grease and its ultimate fuel property, biodiesel. Under the terms of the contract, Buffalo Biodiesel becomes a wholly owned subsidiary of HydroGenetics, Inc., and Sumit Majumdar will retain his position as President of Buffalo, while securing a seat on the HydroGenetics, Inc. Board of Directors.
"HydroGenetics is the perfect parent for us," says Majumdar. "Solid management, diverse technologies with huge upside, and of course, the relationships and core competencies that will help us grow in multiples over the next few years. I am thrilled with this deal and thrilled to be a part of HydroGenetics."
"This acquisition, as well as our maturation as we move toward becoming fully reporting should send the message to the investment community that we are moving in the right direction and that we should be on every investors watch list as a company on the move. We are thrilled as well," says CEO, Marc Walther. "Our emerging technologies, combined with the revenues generated by our new subsidiary provides us with the necessary cash flow to grow our biodiesel business short term while we are executing our long term financing strategy and the development and commercialization of green technologies in our pipeline."
Buffalo Biodiesel, Inc. is a unique biodiesel manufacturer because it does not rely solely on the collection of raw materials by 3rd party collection firms. Rather, Buffalo Biodiesel collects, renders and processes biodiesel itself, creating a more profitable and controlled alternative energy business and a customer base that continues to expand. "Shareholders in HydroGenetics, Inc. should be thrilled with today's announcement, as it signals maturity as well as a broader role for our company in today's green energy world," says CEO Walther.
About Buffalo Biodiesel, Inc.
Buffalo Biodiesel, Inc., is an alternative energy company that sells biodiesel and processes yellow grease for the production of biodiesel to companies in the USA and abroad. Buffalo Biodiesel Inc. is also a member of the National Biodiesel Board and the Kenton Chamber of Commerce.
About HydroGenetics, Inc.
HydroGenetics, Inc. is an alternative energy company. The company's mission is to acquire and develop alternative and 'green' technology companies into revenue producing, profitable businesses, utilizing investment capital and other resources including management and strategic planning to increase shareholder value. HydroGenetics, Inc.'s wholly owned subsidiary, HydroAxis Technologies, Inc., is currently developing 'green hydrogen generating technology systems for any internal combustion engine,' which will significantly reduce gasoline consumption in existing and new vehicles.
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