Imperial Biofuels Subsidiary Clears Milestone
EVANSVILLE, Ind., Sep 01, 2010 (BUSINESS WIRE) -- Imperial Petroleum, Inc. (OTCBB:IPMN) announced that its wholly-owned subsidiary, e-biofuels, LLC, a Middletown, Indiana biodiesel producer, cleared a milestone in its development. After becoming part of Imperial and as the result of negotiating a series of feedstock purchase agreements and biodiesel off-take sales contracts, e-biofuels generated revenues of approximately $3.5 million in the month of July 2010 alone on fuel sales of about 1.2 million gallons and as a result the subsidiary expects to be highly profitable going forward. Fuel sales for August 2010 are approximately 1.4 million gallons with revenues of just over $4.0 million for the month.
"Expanding the plant throughput to its current capacity was one of our early goals for e-biofuels and a great deal of credit goes to the management of e-biofuels for their efforts and achievements thus far. August sales to date are on pace to exceed the July results," commented Jeffrey T. Wilson, President of Imperial. "As a result of the mandates under the Renewable Fuels programs, e-biofuels has been in a unique position to take advantage of its certification as an advanced biofuels producer to rapidly increase its market presence. Our products are sold to some of the largest retail outlets and truck stop owners in the United States. Upon the closing of our financing for the Company, we expect to proceed quickly to expand the biodiesel production capacity to 25 MMGPY; convert the plant over to our more-efficient process technology and add bio-jet fuel capabilities. Our goal is to add slow pyrolysis equipment into the facility over the next year to produce both electricity for re-sale to the power grid and bio-oil for inclusion in our renewable boiler fuel and renewable heating oil products."
Imperial is an energy company headquartered in Evansville, Indiana.
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes that the expectations in such statements are reasonable, there can be no assurance that such expectations will prove to be correct.
SOURCE: Imperial Petroleum, Inc.
CONTACT:
Imperial Petroleum, Inc. Jeffrey T. Wilson, CEO Phone 812-867-1433 Fax 812-867-1678 email: jtwilsonx1@aol.com
Copyright Business Wire 2010
