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Intrepid Begins Commercial Gas Production
Aug 2, 2005 8:30:00 AM
IDAHO FALLS, ID -- (MARKET WIRE) -- 08/02/05 -- Intrepid Technology and Resources, Inc. (ITR) (OTC BB: IESV), a renewable energy company, has started to use the gas production from their anaerobic digester biogas plant as commercial fuel, replacing the propane previously used to heat water at the Whitesides Dairy.
This process is a continuing step in proving that the biogas produced from processing animal waste can be used to replace other forms of energy. Intrepid has long held that their procedures and technology are capable of providing gas that is suitable for providing process heat for various processing operations such as producing ethanol and bio diesel. ITR continues to evaluate where such gas can be utilized at its biogas plant in Rupert, Idaho.
ITR is currently reviewing several financing proposals for expansion of the Whitesides plant and the new Westpoint biogas facility. These range from underwriting proposals for issuing tax exempt Industrial Revenue Bonds under the inducement resolution passed by several Idaho counties, equity financing proposals, debt financing and participation financing. ITR is expected to make a decision on the financing options within the next several weeks.
Dr Dennis Keiser, ITR's president, commented on the financing of the new and expanded plants: "We are greatly encouraged by the response from investors and underwriters, both in the US and Europe, to our projects. Their interest and enthusiasm is a validation of the timeliness and viability of our business model. Given the financing options that we are being presented with and the quality of the firms involved leads me to believe that our future never looked brighter."
About Intrepid Technology: We are an alternate energy producer. A national leader in Methane to Market technology and production as well as an application innovator of Biogas products and services designed to assist in worldwide energy independence and reduce pollution from renewable agriculture feedstock and industrial and agriculture waste materials.
Statements released by Intrepid Technologies and Resources that are not purely historical are forward looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, intentions and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. The company's actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to general economic, competitive, governmental and technological factors as discussed in the company's filings with the SEC on Forms 10-K, 10-Q and 8-K. The company does not undertake any responsibility to update the forward-looking statements contained in this release.
For additional information:
Steve Ellis
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208-529-5337
