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Press Release Source: Intrepid Technology
Intrepid Secures 17,790,000 Dollar Financing Package
Thursday August 18, 9:00 am ET
IDAHO FALLS, ID--(MARKET WIRE)--Aug 18, 2005 -- Intrepid Technology and Resources, Inc. (ITR) (OTC BB:IESV.OB - News) a renewable energy company has signed an Engagement Letter with Ferris Baker Watts, Washington D.C., to commence the marketing and placement of 17,790,000 dollars in Tax Exempt Industrial Revenue Bond financing.
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The financing, expected to be completed within 60-90 days, will provide ITR the capital to expand their existing biogas facility near Rupert, Idaho, construct the Westpoint Dairy biogas plant and a third, confirmed, biogas facility located near the Westpoint site. The 17,790,000 dollar project will additionally include eight miles of gathering pipeline to connect the two new plants into Intermountain Gas' distribution pipeline.
Dr. Dennis Keiser, ITR's president stated, in making the announcement, "Our capacity to design and engineer these types of systems has never been in question. What has concerned investors and customers has been the inability of companies our size to financially survive. Our ability to come up with this type of innovative, non dilutive, financing in an amount and at interest rates which will surprise many continues to set Intrepid Technology aside as a viable, innovative and growing alternative energy company."
"We are pleased to be associated with a leader in public finance who also shares the Intrepid vision for alternate energy. Ferris Baker Watts personnel have personally visited our operating biogas plant and, obviously, were impressed with every aspect of our operation. An operating energy plant and clear vision of where we are going makes this project fundable," Dr. Keiser concluded.
Upon completion of this project, in 2006, ITR will be producing over 450,000,000 cubic feet per year of high-grade biogas. This will make ITR the largest producer of pipeline quality biogas in the United States.
About Ferris Baker Watts: Ferris Baker Watts, a leader in Municipal and Public finance, is the largest full-service investment-banking firm headquartered in Washington, DC. The firm is a member of the New York Stock Exchange and is wholly owned by its employees. The company is a dynamic force in investment banking serving clients throughout the mid-Atlantic and Midwest regions. Ferris Baker Watts is committed to providing a comprehensive range of professional products and services to meet the needs of individual investors as well as corporations and institutions.
About Intrepid Technology: We are a national leader in Methane to Market technology and production and 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 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.
Contact:
For additional information contact,
Steve Ellis
(208-529-5337)
Email Contact
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Source: Intrepid Technology
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