News for 'AMHD' - (Amelot Holdings Eligible for RI AFV 50% Tax Credit)
OSTERVILLE, MA, Sep 04, 2007 (MARKET WIRE via COMTEX) -- Amelot Holdings, Inc. (PINKSHEETS: AMHD) announced today that it has plans to leverage the Rhode Island State Tax Credit for a 50% tax credit for their efforts in the s torage and distribution of bio-diesel in Tiverton, RI.
Amelot is currently working through a lease contract for bio-diesel storage at a deep water fuel terminal facility in Tiverton, RI. This facility will require modifications for heating and handling of the product in cold weather and could represent upwards to one million dollars in costs. The Alternative Fuel Vehicle (AFV) and Refueling Infrastructure Tax Credit entitles taxpayers to a tax credit equal to 50% of the capital, labor, and equipment costs incurred for the construction of, or improvement to, any alternative fuel refueling or recharging station providing domestically produced alternative fuel. In addition, Amelot will be looking to the similar US Federal Tax Credit provided in the Barton-Domenici Energy Bill which provides 33% of the capital equipment cost for Refueling Infrastructure upgrades.
Allen Giles, President of Amelot Holdings, Inc., states, "The tax cred its present Amelot with an opportunity to pre-sell these credits at a slight discount to help reduce the capital cost required to modify the storage facility and recognize a much quicker ROI."
About Amelot Holdings, Inc.:
Amelot Holdings, Inc., http://www.amelotholdings.com, a publicly traded company, is a diversified holding company that has identified a projected $20 billion opportunity to manufacture renewable fuels to supply the growing demand and to reduce the dependency and environmental impact of fossil fuels.
Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual res ults, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing and access funds from our existing financing arrangements that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events.
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