Amelot Holdings Updates on Its Operations in Barbados and Its Subsidiary in Trinidad and Tobago
NEW YORK, NY -- (Marketwire) 05/21/10 In a news release dated January 19, 2010, Amelot Holdings, Inc. (PINKSHEETS: AMHD) announced that its wholly owned subsidiary, Amelot Oil Inc., was forming a new subsidiary for the production and marketing of biodiesel in Trinidad and Tobago. The name Amelot Oil Trinidad and Tobago Limited was subsequently reserved. We are pleased to announce that the formation of its subsidiary in Trinidad is now being finalized.
Since then, we have been in talks with potential partners in Trinidad and Tobago, and expect to have agreements signed within the next few weeks.
Demand has been exceeding supply at our Barbados biodiesel production facility, which can be attributed to the extensive marketing campaign that was begun in December of 2009. We are now looking at cost effective ways in increasing production capability at our current facility.
A small profit was made in January; however, the last few months we have been basically breaking even, due to the fact that a large quantity of cooking oil we have collected in the last few months has been of different quality that increases the cost of processing. We have been contacting all the restaurants and hotels in Barbados, along with other sources of used cooking oil, and our oil collection has been steadily increasing. We are also considering the use of other feedstock to meet the increasing demand.
The current outstanding common shares balance is 4,309,573,155 and the number of authorized shares is 4,925,000,000. Mr. Guarnieri currently owns 736,275,000 shares of the Company's common stock. He has purchased 42,300,000 since January 19, 2010 in the open market through his online brokerage accounts. He has neither sold, pledged, assigned or transferred any of his purchased shares of the Company since becoming President in June 2009. There have been no issuances of additional shares since August 2008.
About Amelot Holdings, Inc. (PINKSHEETS: AMHD):
Amelot Holdings, Inc. (http://www.amelotholdings.com), a publicly traded company, is a diversified holding company that has identified Biodiesel as a multi-billion emerging Biofuel market. Amelot plans to have a significant market share in growing low cost feedstocks to supply the growing demand for biodiesel, to reduce energy dependency of fossil fuels, to help reduce the U.S. dependency on foreign oil supplies and reduce the impact of energy on our environment.
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