Press Release Source: Amelot Holdings, Inc. On Wednesday May 26, 2010, 7:00 am EDT
NEW YORK, NY--(Marketwire - 05/26/10) - Amelot Holdings, Inc. (Pinksheets:AMHD - News) announced today that Amelot Oil and Barbados National Oil Company Ltd.(BNOCL) have signed a non-binding memorandum of understanding (MoU), with the intent to form a joint venture (JV) in Barbados for the ownership and operation of a biodiesel production facility for the supply of biodiesel fuel. The JV would enable Amelot and BNOCL to establish a scalable and sustainable biofuels business.
The Barbados National Oil Company is a national state-owned energy provider in the country of Barbados. Founded several decades ago, the company satisfies about 30% of the country's total consumption of oil and gas.
Amelot Oil, wholly owned by Amelot Holdings, has been operating a production facility in Barbados since 2008. The Amelot Oil Barbados biodiesel plant operates on used cooking oil. By working with such an impure feedstock threatening to pollute the ecosystem, Amelot Oil managed to stand out in Barbados and demonstrated proof of concept and growing demand for alternative fuel.
Biodiesel, for BNOCL, for use in the planned 6 month pilot project to further study the impact of using Biodiesel in Barbados. This phase also calls for a state of the art gas station with B20 fuel pump which is a blend of 20-percent biodiesel and 80-percent conventional diesel.
The MoU envisages that under the second phase Amelot and BNOCL will jointly operate a biodiesel production facility that will utilize containerized modular equipment and proprietary feedstock technology. The modular design and sustainability of the process is expected to produce biodiesel in such quantities as required to support BNOCL's long term goal of replacing conventional diesel with 100% biodiesel.
"The MoU demonstrates our continued long-term commitment to Barbados. We are looking forward to joining with a leading company there to meet the needs of retail and commercial fuels customers in that growing market. The joint venture would enable Amelot to set up a profitable bio-fuels business, with the potential to deploy next generation technologies. We have been looking for a partner with the resources and scaling capabilities to rapidly industrialize our biodiesel production in Barbados. We are delighted to have found this partner in BNOCL," stated Fred Guarnieri, President and CEO of Amelot Holdings, Inc.
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. There have been no issuances of additional shares since August 2008.
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