Veridium to Sell Corn Oil to Mean Green BioFuels for Conversion to Biodiesel Wednesday February 22, 9:00 am ET Pact Expected to Increase Veridium's Corn Oil Revenues by More Than 25%
NEW YORK--(BUSINESS WIRE)--Feb. 22, 2006--Veridium Corporation (OTC Bulletin Board: VRDM - News) today announced its plans to sell high grade corn oil to Mean Green BioFuels Corporation ("Mean Green") for refining into biodiesel fuel. ADVERTISEMENT
Earlier this month, Veridium and Mean Green announced their execution of a joint venture agreement pursuant to which Veridium was assigned the exclusive worldwide rights to what was then Mean Green's patent-pending Corn Oil Extraction System(TM). In return, Veridium agreed to provide Mean Green with right of first refusal rights to its various biodiesel feedstocks including the high grade corn oil that Veridium extracts from an ethanol by-product called distillers dried grain ("DDG") patent-pending Corn Oil Extraction System(TM).
Veridium's pricing model for its Corn Oil Extraction Systems(TM) is based on its provision of its turn-key systems for no up-front cost in return for long-term corn oil purchase agreements based on a fixed discount to prevailing corn oil market prices. Veridium will purchase and sell the extracted corn oil as a high grade corn oil product and generate an estimated $1.4 million in annualized revenues per ethanol facility.
Veridium will continue to generate revenues at this rate until Mean Green's first biodiesel production facility commences operations, at which point Mean Green will purchase the oil from Veridium based on a fixed discount to prevailing fuel prices. This amount corresponds to a premium to corn oil market prices and is expected to result in an estimated 25% increase in Veridium's corn oil sales to about $1.8 million per year per ethanol facility once Mean Green starts making biodiesel.
Veridium and Mean Green are both portfolio companies of GreenShift Corporation (OTC Bulletin Board: GSHF - News), a publicly traded business development company (BDC) whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and catalyze transformational environmental gains.
Kevin Kreisler, GreenShift's chairman and chief executive officer, said that "a vital aspect of GreenShift's investment philosophy is to have our various portfolio companies work together to assist each other in their respective development plans. In this case, we have Veridium out selling its proprietary Corn Oil Extraction Systems(TM) with a sales model that is profitable for Veridium today but that also secures a large volume of biodiesel feedstock at favorable prices. Simultaneously, we have Mean Green out building their biodiesel production capacity with the expectation that Veridium will own enough biodiesel feedstock to allow Mean Green to commence operations at its first biodiesel facility later this year at greater than break-even rates of production."
About Mean Green BioFuels Corporation
Mean Green intends to finance, build and operate several biodiesel production facilities in the U.S., where it will leverage its proprietary oil recovery technologies to reduce America's dependence on foreign oil by producing high quality biodiesel fuels. With assistance as necessary from GreenShift, and at the option of participating facilities, Mean Green plans to make equity and other investments in ethanol producers and other companies that use Mean Green's innovative technologies.
Mean Green plans to aggressively invest in its brand as it promotes the use of biofuels in America with the objective of offsetting the demand for fossil fuels while reducing harmful greenhouse gas emissions directly in the trenches - in as many diesel burning trucks, tractors, other heavy equipment and industrial facilities as possible.
Mean Green's business model is based on the production of biodiesel out of the following sources:
soy bean oil; animal fats procured from rendering operations; corn oil extracted from ethanol facilities; and animal fats derived from dissolved air flotation wastewater sludges. Biodiesel is a clean burning alternative fuel that contains no petroleum. It can be blended at any level with petroleum diesel to create a biodiesel blend, it can be used in diesel engines with little or no modifications, and it is simple to use, biodegradable, nontoxic, and essentially free of sulfur and aromatics. Over 37 billion gallons of petroleum diesel are used for domestic transportation each year in the U.S. The total demand for diesel fuel approaches 50 billion gallons per year when construction, farming and other off-road uses are considered. The current production of biodiesel in the U.S. is less than 100 million gallons per year leaving a considerable demand for the renewable fuel.
Additional information on Mean Green is available online at www.meangreenbiofuels.com. Interested parties that wish to put Mean Green's technologies into action today or who are seeking investment in their biofuels company should contact Mean Green at 888-870-9193 or getmean@meangreenbiofuels.com.
Mean Green BioFuels Corporation is 50% owned by GreenShift Corporation (OTC Bulletin Board: GSHF - News), a publicly traded business development company (BDC) whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and catalyze transformational environmental gains.
About Veridium Corporation
Veridium Corporation (OTC Bulletin Board: VRDM - News) is a publicly traded industrial waste recycling company and holds the rights to more than a dozen proprietary universal processing, water purification, emissions control and waste recycling technologies.
Veridium's business model is based on the engineering and marketing of green innovations and processes that enhance manufacturing efficiencies, improve resource utilization and minimize waste. Veridium's mission is to deliver consumer oriented Natural Solutions(TM) based on an array of green technologies and applied engineering expertise that reduce waste at the source and make it easier for people and businesses to recycle and reuse resources. Veridium plans to focus on the continued acquisition, development and marketing of benchmark green technologies and products that accomplish the following key goals:
Reduce the volume of waste generated by residential and commercial consumers; Increase the convenience and decrease the cost of recycling by residential and commercial consumers; and, Increase the cost-efficiency of processing certain types of industrial wastes. Veridium is about 65% owned by GreenShift Corporation (OTC Bulletin Board: GSHF - News), a publicly traded business development company (BDC) whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and catalyze transformational environmental gains.
Safe Harbor Statement
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Veridium Corporation, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Contact: Veridium Corporation Investor Relations, 888-870-9197, ext. 291 Fax: 646-792-2636 investorrelations@veridium.com www.veridium.com or CEOcast, Inc. for Veridium Ed Lewis, 212-732-4300
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