Diamond Ridge Advisors, Inc., Acquires 20% Stake in Life Energy & Technology Holdings, Inc. for USD$9,839,871.00
Thursday August 7, 10:31 am ET
UTICA, N.Y.--(BUSINESS WIRE)--Aug. 7, 2003--Life Energy & Technology Holdings, Inc. (OTCBB:LETH - News; Deutsche Borse DE:LFT)("Life Energy") announced today it has exchanged an agreement with Diamond Ridge Advisors, Inc., a private North Carolina Company, for a $9,839,871 equity investment in the Company, and a loan agreement to fund the manufacture of Biosphere Processing Units in the United Sates. A Schedule 13D (Rule 13d-101) will be submitted to the SEC by Diamond Ridge to record the transaction.
William M. Biles, spokesman for Diamond Ridge, said, "We are pleased to begin our association with Life Energy on what we see as potential in the development of the waste-to-energy industry, by successfully utilizing Life Energy technologies. We believe the Biosphere Process(TM)(a) System, provides technology advances in the waste to energy field that will allow for the processing of numerous waste streams in an environmentally sound and economically feasible manner. We are delighted to be a part of this innovative company."
About Life Energy & Technology Holdings Inc. (http://www.le-th.com)
Life Energy is rapidly becoming a leader in the environmental infrastructure and electricity co-generation markets. Life Energy's unique proprietary technology, EcoTechnology(TM)(b), generates electrical energy through a profitable and environmentally safe process. The Biosphere Process(TM) System, a central part of Life Energy's EcoTechnology(TM), safely and efficiently processes traditional and non-traditional waste materials and/or traditional fuels into electricity and other beneficial by-products. The Biosphere Process(TM) assists in solving the global waste problem by converting into clean, green electricity such waste materials as: Municipal Solid Waste (MSW), agricultural wastes, forestry wastes, agricultural and industrial effluents, medical wastes, industrial wastes, used tires, sewage sludge, shale oil, sour natural gas and many other traditional and non-traditional waste materials.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
(a) Biosphere Process(TM) & Biosphere(TM) are copyright trademarks of the Life Energy Partnership 1995 and the Company.
(b) EcoTechnology(TM) is a copyright trademark of the Life Energy Partnership 1995 and the Company.
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Contact:
Life Energy & Technology Holdings, Inc.
Dr. CA McCormack, 866-616-5433
drca@le-th.com
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