Press Release Source: James Monroe Capital Corporation
Diversified Ethanol A Division of Originally New York Completes Sectional Testing of Pilot Plant
Sunday January 14, 7:54 pm ET
CHICAGO--(BUSINESS WIRE)--Diversified Ethanol, A Division of Originally New York, Inc (OTCBB:ONYI - News), has powered up its pilot plant, one piece at a time, successfully completing sectional testing.
Tanks, lines, bioreactors, pumps, columns, and motors have all been approved for use. New explosion-proof wiring has been added to the distillation section, and a new water treatment center has been installed. The tanks and plumbing are now being insulated, and the new grain storage system has been delivered. Employees were especially excited to see the distillation section fired up and filled with steam. As it stands, the pilot plant is ready for permits and can begin producing ethanol. Until production begins, further testing and optimization of the pilot plant will continue.
The pilot plant is fitted to run on the new biofuel from the Rivera reactor, a patent-pending process which creates valuable 7-3-7 fertilizer along with biogas and 5 gallons of liquid biofuel per bushel of soybeans. Once running, the new ethanol plant will be fitted with a Rivera reactor so that it will be able to run on biomass. Friday evening, Iowa television WHO Channel 13 commented that of all of the ethanol plants being built, Diversified Ethanol may top them all, and compared the new biofuel reactor to the "Mr. Fusion" machine in the movie "Back to the Future" by Universal Studios, where the futuristic car ran on garbage.
CEO Taylor Moffitt commented, "We now have a product showcase. Customers have been excited to see the plant, which can be simply adapted to utilize a variety of technologies. We are eager to show the world what we have to offer. Regarding new developments with USSEC, both parties are in 100% agreement about what we want. We see phenomenal opportunities both ways, and are now waiting for legal blessings on the technical aspects of the deal in the form of a definitive agreement."
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
Contact:
Originally New York, Inc, Eagle Grove
Chris McGovern, 515-603-6292
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Source: James Monroe Capital Corporation |
