PHGI Receives Additional Financial Incentives From the City of Opp, Alabama, Covington County, Alabama and the State of Alabama to Construct BioFuel Refinery
Thursday January 18, 5:42 pm ET
OPP, Ala. and SANTA ROSA BEACH, Fla., Jan. 18, 2007 (PRIME NEWSWIRE) -- Perihelion Global (Other OTC:PHGI.PK - News) announces today that the City of Opp, Alabama, Covington County, Alabama and The State of Alabama have agreed to a package of financial incentives for the company to construct and operate its BioFuel Refinery locating in the Opp Industrial Park.
Under terms of the agreement, Perihelion Global will be allowed recoup the entire cost of the $40 Million BioFuel Refinery via tax abatements. The investment will be recouped at 5% of the total cost of the project per annum over 20 years.
Additionally, the City of Opp, Covington County and the State of Alabama have granted a 10 year abatement of all property taxes, excluding taxes designated for funding public education.
Perihelion's BioFuel Refinery in Opp, Alabama which be the largest Bio-Fuel Refinery in North America using peanuts as the primary stock and will also be the 3rd largest BioFuel Refinery in North America overall.
``We are very pleased at the package of financial incentives given to our company to build and operate our BioFuel Refinery in Opp, Alabama. The City, County and State of Alabama have been extremely positive and supportive in working with us on this project. We greatly appreciate their combined efforts to enable us to succeed in this project,'' states John H. Beebe, Chairman, Chief Executive Officer and President of Perihelion Global. ``The package of financial incentives truly creates a win-win arrangement for our company, our shareholders and the local community that we feel will ensure the long term success of this project.''
About Perihelion Global:
Perihelion Global focuses on the acquisition, development and management of technologies, strategic commodity reserves and assets in the energy, natural resource and communications markets. Perihelion's management team specializes in providing solutions for the strategic challenges of 21st Century. We lead with decades of experience in environments that are mission critical in today's global marketplace. Website: perihelion.com
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Caution Regarding Forward-Looking Statements
This press release contains historical information as well as forward-looking statements that are based upon our estimates and anticipation of future events that are subject to certain risks and uncertainties that could cause actual results to vary materially from the expected results described in the forward-looking statements. The words ``anticipate,'' ``believe,'' ``estimate,'' ``expect,'' ``hopeful,'' ``intend,'' ``may,'' ``optimistic,'' ``preliminary,'' ``project,'' ``should,'' ``will,'' and similar expressions are intended to identify these forward-looking statements. There are numerous important factors that could cause our actual results to differ materially from those in the forward-looking statements. Thus, sentences and phrases that we use to convey our view of future events and trends are expressly designated as Forward-Looking Statements as are sections of this news release clearly identified as giving our outlook on future business.
These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following important factors that could affect the actual outcome of future events:
* General economic conditions, either nationally or in our market
area, that are worse than expected;
* regulatory and legislative actions or decisions that adversely
affect our business plans or operations;
* price competition;
* inflation and changes in the securities markets that adversely
affect the fair value of our operations; and
* changes in our organization, compensation and benefit plans.
We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and wish to advise readers that the factors listed above could affect our financial performance and could cause actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. We do not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Contact:
Perihelion Global
John H. Beebe, Chairman, Chief Executive Officer
and President
866-748-7610 (Toll Free) ext. 719
john@perihelion.com
Government and Public Relations
Robert H. Boothe, Jr.
866-748-7610 ext. 704
rboothe@perihelion.com
www.wopp.com
City of Opp, Alabama
Mayor H.D. Edgar
(334) 493-4572
hdedgar@oppcatv.com
Covington County Economic Development Commission
Richard T. "Tucson" Roberts, President and CEO
(334) 222-7040
ccedc@alaweb.com
www.southalabamaed.com
MN1 NewsWire
Angela Junell
214-461-3411
ajunell@MN1.com
Stay up to date with MN1 NewsWire "NEWS YOU CAN TRUST" at www.MN1.com
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Source: Perihelion Global |
