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Updated:2007-06-14 10:50:13
Earth Biofuels Outlines 2007 Growth Plan
BUSINESS WIRE
DALLAS--(BUSINESS WIRE)----Members of the Earth Biofuels, Inc. Board of Directors (OTCBB:EBOF) met to review operating results and expectations, and then affirmed the Company's 2007 plan for sustainable growth. The Board-approved plan presents, in management's opinion, an achievable path to profitability for the Company and its U.S. focused biofuels and alternative fuels businesses.
"The biofuels industry and other alternative fuels are absolutely essential to our nation's energy security and our ability to maintain economic independence," said Dennis G. McLaughlin III, chairman and CEO of Earth Biofuels. "The goal of energy independence won't be achieved through use of a single technology, which is why Earth Biofuels has created a diversified portfolio of alternative transportation fuels. With the hard work of our initial development largely completed, Earth Biofuels is poised to move into the next stage of commercial growth and sustained profitability."
"In this emerging market as we continue to refine our business objectives and validate our core business values, the Board is pleased with Earth Biofuels' progress," said Director Bill Luckett. "The Company's board of directors has carefully reviewed our long-range strategic plan, which contains several actionable elements that will be addressed in 2007. We believe that successful execution of these elements will help define Earth Biofuels' stature as a leading vertically integrated, diversified biofuels producer."
Highlights of 2007 Plan:
CLEAN BURNING ALTERNATIVE FUELS
Continued profitability and future production increases for LNG division -- Earth LNG, also known as ALT LNG, is the largest producer of vehicle-grade LNG in the Western U.S. The Company owns an 86,000 gallon per day LNG production plant in Topock, Arizona and services several large fleet customers in California. It is currently selling over 90% of production capacity. The plant has shifted to index pricing and has ongoing capital improvements to increase capacity and improve margins. The Company is also negotiating with select vendors in an ongoing effort to reduce transportation costs which will also contribute to increased efficiencies.
Continuous biodiesel production and secured customer commitments -- The biodiesel plant located in Durant, Oklahoma has completed its pilot phase and is now fully operational. It has a production capacity of 10 million gallons per year and a future capacity of 20 million gallons per year. Since the beginning of 2007, Earth Biofuels has secured sales commitments from several large fuel retail outlets for over 40% of current production capacity (no assurances can be given that such sales commitments will be realized).
Illinois plant development further expands biodiesel availability -- In 2006, Earth Biofuels invested an equity interest in a newly-formed company named Biodiesel Investment Group (BIG). BIG and Bunge North America, Inc. ("Bunge"), one of the nation's leading agribusiness firms, partnered to begin the construction of a biodiesel plant with an annual capacity of 45 million gallons. The plant is located adjacent to a major Bunge soybean crusher significantly reducing feedstock transportation costs. Earth plans to market the new plant's biodiesel production under its BioWillie(R) premium biodiesel brand name.
Willie's Place at Carl's Corner soon to be flagship BioWillie(R) station -- Through local partnerships, the former Carl's Corner Truck Stop is being rebuilt as "Willie's Place at Carl's Corner," in Hillsboro, Texas. The location, just north of the I-35 split, to I-35W (Ft. Worth) and I-35E (Dallas), has a long history serving truckers and visitors on I-35. It is now in the finishing stages prior to the intended reopening this summer.
Expansion into ethanol through joint ventures and cutting-edge cellulosic technology -- The Company is exploring opportunities in ethanol in both acquisition and developing new technology. Revolution Biorefining, LP ("RBR"), a proposed Earth Biofuels partnership, would develop cutting-edge proprietary technology in the pretreatment of biomass and its conversion into cellulosic biofuels. White House advisor and Auburn University professor, Dr. David Bransby, describes the Revolution Biorefining technology as "years ahead of anything else" he is aware of in the industry. David Bransby, cellulosic biofuels expert, was recently appointed to the Earth Biofuels' Advisory Board and will focus efforts on this new technology.
Earth Biofuels Technology Company, LLC (EBTC) launches biofuels' construction company -- Earth Biofuels formed a joint venture partnership with Professor Miguel Dabdoub to create Earth Biofuels Technology Company. As a world-renowned biodiesel authority and the holder of proprietary technologies relating to the construction of biodiesel facilities, Dr. Dabdoub is an expert in the efficiencies, output capacities, and quality control measures relating to biodiesel production and processing. The company holds the exclusive rights to Dr. Dabdoub's technologies throughout North America. The Company will use EBTC to build plants for it and third parties.
About Earth Biofuels
Earth Biofuels produces and distributes biodiesel fuel through wholesale and retail outlets. The fuel is sold under Willie Nelson's brand name, "BioWillie(R)." Earth Biofuels also produces and markets liquefied natural gas (LNG). The Company is focused on meeting the growing demand for alternative and renewable fuels in the domestic market. The Company's Web site is www.earthbiofuels.com. |
