ACQUISITION TO ADD $3.5M IN REVENUE, $1.5M EARNINGS
MIAMI, Dec. 19 /PRNewswire-FirstCall/ -- Emerging green energy holding company HydroGenetics, Inc. (http://www.hydrogeneticsusa.com) (Pink Sheets: HYGN - News) announced today the execution of a Binding Letter of Intent to acquire Buffalo Biodiesel, Inc. (http://www.buffalobiodiesel.com). Headquartered in Northern New York, Buffalo Biodiesel, Inc. is a leading producer, collector and renderer of yellow grease and its ultimate fuel property, biodiesel. Under the terms of the LOI, Buffalo Biodiesel, Inc. will become a wholly owned subsidiary of HydroGenetics, Inc. "This agreement signals yet another segment of the green energy world HydroGenetics, Inc. will contend in," says CEO Marc Walther. "Our emerging technologies, combined with the revenues generated by our new subsidiary provides us with the necessary cash flow to grow our biodiesel business short term while we are executing our long term financing strategy and the development and commercialization of green technologies in our pipeline." |
