Mayor Edward Rendell Announces Efforts to Fuel the Future With Cleaner-Burning Alternative Fuels Announces L. L. Knickerbocker
City Of Philadelphia Hosts First Fleet Demonstration Program for P-Series
LAKE FOREST, Calif., June 18 /PRNewswire/ -- The L. L. Knickerbocker Co., Inc. (Nasdaq: KNIC - news) today announced that Pure Energy Corporation (PEC), a bio-based alternative fuel company in which it holds a substantial equity interest, announced that Secretary of Energy Bill Richardson and May Edward Rendell announced efforts to ''Fuel the Future'' with cleaner-burning alternative fuels. PEC said that during a ceremony held at City Hall today, the two officials joined Merrick Andlinger, CEO of Pure Energy Corporation, to launch the first fleet demonstration program for Pure Energy's P-Series motor fuel, a new alternative fuel which is made largely from renewable resources and is essentially sulfur-free.
Last month, the Department of Energy designated P-Series as an ''Alternative Fuel'' under the regulatory authority of the energy Policy Act of 1992 (EPACT) clearing the way for P-Series to become an attractive and widely available option for federal and state fleet demonstration programs. For the first demonstration, the City of Philadelphia will replace conventional motor fuel with P-Series in several of its flexible fuel vehicles for one year. These vehicles were test-driven using P-Series fuels during the inauguration ceremony.
''Philadelphia is proud to be the first city to host a fleet demonstration program for P-Series,'' Mayor Rendell of Philadelphia said. ''We are pleased to demonstrate our commitment to a cleaner environment with the use of domestically abundant, renewable fuels, such a P-Series, in some of the vehicles in the City's fleet.''
''This event marks an important milestone for Pure Energy's P-Series fuels and the future use of alternative fuels,'' said Andlinger, CEO of Pure Energy. ''We acknowledge Secretary Richardson and Mayor Rendell's leadership in bringing P-Series to Philadelphia. This program will demonstrate that P-Series is a practical alternative to gasoline. P-Series can use existing distribution infrastructure and engine technology.''
With the increase in production of flexible fuel vehicles over the next few years, Pure Energy sees a tremendous market for its fuel. Tens of thousands of flexible fuel vehicles have been purchased by fleet managers to comply with EPACT mandates. In addition, flexible fuel engines are already standard equipment for certain models.
The wholesale cost-per-gallon of P-Series will be comparable to gasoline and less than other alternative fuels once it is in commercial production. The fuel is produced from low-cost waste materials and can help to reduce the volume of material entering landfills.
Currently, only limited quantities of the fuel are available and are being dedicated to demonstration programs. The first commercial facility, expected to produce 50 million gallons of P-Series annually, is planned for construction in 2000. An aggressive growth schedule should see multiple facilities producing P-Series by 2005 in the United States and internationally.
P-Series was patented by Princeton University (U. S. Patent No. 5697987) in December 1997. Pure Energy holds the exclusive worldwide license to commercialize P-Series and has developed its own technology to produce the key ingredients.
Pure Energy Corporation, with offices in New York and California, is a private company that develops and commercializes technology for new fuels, fuel additives and chemicals by working with established industry partners. The company has developed a substantial base of intellectual property and patents. Some of these fuels are already being used in demonstration programs across the country. For more information, contact Pure Energy Corporation at One World Trade Center, Suite 5301, New York, NY 10048, or visit their Web site at www.pure-energy.com.
In addition to its equity interest in Pure energy Corporation, The L. L. Knickerbocker Co., Inc. sells collectible gifts and toy-related merchandise, primarily porcelain and vinyl dolls and teddy bears. The Company also designs, manufactures and markets fashion jewelry and accessories, in addition to offering an extensive line of fine jewelry products and supplying other jewelry manufacturers with loose cut stones. The Company's products are sold through diverse international distribution channels, including its own web sites, television shopping outlets, direct response sales and wholesale sales to retailers.
For more information visit The L. L. Knickerbocker Web site www.knickerbocker.com
This press release contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, which involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors affecting the Company's operations, markets, products, services and prices, and other factors. The Company's actual results could differ materially from those projected in the forward-looking statements as a result of the factors described herein.
SOURCE: L. L. Knickerbocker Co., Inc.
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