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Company Press Release
SOURCE: The L. L. Knickerbocker Co.
Department of Energy Approves Pure Energy Corporation's P-Series Fuels as an Alternative Fuel Says L. L. Knickerbocker
LAKE FOREST, Calif., May 17 /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, received notice that the U.S. Department of Energy (DOE) has approved P-Series as an ''alternative Fuel'' under regulatory authority of the Energy Policy Act of 1992 (EPACT). In a press release issued PEC they said that the P-Series is a significant breakthrough for the energy industry and is the first synthetic multi-component engineered fuel to be designated by the DOE. P-Series is engineered for performance largely from renewable resources.
Designation clears the way for P-Series to become an attractive and widely available option for American consumers. P-Series is a practical, high-performance choice and is the only cost-competitive, environmentally responsible fuel made from renewable domestic materials. The high-octane, substantially non-petroleum fuel is designed to operate in flexible fuel vehicles that are on the roads today, and of which hundreds of thousands are being produced each year by major auto makers.
''P-Series fuels, produced from renewable, domestic feedstocks, have the potential to replace approximately one billion gallons of gasoline annually by 2005,'' said Secretary of Energy Bill Richardson. ''The use of P-Series fuels will also help the United States reduce pollution from automobiles and fight greenhouse gas emissions.''
The cost-per-gallon of P-Series will be comparable to gasoline and less than other alternative fuels once in commercial production. Consumers will buy and use P-Series just like gasoline because the product uses existing infrastructure, distribution and engine technology. The fuel comes from low-cost domestic materials and will be made in America.
Federal and State fleets are mandated under EPACT to purchase vehicles that use alternative fuels in an effort to help replace 10 percent of conventional motor vehicle fuels by the year 2000 and 30 percent by the year 2010. EPACT also grants the authority to DOE to require local government and private fleets to acquire alternative fuel vehicles, starting in 2001.
''Because of our country's increasing reliance on foreign oil, we must develop and use domestically abundant, renewable fuels which are cleaner, such as P-Series. EPACT challenged private industry to come up with alternative fuels and Pure Energy is delivering on that challenge,'' said Merrick G. Andlinger, President and CEO of Pure Energy. ''The next step is engine certification and the creation of incentives for fleet managers to use this fuel, not just purchase flexible fuel vehicles. We look forward to working together with the auto manufacturers and the Federal government to stand behind EPACT and P-Series.''
With the increase in production of flexible fuel vehicles over the next few years, Pure Energy sees a tremendous market for its fuel. Flexible-fuel engines are already standard equipment for certain models. These engines can be found in vehicles such as Chrysler's popular minivans and Ford's Taurus sedans and Ranger pick-up trucks.
Tens of thousands of these vehicles have been purchased by fleet managers to comply with EPACT mandates. Pure Energy expects to announce fleet demonstration programs soon and invites more fleet managers to take a hard look at P-Series as the most attractive choice for their flexible fuel vehicles.
P-Series was patented by Princeton University (U.S. Patent No. 5697987) in December 1997. Pure Energy holds the exclusive worldwide license to manufacture and distribute P-Series.
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.
''I am pleased to join Secretary Richardson and Mr. Andlinger in commenting on the value of the P-Series fuels and this very important day in our history,'' said Louis L. Knickerbocker, Chairman and CEO of The L. L. Knickerbocker Co., Inc. ''I would also like to express my appreciation to Secretary Richardson and the DOE for validating my company's commitment to the process leading up to this extraordinary event.''
Mr. Knickerbocker added: ''To my staff and to my shareholders, I express deep appreciation for your patience, which I know at times was very difficult. Thank you.''
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: The L. L. Knickerbocker Co. |
