The End of Ethanol Subsidies Provides Huge Opportunities for Golden Spirit's Terralene Fuels
25 Julho 2011 - 9:00AM
Golden Spirit Enterprises Ltd. (OTCBB:GSPT) reports that the recent
U.S. Senate vote to kill a $6 billion subsidy for ethanol will
allow Terralene Fuels to import ethanol economically for use in
blending its patented, proprietary, alternative fuel formulation.
The bill was introduced by Senator Dianne Feinstein,
D-California which calls for an immediate end to the 45 cent per
gallon subsidy paid to oil refiners who blend ethanol. The credit
was considered unnecessary by many critics who pointed out that the
ethanol blend is already mandated by federal rules. The bill also
ended the 54 cent tariff on imported ethanol thereby boosting the
purchase of domestic ethanol. Critics pointed out that the ethanol
and oil industries do not need subsidies that are costly to
taxpayers, harm the environment and increase the cost of food we
consume. Moreover, ethanol, made mainly from corn in the United
States has diverted too much grain from food to fuel and has done
little to ease greenhouse gas emissions.
Many governments across the globe have been implementing
mandatory bio-fuel blends (E10) with conventional fuel to further
boost up the demand for bio-fuel. While most blends use the more
costly Anhydrous Ethanol (no water content) to blend with
gasoline,
Terralene uses the considerably less expensive Hydrous Ethanol
(some water content) in its formulation.
Given the fact that 29% of its formulation is Hydrous Ethanol,
the comparatively low cost of Hydrous Ethanol makes it possible for
Terralene Fuel to be very competitive in the alternative fuel
market. Furthermore, most imported ethanol is produced from sugar
cane which is considered more economically viable, lowering the
competitive costs for Terralene. The lower cost sugar cane ethanol
can also be produced in warm climates in the U.S. and used in the
Terralene Blend.
In reaction to the recent bill, Jaclyn
Cruz, President of Golden Spirit Enterprises
Ltd. commented, "This announcement presents a fantastic
opportunity for Terralene Fuels to enter the marketplace
now. We intend to develop this project as expeditiously as
possible as we continue to build value for our shareholders."
In addition, Golden Spirit's Management reports that the Company
will be changing its name to Terralene Fuels Corporation to better
reflect the business direction of the Company. The name change will
take effect in about forty five days, subject to regulatory
approval. Golden Spirit's main focus has been the development and
marketing of Terralene Fuels, a patented alternative fuel blend of
fossil fuel and bio-fuel.
About Terralene Fuels
Terralene® is a patented, proprietary, alternative fuel
formulation which reduces greenhouse gases and other
environmentally damaging emissions which are prevalent in existing
gasoline combustion engines. Although the formulation is somewhat
based on fossil fuels and other non food chain agricultural
components, it is designed as a Green and Clean Alternative
Renewable Fuel. Terralene's fuel composition is 55% petroleum
based and 45% from renewable energy sources. The internationally
known law firm of Gowling Lafleur Henderson LLP is retained to
manage the Terralene Patents and Trade Marks.
Visit our site: www.terralenefuels.com
/s/ Jaclyn
Cruz
Jaclyn Cruz,
President
For further information contact: 1-888-488-6882
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: The statements contained herein which are not
historical fact are forward-looking statements that are subject to
risks and uncertainties that could cause actual results to differ
materially from those expressed in the forward-looking statements,
including, but not limited to, certain delays in testing and
evaluation of products and other risks detailed from time to time
in Golden Spirit's filings with the Securities & Exchange
Commission.
CONTACT: Golden Spirit Enterprises Ltd.
1-888-488-6882
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