Methes Energies Signs Letter of Intent to Acquire the Assets of OTC Energy Technologies Inc.
09 Dezembro 2013 - 12:00PM
Marketwired
Methes Energies Signs Letter of Intent to Acquire the Assets of OTC
Energy Technologies Inc.
LAS VEGAS, NV--(Marketwired - Dec 9, 2013) - Methes Energies
International Ltd. (NASDAQ: MEIL), a renewable energy company that
offers an array of products and services to biodiesel fuel
producers, today announced that it has signed a Letter of Intent to
acquire the assets of OTC Energy Technologies Inc. ("OTC"),
including all of OTC's technologies and knowhow relating to the
conversion of several types of biomass into a chemical quality
syngas which can be converted into renewable alcohols such as
ethanol and methanol, renewable hydrocarbons such as jet fuel and
gasoline. The assets also include an existing pipeline of potential
clients that Methes intends to quickly pursue. The addition of OTC
technologies to Methes' portfolio of products will allow Methes to
compete more fully in the multi-billion dollar renewable fuels
market, and to start to compete in the multi-hundred billion dollar
general transportation fuels market.
The goal of the Company is to make small and medium size
processors available to clients where large scale facilities are
not feasible because of the typical high set-up costs associated
with such projects, as well as the availability of biomass required
to operate a facility. Methes believes that this acquisition will
be a perfect match and will enhance its current technology
portfolio. The focus of the Company will remain the same -- to
provide small and medium size solutions to clients involved in the
alternative and renewable energy sector.
John Loewen, Vice President of Operations at Methes Energies
said, "We are first and foremost a technology company, and we are
proud to be adding to our portfolio this way. We are excited about
the opportunity to offer a smaller solution to people that don't
have the $100's of millions typically associated which such
projects. What we've seen at their small scale facility is truly
amazing, and our goal is to quickly package and deploy turn-key
solutions similar to our biodiesel processors. We look forward to
the completion of this transaction which we expect will bring
substantial revenues and in turn create significant value for our
shareholders."
Paul Goodrow, President of OTC Energy Technologies Inc.
continued, "What attracted us to Methes was their proven ability to
turn innovative process designs into working, efficient production
plants. We believe that the OTC technology has the potential to be
a low cost producer of renewable and alternative fuels. And we
believe that smaller, modular plants and low costs are not mutually
exclusive. We anticipate that our hydrocarbon fuels will be cost
competitive with, and will prove to be an acceptable replacement
for crude oil derived transportation fuels. We look forward to
working with Methes to rollout what we think will be a game
changing business model."
The terms of the transaction were not provided and are subject
to a non-disclosure agreement until such time as a definitive
agreement is signed. The transaction is subject to customary due
diligence by the Company which has already retained an Engineer to
assist with the process.
About Methes Energies International Ltd.
Methes Energies International Ltd. is a renewable energy company
that offers a variety of products and services to biodiesel fuel
producers. Methes also offers biodiesel processors that are unique,
truly compact, fully automated state-of-the-art and continuous flow
that can run on a wide variety of feedstocks. Methes markets and
sells biodiesel fuel produced at its showcase production facility
in Mississauga, Ontario, Canada and at its recently commissioned 13
MGY facility in Sombra, Ontario, to customers in the U.S. and
Canada, as well as providing multiple biodiesel fuel solutions to
its clientele. Among its services are selling commodities to its
network of biodiesel producers, selling their biodiesel production
and providing clients with proprietary software to operate and
control their processors. Methes also remotely monitors the quality
and characteristics of its clients' production, upgrades and
repairs their processors and advises clients on adjusting their
processes to use varying feedstock to improve the quality of their
biodiesel. For more information, please visit www.methes.com.
This press release contains forward-looking statements
regarding future events and financial performance. In some cases,
you can identify these statements by words such as "may," "might,"
"will," "should," "except," "plan," "intend," "anticipate,"
"believe," "estimate," "predict," "potential," or "continue," the
negative of these terms and other comparable terminology. These
statements involve a number of risks and uncertainties and are
based on numerous assumptions involving judgments with respect to
future economic, competitive and market conditions and future
business decisions, all of which are difficult or impossible to
predict accurately and many of which are beyond the Company's
control. There are or may be important factors that could cause our
actual results to materially differ from our historical results or
from any future results expressed or implied by such forward
looking statements. These factors include, but are not limited to,
those discussed under the section entitled "Risk Factors" in our
Annual Report on Form 10-K for the year ended November 30, 2012,
filed on February 25, 2013, as amended, which is available at the
U.S. Securities and Exchange Commission website at
www.sec.gov. The forward-looking statements in this
press release are based upon management's reasonable belief as of
the date hereof. The Company undertakes no obligation to revise or
update publicly any forward-looking statements for any
reason.
Contacts: Methes Energies International Ltd. Michel G. Laporte
Chairman and CEO 702-932-9964
Methes Energies (PK) (USOTC:MEIL)
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