GreenShift Corporation today announced the formation of Mean Green BioFuels Corporation, a development-stage company that has acquired the rights to a new patent-pending technology for the cost-effective conversion of corn oil into biodiesel fuels.
MOUNT ARLINGTON, New Jersey GreenShift Corporation today announced the formation of Mean Green BioFuels Corporation ("Mean Green"), a development-stage company that has acquired the rights to a new patent-pending technology for the cost-effective conversion of corn oil into biodiesel fuels for a territory encompassing most of the eastern half of the United States.
Mean Green intends to finance, build and operate a 30 million gallon biodiesel fuel production facility on the eastern seaboard of the United States. Mean Green plans to site its new facility in the middle of a highly industrialized geography that has not historically had access to cleaner burning fossil fuel alternatives. Mean Green also plans to invest in and develop additional biofuels production facilities as well as certain types of distribution and diesel blending facilities.
Importantly, Mean Green plans to aggressively invest in its brand as it heavily promotes the use of biofuels in America with the objective of offsetting the demand for fossil fuels while reducing harmful greenhouse gas in as many diesel burning trucks, tractors, other heavy equipment and industrial facilities as possible.
Recently cited by President Bush as "one of our nation's most promising alternative fuel sources," biodiesel is a clean-burning alternative fuel that contains no petroleum. It can be blended at any level with petroleum diesel to create a biodiesel blend, it can be used in diesel engines with little or no modifications, and it is simple to use, biodegradable, nontoxic, and essentially free of sulfur and aromatics.
Over 37 billion gallons of petroleum diesel are used for domestic transportation each year in the U.S. The total demand for diesel fuel approaches 50 billion gallons per year when construction, farming and other off-road uses are considered. The current production of biodiesel in the U.S is about 30 million gallons per year.
Mean Green is 51% owned by the inventor of the Technology, Cantrell Winsness Technologies, LLC ("CWT"), and 49% owned by GreenShift.
David Cantrell, chairman and chief executive officer of Mean Green explains, "We are very impressed with what GreenShift is doing and I am personally thrilled to partner with them on the birth of Mean Green BioFuels Corporation. Our technology is an innovative and unique approach that helps ethanol producers and farmers by increasing their profitability while enabling the production of a new biodiesel fuel."
David Cantrell concludes, "The Mean Green brand shall symbolize an "In-The-Trenches" approach to seeking, extracting and capitalizing on the fuels that are otherwise discarded."
The Mean Green BioFuels process redirects an internal waste stream in dry mill ethanol facilities through Mean Green BioFuels' proprietary extraction systems where crude corn oil is extracted and then prepared for shipment offsite for further refining. Mean Green BioFuels will purchase and sell this on the basis of wholesale and retail prices, thereby stimulating near term cash flows pending the initiation of operations at its planned new biodiesel facility.
The success of the technology shall be quickly realized as the extracted oil can be sold directly into the commercial feed industry prior to the commissioning of the biodiesel conversion facility. Corn Oil has especially high feed qualities in the livestock industry that shall generate significant short-term revenue.
Kevin Kreisler, GreenShift's chairman and chief executive officer adds, "Here again is another great example of how incremental shifts can contribute to profound environmental gains. Mean Green represents the heart of GreenShift's "Natural Solutions" ideology.
About GreenShift Corporation: GreenShift Corporation is a publicly traded business development company whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and catalyze transformational environmental gains.
Business development companys are regulated by the Investment Company Act of 1940 and are essentially publicly-traded equity funds where shareholders and financial institutions provide capital in a regulated environment for investment in a pool of long-term, small and middle-market companies through the use of senior debt, mezzanine financing, and equity funding.
GreenShift plans to use equity and debt capital to support and drive the value of its existing portfolio of companies and to make investments in a diversified mix of strategically compatible growth stage public and private businesses and technologies. GreenShift's current portfolio includes investments in the following environmentally proactive companies:
-- Veridium Corporation (OTC Bulletin Board: VRDM);
-- INSEQ Corporation (OTC Bulletin Board: INSQ);
-- GreenWorks Corporation;
-- Ethanol Oil Recovery Systems
-- GreenShift Industrial Design Corporation;
-- Coriolis Energy Corporation;
-- Mean Green BioFuels Corporation;
-- TDS (Telemedicine), Inc.;
-- Sterling Planet, Inc.;
-- Ovation Products Corporation;
-- TerraPass Inc.
In addition, GreenShift hopes to add investments in wind power, hydropower, practical centralized applications of hydrogen power, alternative fuels, infrastructure and mining to its portfolio during 2005 and 2006.
GreenShift trades on the OTC Bulletin Board under the symbol GSHF. Additional information about GreenShift Corporation is available online at www.greenshift.com.
Source: Business Wire, GreenShift Corporation