Vega Biofuels Provides Shareholder Update
NORCROSS, Ga.--(BUSINESS WIRE)-- VEGA BIOFUELS, INC. (Pink Sheets: VGPR) provides the following Update:
As we approach the end of the year, I want to thank our shareholders for their continued support. I'm proud to report that the Company is stronger than ever and tremendous opportunities have opened up for us during the past few months.
In an effort to keep our shareholders more informed with up to date news, we've hired an Investor Relations firm that will handle most communication with our shareholders. With over 3,000 shareholders, it has been difficult to keep everyone informed and to respond to the many requests we receive from our shareholders all over the world. We will have a detailed announcement introducing the new firm in the next few days.
The next few months are going to be very important to the Company. We continue to move forward with our plans for a bio-coal manufacturing plant in South Georgia. While we move closer to the day that we can start shipping our product, we have been concentrating on expanding our business in other areas, primarily sales. The demand for our bio-coal product has increased substantially all over the world. We are in discussions with several different entities concerning our product. In order to meet the demand, we have put together a multi-tier plan to expand the design for the plant to accommodate an additional manufacturing line and three shifts working seven days a week. Fortunately, we have the room for this type of expansion.
The worldwide emphasis on the development of renewable and alternative energy creates significant opportunities for our Company. The South Georgia plant will use special Torrefaction technology to produce the bio-coal product.
Torrefaction is gaining in popularity all over the world. The bio-coal product that will be produced at our South Georgia plant is the best solution for coal-fired power plants interested in renewable sources, specifically in Europe where power companies have been mandated to produce a certain amount of their power from alternative sources. Worldwide concerns about climate change and energy security, together with the increased cost of traditional energy sources, have resulted in an increased focus on renewable and alternative energy sources.
At the same time, advances in technology have made renewable and alternative energy more cost-efficient and desirable. A recently completed test using bio-coal made from black torrefied wood chips proved that bio-coal could be co-fired together with fossil coal in an existing coal-fired power plant with no need for modification or investment to the existing coal-fired plant. This is why we believe that our bio-coal product will help revolutionize the energy business around the world.
As we've stated before, we feel that we are in the perfect position to take advantage of the energy situation in Europe and other parts of the world. We have surrounded ourselves with top engineers and industry experts that have experience in working with torrefaction technology.
We have a contract with a local timber company to provide the necessary raw timber waste. We have entered into a lease on a building that will house the manufacturing plant. We are working with local, state, and federal governments on the many resources and incentives they have to offer. We have entered into an agreement to sell our product to a European utilities broker. We have secured interim financing for the plant, and are in discussions with two major funding sources concerning funding for the total build-out of the plant. We look forward to the completion of the plant and the ability to take advantage of the energy situation in Europe and around the world.
We are planning to have an Open House once the plant is completed. We will have a live demonstration of how we turn timber waste into clean-burning bio-coal.
Thank you for your continued support. I look forward to providing you with additional details of our progress in the coming days.
Michael K. Molen
Vega Biofuels, Inc.
Vega Biofuels, Inc.
Michael K. Molen, 800-481-0186
KEYWORDS: United States North America Georgia
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