GREENSHIFT: Hugo International to buy Mean Green BioFuels

Hugo International to buy Mean Green BioFuels
Waste News - Akron,OH,USA
Hugo will acquire 100 percent of the issued and outstanding stock of Mean Green BioFuels and about $2 million of its debt from GreenShift Corp. ...

 May 24 -- Hugo International Telecom Inc. has agreed to buy Mean Green BioFuels Inc., a company that plans to build several U.S. biodiesel production facilities.

Hugo will acquire 100 percent of the issued and outstanding stock of Mean Green BioFuels and about $2 million of its debt from GreenShift Corp. in exchange for GreenShift´s 67 percent stake in Hugo. The deal also includes other stock options. GreenShift is Hugo´s largest shareholder.

The companies expect to close the deal by the end of the month. Hugo intends to change its name to GS AgriFuels Corp. after its acquisition of Mean Green BioFuels.

Mean Green BioFuels plans to build biodiesel production facilities that will use corn oil from ethanol facilities, soybean oil and animal fats as feedstock. The company has designed its first plant to produce 45 million gallons of biodiesel annually and to be expandable to accommodate growth.