[Biodiesel News] Earth Biofuels Invests in Illinois Biodiesel Production Facility

Earth Biofuels Invests in Illinois Biodiesel Production Facility

Yahoo! News (press release) - USA

... OTC Bulletin Board: EBOF - News) today announced that it invested $5 million for an equity interest in a newly-formed company named Biodiesel Investment Group. ...

 

 

DALLAS, Sept. 21 /PRNewswire-FirstCall/ -- Earth Biofuels, Inc. (OTC Bulletin Board: EBOF - News) today announced that it invested $5 million for an equity interest in a newly-formed company named Biodiesel Investment Group. This Memphis-based investment group is teaming up with one of the nation's leading agribusiness firms, Bunge North America, Inc., to build Illinois' largest biodiesel production plant in Danville, Illinois. Bunge North America is the North American operating arm of Bunge Limited (NYSE: BG - News).

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Strategically located adjacent to Bunge's soy crushing and corn milling plants, the new facility will provide a key link between local agriculture, Bunge's oilseed origination and processing capabilities, and a strong Biodiesel market that the Company believes is currently underserved. The plant is expected to have a production capacity of 45 million gallons per year and to be in production in the first quarter 2008.

 

The Biodiesel Investment Group consists of individual investors and Earth Biofuels, Inc. "We are pleased and excited to be an investor in the Biodiesel Investment Group and by the Group's partnership with Bunge North America. We believe that this new facility will provide us an opportunity to broaden our geographic presence and supply Biodiesel under our brand name, BioWillie, to new markets and customers," said Dennis McLaughlin, chairman and chief executive officer of Earth Biofuels, Inc.

 

"We have been evaluating Biodiesel opportunities and sites for about a year," said Mark Burke, the Group's president. "The Danville site was attractive because of its ready availability of feedstock, the proximity of transportation capabilities, and the commitment to alternative fuels that the State of Illinois has demonstrated. We were pleased with the positive support we have received from The Illinois Department of Commerce and Economic Development, the Illinois Finance Authority, the City of Danville, and Vermillion Advantage."

 

About Earth Biofuels

 

Earth Biofuels produces and distributes renewable fuels through the company's network of wholesale and retail outlets. The Company's biodiesel fuel is sold under Willie Nelson's brand name, "BioWillie." The Company is focused on capitalizing on the growing demand for alternative and renewable fuels in the domestic market. The Company's website is http://www.earthbiofuels.com .

 

This press release may contain "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "expects," "looking ahead," "anticipates," "projects," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.

 

 

Media Contact:

Mary Kate Smither

marykate@vollmerpr.com

972-488-4790

 

Investor Contact:

Doug Jones

214-389-9800  

 

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Posted by Vince to Biodiesel News at 9/21/2006 05:52:00 AM