Methes Energies Signs Letter of Intent to Deploy Its Technology in California
January 08 2013 - 8:00AM
Marketwired
Methes Energies International Ltd. (NASDAQ: MEIL), a renewable
energy company that offers an array of products and services to
biodiesel fuel producers, announces that its wholly-owned
subsidiary, Methes Energies Canada Inc., has signed a Letter of
Intent (LOI) with U.S. Energy Initiatives Corp. of Santa Clarita,
California (a public company traded under the symbol (PINKSHEETS:
USEI)) to initially acquire, among other things, one of our Denami
600 biodiesel processors.
U.S. Energy Initiatives plans to set up its first 1.3 million
gallons per year (mgy) production facility in California and use
the site as a showcase to market and promote our Denami 600 and
Denami 3000 biodiesel processors. Our Denami 600 processors and
Denami 3000 processors, respectively, have a maximum rated
biodiesel production capacity of 1.3 mgy and 6.5 mgy. The intent is
to eventually set up additional facilities in California and across
the U.S. as close as possible to feedstock supplies in order to
minimize transportation and logistics.
"Our goal is to build a strong biodiesel division using a
technology that is already proven and reliable," said U.S. Energy
Initiatives CEO, Anthony Miller. "The Methes business model is
truly unique and does not only focus on technology, but also on all
of the aspects of biodiesel production and distribution, including
product quality, compliance, production, marketing and logistics.
Methes' experience and track record are two strong assets to us
that we intend to make the most of."
Nicholas Ng, President of Methes Energies, said, "We look
forward to working with Anthony and his team. They have a
comprehensive understanding of biodiesel and a plan to take
advantage of the growing demand. With the $1.00 per gallon tax
credit back in the U.S., we expect a strong 2013 and beyond."
About U.S. Energy Initiatives Corp. U.S.
Energy Initiatives Corp, is a diverse energy firm that has a long
history of developing automotive and hybrid fuel systems and
technologies. This firm started in 1996 and has since become a
successful developer of its business strategies. Its Management's
new goal is to also develop new and old technologies, as well as to
build a dynamic energy firm. The Company has three separate energy
initiatives; one in the oil, gas & technology sector (brought
in by Mr. Miller), one in the hybrid fuel or biofuel sector and one
in the automotive sector. The firm's immediate goal is to create
its own biofuel opportunities and going forward, to acquire and
develop stranded or un-recovered oil properties for enhanced oil
production, forming partnerships with operators, in addition to the
elaboration of strategic alliances for primary and secondary
recovery. The company's overall goal is to become environmentally
responsible in the energy sector, utilizing all of the methods
available to create a continued financial growth. Toward achieving
that purpose, it will market its products throughout the world to
significantly increase revenues, while adding value for its
shareholders.
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
Registration Statement on Form S-1, filed June 22, 2012, 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
US Energy Initiatives (CE) (USOTC:USEI)
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