SANTA CLARITA, Calif.,
June 19, 2013 /PRNewswire/ -- U.S.
ENERGY INITIATIVES CORPORATION INC. (OTCPink:USEI) is pleased
to announce today that USEI and Promethean Biofuels (an EPA
approved biodiesel operating for the last 6 years) have
signed a biodiesel production agreement whereby the companies will
work together to bring this facility to its maximum capacity
beginning in the next couple weeks. Promethean has the capacity to
produce 2.1 to 3 million gallons of biodiesel per year (MGY) if
producing at these levels; the goal is to reach capacity next
month. This is a 12 month agreement and the Parties agree to divide
the revenue produced by the sale of fuel produced (less cost);
which should exceed $6 million
dollars annually.
According to Anthony Miller,
CEO, "This is a significant milestone for USEI and it is an
immediate entry into the fuel production arena. This agreement
provides us with significant revenue beginning next month.
Promethean is a first class operation and has been operating
profitably from the beginning. This relationship just allows the
plant operate 24 hours a day… 7 days a week well above current
levels. USEI will have a physical office at their location and will
be hands on as much as possible to lend it experience to the
operation. USEI will help with procurement of raw materials and
logistical support to ensure that the venture is successful. USEI
will be a feedstock provider of biodiesel made from pure vegetable
oil which is eligible for a federal excise tax credit of
$1 for every gallon blended with
conventional diesel. Biodiesel from used cooking oil earns a credit
of 50 cents per gallon".. "This is
one of many relationships that we intend to create this year. Our
immediate goal is to maximize our revenue through creating
relationships with existing certified producers that are looking to
increase their production levels through shared revenue agreements
like this venture.", further commented Miller
According to Todd Hill Managing Principal, "Promethean is
proud partner with U.S. Energy Initiatives, to help meet
California's Mandated Requirement
for biodiesel under the Low Carbon Fuel Standard (LCFS). In the
next few months we will ramp up towards our name plate capacity and
generate significant capital. This venture is part of an ongoing
and carefully coordinated plan that Promethean has planned
throughout 2014. Note: We are approached often by companies looking
for partnership arrangements, but the reality is that we are
extremely selective and our focus is on relationships that will
yield positive results"
About Todd Hill "Todd has
held numerous key leadership roles and built a distinguished track
record of service to many multinational organizations focused on
environmental conservation, sustainable development, and income
generation through innovative waste management and renewable energy
technologies. Todd has a history of involvement in various
business, technical, and community groups in the United States, including the American
Society for Testing and Materials (now officially ASTM
International), the U.S. Chamber of Commerce, the American Oil
Chemists Society, the American Council of Renewable Energy (Acore),
the Business Roundtable, the California Biodiesel Alliance, the
International Association of Electronics Recyclers (2004-2006),
American Mensa, and the Boy Scouts of America. Mr. Hill is a board
member of several business organizations including the California
Biodiesel Alliance.
As the founder of Promethean Biofuels, Todd is focused on the
leadership challenge of creating environments that inspire large
groups to work together toward a common goal, developing markets,
and executing the vision of a sustainable planet. His specialties
include: Biofuels & Renewable Energy, Project Management,
Technical Consulting, Environmental Engineering, Regulatory
Compliance, Clean Tech Ventures. Todd
Hill is an internationally recognized expert within the
renewable energy and biotechnology fields with an in-depth
knowledge and understanding of cooperative and corporate
management, public policy, international business, technology and
start-up development
About U.S. Energy Initiatives
U.S. Energy Initiatives
Corporation is a diverse energy firm that has a long
history of developing automotive and hybrid fuel systems and
technologies. This firm first started in 1996 and has had a long
successful business history of developing its business strategies.
Management's new goal is to develop its new and old technologies
and 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 bio-fuel sector and one in the automotive sector. Our goal
immediate goal is to develop our bio-fuel opportunities and going
forward our goal is to acquire and develop stranded or un-recovered
oil properties for enhanced oil production, create partnerships
with operators, create strategic alliances for primary and
secondary recovery. Our overall goal is to become an
environmentally responsible energy company; utilizing all methods
available to generate income. We will market our products to a
worldwide market to produce significant revenue and add value for
our shareholders.
About Promethean Biofuels: Founded in 2007, Promethean
helps its customers dispose of their waste in a legally compliant
manner that any green business owner can be proud of. With a
mission to become an overall market leader in the fluid waste
processing and recycling arena, Temecula,
Calif.-based Promethean Biofuels has been recognized by the
California Department of Resources, Recycling and Recovery
(CalRecycles) for its waste reduction efforts several times over
the past few years. Also, a winner of the 2009, 2010, and 2011
CalRecycles Waste Reduction Award. Promethean has also been named
one of the Top 10 Technology Companies in the Inland Empire for the
last two years. Promethean ensures that the quality of their
products is consistently above compliance standards. Their
production volumes recycled over 1,000,000 pounds of liquid waste
product before the end of 2012. When asked what his goals for
Promethean Biofuels are, Mr. Hill had this to say, "Our goal is to
become a world-class fluid waste recycler." Promethean Biofuels has
positioned itself to be a supporter, and participant in a zero
waste environment by creating unique and innovative ways to solve
liquid waste disposal problems for the
customer.www.prometheanbiofuels.com;
http://www.biodieselmagazine.com/articles/8651/promethean-recapturing-sustainability-community-from-zeus
DISCLOSURES: "Safe Harbor" statement under the Private
Securities Litigation Reform Act of 1995: This press release may
contains forward-looking statements that are subject to risk and
uncertainties, including, but not limited to, the impact of
competitive products, product demand, market acceptance risks,
fluctuations in operating results, political risk and other risks
detailed from time to time in the Company's filings with
OTCMarkets.com and as required to the Securities and Exchange
Commission. These risks could cause USEI's actual results to differ
materially from those expressed in any forward-looking statements
made by, or on behalf of, the Company.
SOURCE U.S. Energy Initiatives Corporation
