Date: March 20, 2006
Source: Business Wire
Veridium Corporation (OTC Bulletin Board: VRDM) today announced its receipt of an order from a Kansas-based livestock processing facility to extract more than 14 million pounds per year of animal fat from the facility's waste streams for conversion into a biodiesel feedstock using Veridium's proprietary animal fat recycling and conversion technologies.
Veridium's pricing model for its technology is not based on licensing or outright equipment sales, but rather on the provision of turn-key systems for no up-front cost in return for long-term biodiesel feedstock purchase agreements based on a fixed discount to prevailing market prices. Under the terms of the order, Veridium expects that the order with the Kansas facility will generate an estimated $2.1 million to $2.6 million in annualized revenues when it commences operations later this year.
David Winsness, chief executive officer of Veridium's industrial design division, stated that "This is a hybrid application of our clean fuel technologies that demonstrates the versatility of our oil extraction capabilities. It is also the fifth such order that we have received in just two months. We are glad to help our client increase their profits as they make a positive contribution to America's energy independence and the state of the environment by producing and selling a clean fuel."
The new order is expected to bring Veridium's annualized oil extraction revenues to between $7.7 million and $9.8 million per year once the new order and Veridium's prior orders are executed later this year
About Veridium Corporation
Veridium Corporation (OTC Bulletin Board: VRDM) is a publicly traded industrial waste recycling company and holds the rights to more than a dozen proprietary universal processing, water purification, emissions control and waste recycling technologies.
Veridium's business model is based on the engineering and marketing of green innovations and processes that enhance manufacturing efficiencies, improve resource utilization and minimize waste. Veridium's mission is to deliver consumer oriented Natural Solutions(TM) based on an array of green technologies and applied engineering expertise that reduce waste at the source and make it easier for people and businesses to recycle and reuse resources. Veridium plans to focus on the continued acquisition, development and marketing of benchmark green technologies and products that accomplish the following key goals:
Reduce the volume of waste generated by residential and commercial consumers;
Increase the convenience and decrease the cost of recycling by residential and commercial consumers; and,
Increase the cost-efficiency of processing certain types of industrial wastes.
Veridium is about 70% owned by GreenShift Corporation (OTC Bulletin Board: GSHF), a publicly traded business development company (BDC) whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and catalyze transformational environmental gains.
CEOcast, Inc. for Veridium Ed Lewis, 212-732-4300.
More information: www.veridium.com.