Date: June 4, 2007
Source: EarthFirst Technologies, Inc.
EarthFirst Technologies Signs Memorandum of Understanding with Ultra Green Energy for Channahon Bio-refinery
EarthFirst Technologies, Incorporated (OTCBB: EFTI) announced today that it has entered into a Memorandum of Understanding with Ultra Green Energy Corporation to jointly develop EarthFirst's Channahon, Illinois facility. UGE will invest with EarthFirst in construction and the operation of the United States' first Bio-refinery. The understanding of the parties include:
The assignment to the venture of a tranche of UGE's recently obtained Master Off-Take Agreement for exclusive purchase of up to 60 million gallons per year of Channahon Bio-refinery produced biodiesel.
Use of UGE's experienced executive personnel to construct and operate the Channahon Bio-refinery. This includes the services of Tom Campone, former President and COO of Indeck Energy Services. Mr. Campone has a proven track-record in alternative fuel projects and while at Indeck constructed and operated 600 million gallons of ethanol capacity. It also includes the services of Edmund Phelan, formerly business manager for ICI Chemical, with particular experience with commodity chemicals.
Access to UGE alternative fuels funding sources.
The issuance of certain equity securities of EFTI, based in part on performance.
The parties are currently negotiating formal binding agreements to effectuate the MOU. Neither party is bound by any terms until all documents and approvals necessary to effectuate the MOU are finalized and executed. The parties expect to finalize documentation during the month of June.
Ultra Green's Tom Campone commented: "We have looked at a number of possible deals, but EarthFirst's Channahon Bio-refinery has everything we were looking for in a bio-fuels opportunity. Ed Phelan and I have been to the Loders Croklaan facility and looked at the site and couldn't be more impressed. EFTI has accomplished something very significant in today's alternative fuels industry with the deal at Channahon. EFTI not only locked-up an existing facility with significant permits in place, but structured a transaction with very low up-front capital costs and a short lead time to start production. The Channahon facility has fantastic logistics, guaranteed feedstock and unique in-place equipment, not found in the typical bio-fuel plant, which should give us the flexibility to produce numerous value added bio-products."
EFTI's CEO John Stanton remarked, "UGE is a perfect fit for the Channahon Bio-refinery. Mr. Campone's record of success in building and operating bio-fuel plants and Mr. Phelan's knowledge and 28 years of experience in placing specialty chemicals should certainly contribute greatly to the swift completion and expert operation of EFTI's Channahon Bio-refinery."
Mr. Campone and Mr. Phelan will be joining Mr. Stanton in making the Company's presentation at the Small Cap Conference tomorrow in New York City. EFTI is one of 12 AMEX, NASDAQ and OTCBB companies invited to make presentations. The conference is sponsored by Flaherty Financial News and Wall Street Research and is being held all day June 5, 2007 at The Penn Club of New York, 30 West 44th Street, New York City.
About EarthFirst Technologies, Incorporated
EarthFirst Technologies, www.earthfirsttech.com, is a specialized holding company engaged in researching, developing and commercializing technologies for the production of alternative fuel sources and the destruction and/or remediation of liquid and solid wastes, and in supplying electrical contracting services to commercial and government customers internationally. Through its subsidiary World Environmental Solutions Company (WESCO), EarthFirst markets solid waste remediation plants utilizing a proprietary Catalytic Activated Distillation (CAVD) process, which is a superior technology developed by EarthFirst to recycle rubber tires and other waste by heating the material without burning it. Through its subsidiary Electric Machinery Enterprises, Inc., www.e-m-e.com, the Company provides electrical contracting services both as a prime contractor and as a subcontractor, electrical support for industrial and commercial buildings, power generation stations, and water and sewage plants in the US and abroad. Through its subsidiary, SolarDiesel Corporation, the Company is primarily focused on facilitating commercial scale production and distribution of biofuels produced from palm oil.
EarthFirst Technologies, Incorporated, Tampa
Sally Donnelly, 888-418-8750