Date: February 14, 2008
Source: Outlook Resources Inc.
Outlook to Lease Prairie Green Recycling Facility From BFI Canada Inc.
Outlook Resources Inc. (TSX VENTURE:OLR) is pleased to announce that it has reached an agreement to lease the Prairie Green Road Recycling Facility located in Rosser Manitoba from its owners, BFI Canada Inc. (BFI Canada).
The lease agreement signed with BFI Canada today is an important milestone for Outlook as it solidifies an agreement for up to 200 tons per day of the feedstock required for Prairie Bio Energy's Biomass fuel cubing operations outlined in an earlier release (See press release dated January 28, 2008). As a result Outlook Resources through its newly acquired subsidiary, Prairie Bio Energy is now well positioned to move forward with the development of a commercial scale, 400 ton per day biomass fuel cubing production facility at the Rosser site having now secured a minimum of 50% of the proposed facility's feedstock requirements.
John Bottomley, President and Chief Executive Officer of Outlook commented, "We are extremely pleased to have reached this agreement with BFI Canada today. This is indeed an unprecedented opportunity for Outlook Resources and its shareholders and speaks volumes of our strategy of renewable energy being the cornerstone of our business model. We are very confident that Prairie Bio Energy's Biomass densification process will drive significant synergies and new business opportunities as we move forward."
Prairie Bio Energy's Biomass fuel cubing process augurs well with Outlook Resources' Bio Economy Park business strategy. In addition the agreement to lease the Prairie Green Road Recycling Facility establishes a rock solid base for Outlook's renewable energy platform as Outlook progresses.
Details of the Agreement:
The lease agreement signed today provides surety of supply for up to 200 tons per day of Industrial/Commercial non-hazardous, solid waste materials in the form of wood, cardboard and paper wastes currently being delivered to BFI Canada's Prairie Green Road facility. The term of the lease agreed is for 10 years at standard commercial rates with an option to renew for an additional 10 years. Subject to the facility meeting certain performance milestones BFI Canada has an option to purchase up to a 50% interest in the Prairie Green Road Biomass fuel cubing business (based on an independently appraised market valuation for the business) within the first 18 months of the facility going into production.
About BFI Canada Inc:
BFI Canada Inc. is a wholly owned subsidiary of BFI Canada Income Fund, one of North America's largest full-service waste management companies, providing non-hazardous solid waste collection and landfill disposal services for commercial, industrial, municipal and residential customers in five provinces and ten U.S. states. Its two brands, BFI Canada and IESI, are leaders in their respective markets and serve over 1.2 million customers with vertically integrated collection and disposal assets.
About Outlook Resources Inc.:
Demand for affordable, sustainable, renewable energy products produced in an environmentally conscientious manner is growing at an unprecedented rate, driven by public awareness of our needs as a society to reduce our dependence on fossil fuels and the escalating costs, both environmentally and economically, of using those fuels.
With the signing of this agreement with BFI Canada immediately following the acquisition of Prairie Bio Energy, Outlook Resources intends to accelerate its plans to produce renewable fuel products from biomass more commonly known as Biomass-fuels or Refuse-Derived-Fuels.
The resulting operation envisioned will be well positioned to process a variety of industrial and agricultural processing wastes or by-products in a manner that allows for the production of higher value products that will be used as a source of renewable, carbon neutral fuels.
Outlook intends to grow the company through the construction and operation of both RDF/Biomass-fuel densification plants in addition to the development of environmentally conscientious, land based aquaculture facilities built and operated in an environmentally sustainable manner.
To find out more about Outlook Resources (TSX VENTURE:OLR), please visit our website at www.outlookresources.com.
The statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, the demand for Outlook's products, the availability of funding, and the anticipated costs of Outlook's plant construction and operation. These forward-looking statements are made as of the date hereof and Outlook does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the expectations and projections.
Source: Outlook Resources Inc.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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Outlook Resources Inc.
President & CEO