Message #9 From:
NewsBot Date: December 18, 2007 06:44:41 AM
Kreido Biofuels Retains Ben Binninger as Chief Executive Officer
The Board of Directors of Kreido Biofuels, Inc. (OTCBB: KRBF), a
renewable energy company, announced today that it has named interim
Chief Executive Officer and Board member G.A. Ben Binninger to the post
of Chief Executive Officer. Mr. Binninger was appointed interim CEO in
July 2007 and has served on the Board of the company and its
predecessor, Kreido Laboratories, since 2004.
Betsy Wood Knapp, Kreido’s Chair of the Board,
stated, “During the course of Ben’s
involvement with Kreido, he has provided an extraordinary range of
experience in the fuels and chemicals industries. His familiarity with
Kreido’s technology, business and staff has
enabled him to be immediately effective in carrying out the company’s
mission. In the last five months, it became clear that Ben’s
background and expertise make him uniquely qualified to continue to lead
the company.”
Chief Executive Officer Ben Binninger said, “I
strongly believe in the company and its future. For this reason I have
committed to serve as Kreido’s Chief Executive
and dedicate myself to the goal of creating a profitable, growing leader
in biofuels. Since mid-summer when I accepted the interim CEO position,
we have achieved the following noteworthy accomplishments:
Met ASTM standards for conversion in the STT®
system with animal fats, in addition to soy, palm, canola, jatropha
and castor oils, tested earlier.
Expanded our Camarillo facilities to manufacture reactors for at least
four plants annually from a single shift operation.
Manufactured and are assembling the four reactors required for our
Wilmington plant.
Ran the Foothill pilot plant and produced biodiesel that significantly
exceeded the conversions necessary to meet industry specifications
based on pork fat.
Substantially completed the first modular plant, which is being
readied for shipment to Wilmington.
Laid the ground work for rapid execution of licensing for commercial
plants and international facilities following the start up of the
Wilmington plant.”
Previously, Mr. Binninger served as a director and advisor to Kreido
Laboratories, the predecessor company. He has hands-on experience
leading technologically sophisticated global process and service
businesses up to $1 billion with Atlantic Richfield Company (ARCO), Rio
Tinto Borax, Exxon and Hercules. Mr. Binninger has a B.E. degree in
Chemical Engineering from Manhattan College and a M.B.A. from Harvard
University.
Kreido Biofuels, Inc. has invested $20 million to provide the world
renewable energy through its proprietary process intensification
technology - the STT® system. The Company is
currently developing biodiesel plants in the U.S. that will have an
anticipated aggregate nameplate capacity of 100 million gallons per
year. Kreido’s plants are built around its
STT 30G biodiesel production unit, a complete pipe-to-pipe biodiesel
production system that significantly improves the efficiency, quality,
and process control of biodiesel production. Committed to building a
sustainable future, Kreido Biofuels’ plants
have a smaller footprint and offer feedstock flexibility. The Company
plans to license its biodiesel technology internationally and to
third-party biodiesel producers in the U.S. Kreido Biofuels is based in
Camarillo, California. STT is a registered USPTO trademark of Kreido
Biofuels, all rights reserved. For more information about Kreido
Biofuels, visit www.kreido.com.
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.These
statements are based on management's good faith views and expectations
when made. Forward-looking statements are inherently subject to known
and unknown risks and uncertainties which, in the case of the company,include raising adequate capital to continue operations, technology
and product development uncertainties, competition, cost and
availability of feedstock, and plant development and manufacturing scale
up. Actual results may differ, perhaps materially, from those discussed
in the forward-looking statements.The Company is not obligated
to update its forward-looking statements or comment on those differences.Readers are encouraged to refer to the Company's Annual Report on
Form 10-KSB, and 10KSB/A and other recent public filings to further
ascertain the risks associated with the forward-looking statements.
Readers are urged not to place undue reliance upon such statements.
ICR, Inc. Ina McGuinness, 310-954-1100 (Investor Relations) or DGPR
Consulting Denica Gordon, 323-253-9337 (Public Relations) dgprconsulting@aol.com
