Message #10 From:
NewsBot Date: June 9, 2008 09:49:29 PM
PBOF Stock: Pure Biofuels Completes Mechanical Construction
Facility Testing Will Commence in the Next Several Weeks
Full Scale Production Targeted for July 2008
Pure Biofuels Corp. (OTCBB:PBOF stock), a Peruvian-based biodiesel
corporation, today announced that it has successfully concluded
mechanical completion of its primary production facility near the Port
of Callao in Lima, Peru. Mechanical completion certifies the integrity
of all components and confirms that they have been installed to project
standards. The Company now is preparing for the testing of the Callao
Port refinery, which is expected to begin the ramp up to full scale
production in the third quarter, subject to the test results.
Pure Biofuels’ Chairman, Chris Tewell, stated, “This
is a significant achievement that puts us only a few weeks away from
marking the Company’s transition to full scale
operations as a producer of biodiesel in South America. Noteworthy is
the fact that this major project was completed with more than one
million man hours of construction without an accident, which we believe
speaks to the quality of the operation we have put in place. Pure is now
positioned to capitalize on the rapidly growing demand for
environmentally cleaner and cheaper fuels, and we look forward to
announcing in the coming weeks the next milestones in our development,
which are the completion of testing followed by the commencement of
production.”
The Callao Port facility encompasses approximately 4.7 hectares (almost
12 acres) of land close to the Port of Callao and includes a mooring
facility capable of receiving Panamax vessels with two 14”
underwater pipes for reception and delivery of raw materials, as well as
other fuels for blending, and terminaling services. The site also sits
near the La Pampilla Refinery, Peru’s largest
refinery.
Pure Biofuels is committed to becoming a leader in Latin America's
rapidly emerging biofuels industry. Pure Biofuels' flagship project, the
Callao Port biodiesel refinery near Lima, Peru, is scheduled to complete
construction in the second quarter of 2008 and to commence full
production capabilities by the third quarter of 2008. The Company
believes Peru's economic growth and expansion, illustrated by recent
exponential growth in foreign direct investment, and GDP growth over the
last five years, adds to Peru's promise as an attractive geography for
alternative fuel production and development. In addition, rating agency
DBRS in 2008 assigned investment-grade credit ratings to Peru's
long-term foreign and local currency debt.
Biodiesel is a clean and renewable energy source derived from vegetable
oil that can be used in unmodified diesel engines. Biodiesel improves
overall engine performance, is 100% compatible with existing diesel
vehicles and infrastructure, and has proven reliable in over 50 million
miles of road testing. Biodiesel significantly reduces harmful exhaust
emissions, which contribute to global warming; is non-toxic at any
level; and is the first and only fuel to have passed the Clean Air Act.
The United Nations expects biofuels to account for a full 25% of world
energy needs by 2025.
This news release contains “forward-looking
statements,” as that term is defined in
Section 27A of the United States Securities Act of 1933, as amended, and
Section 21E of the United States Securities Exchange Act of 1934, as
amended. Statements in this press release which are not purely
historical are forward-looking statements and include any statements
regarding beliefs, plans, expectations or intentions regarding the
future. Since the forward-looking statements relate to future
developments, results or events, these statements are highly speculative
and involve risks, uncertainties and assumptions that are difficult to
assess. You should not construe any of these statements as a definitive
or invariable expression of what will actually occur or result. Such
forward-looking statements include, among others, the expectation and/or
claim, as applicable, regarding the construction of the Callao Port
refinery. Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, (i) Pure Biofuels’
ability to raise the necessary capital to complete construction of the
biodiesel refinery on time and within budget; (ii) Pure Biofuels’
ability to obtain any necessary government, regulatory or other permits
or approvals; (iii) Pure Biofuels’ ability to
keep pace with technological advances and correctly identify and invest
in the technologies that become commercially accepted; (iv) Pure Biofuels’
ability to operate the biodiesel refinery, if and when construction is
completed, efficiently, without work stoppages, labor disputes,
equipment/mechanical break-downs, political, economic and social unrest
and in compliance with new governmental regulations; (v) Pure Biofuels’
ability to comply with environmental, health and safety laws; and (vi)
Pure Biofuels’ ability to negotiate binding
agreements for the sale of biodiesel, if and when production commences.
These forward-looking statements are made as of the date of this news
release and the company assumes no obligation to update the
forward-looking statements, or to update the reasons why actual results
could differ from those projected in the forward-looking statements.
Although the company believes that the beliefs, plans, expectations and
intentions contained in this press release are reasonable, there can be
no assurance those beliefs, plans, expectations, or intentions will
prove to be accurate. Investors should consider all of the information
set forth herein and should also refer to the risk factors disclosed in
the company's periodic reports filed from time to time with the
Securities and Exchange Commission and available at www.sec.gov.
Investor Relations: ICR, Inc. Ina McGuinness/Lena Adams 1-310-954-1100
