Message #15 From:
NewsBot Date: November 3, 2005 07:49:00 AM
EFTI News EarthFirst Technologies Announces Plans to Enter Global Biodiesel Industry
TAMPA, Fla.--(BUSINESS WIRE)--Nov. 3, 2005--
Company Subsidiary, EarthFirst Americas, Launches Initiative Focused on Production and Distribution of BioFuels in US, Latin America, the Caribbean and the European Union
EarthFirst Technologies, Incorporated (OTCBB:EFTI) ("EFTI" or "the Company") today announced a global initiative for the manufacture and distribution of renewable fuels (biodiesel) produced from soy, rapeseed and palm fruit. Led by EarthFirst Americas, Inc. (EFA), a wholly owned subsidiary of EFTI, the Company has organized an international consortium of businesses involved with commercial scale production of biodiesel. EFA will also arrange for the distribution of biofuels to customers in the United States, Latin America, the Caribbean and the European Union.
Biodiesel produced from soy, rapeseed and palm fruit is interchangeable with petroleum diesel. Cheap petroleum has been the primary reason that biofuels have not been more fully developed. Utilizing proprietary thermal distillation technologies, EarthFirst has demonstrated unique abilities with its Catalytic Activated Vacuum Distillation (CAVD) unit to extract oil from organic feedstock (i.e. soy, rapeseed and palm fruit) at much lower cost and greater production efficiency levels than is currently commercially available. These innovations, together with the rising cost of petroleum and government support for the development of alternative fuels, have combined to create a business opportunity for EFTI in the production and distribution of biodiesel. The early shipments of biodiesel are utilizing conventional refining and production techniques and do not include the future expected cost savings from techniques that EFTI has introduced.
EFA is importing the first shipment of biodiesel into the Port of Tampa. EFA's partner in the development of biodiesel is LaFabril of Manta Ecuador, one of the regions largest manufacturers of oils from palm, soy and rapeseed. The first shipment will arrive in Tampa in early November, 2005.
EarthFirst formed EFA to identify and pursue the commercial deployment of its technology in the international marketplace. Recently, EFA teamed with Muller Group International (MGI), a consulting group based in Tampa, Florida that specializes in international business development. MGI is working closely with EFTI and EFA to coordinate and implement the development of projects initially in Latin America and the Caribbean, and then expanding into the European markets. Jaime Jurado, current Vice Chairman of EFTI, has been appointed President of EFA.
Leon Toups, Chief Executive Officer of EarthFirst Technologies, stated, "The emergence of EFA positions EFTI as a large scale producer and distributor of renewable fuels. In the near future, we will provide more details related to activities currently being undertaken to position EFA as a major player in the biodiesel industry."
EarthFirst Technologies, http://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 residential, 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., http://www.e-m-e.com, the Company provides electrical contracting services, including engineering, 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.
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statement of EFTI officials are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects," and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future EFTI actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and EFTI has no specific intention to update these statements.
