IDAHO FALLS, Idaho, May 11, 2004 (PRIMEZONE) -- Intrepid Technology and Resources, Inc. (ITR) (OTC BB:IESV.OB - News), a renewable energy company, has purchased the outstanding shares in the Magic Valley Energy Coalition LLC (MVEC). The transaction was an all-stock transaction and MVEC will become a wholly owned subsidiary of ITR.
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The purchase of MVEC will allow ITR, through the new subsidiary, to secure federal grants, loan guarantees and other available assistance from governmental agencies available only to rural business entities. The USDA's Rural Development program provides considerable funding for projects that are very much aligned with ITR's alternate fuel and environmental enhancement projects currently underway and projects that will soon start.

The coalition was formed in 2001 by a group of Idaho business and agriculture leaders who desired to promote economic development in their region. This group has worked over the past three years to develop an ethanol and bio-diesel production capability in the Magic Valley area in south central Idaho. The Coalition completed a comprehensive feasibility study for ethanol production, and has been working towards implementation and funding of that project. The members of the group have worked with the local government entities and stakeholders to promote the establishment of large-scale ethanol production in their community. ITR believes that the synergies between MVEC and the work ITR has recently commenced in securing funding for an Ethanol production facility were best served by combining efforts.

ITR continues, with this purchase and the recent WOBF acquisition, to become a fully vertically integrated producer, distributor and innovator of multiple types of renewable energy products and services.

GREAT NEWS!!!!

Mean time call 208-529-5337 and talk to Steve Ellis or Jake Dustin.
Keep us informed!!!!:-)
Have a good trip!!!
If ya get digital pics. E-Mail them to me at dallas_boy49@hotmail.com please:-)

quote:

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Originally posted by Seamonkey:
Dallas Boy,I will be up near that part of ID this weekend.Is there any way or number I can call to get details?

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Hey Seamonkey,
I would like to know any details that you find out too please..

Company News and Press Releases From Other Sources:

Intrepid Shows Significant Balance Sheet Improvement

IDAHO FALLS, Idaho, May 14, 2004 (PRIMEZONE via COMTEX) -- Intrepid Technology and Resources, Inc. (ITR) (OTCBB:IESV) a renewable energy company is please to provide investors with an overview of the March 31, 2004 quarterly report.
Revenue for the third quarter was $414,987 versus $585,367 for the same quarter in 2003. Net income was ($69,511) compared to a net of $13,726 for the 2003 period. The previously announced reallocation of personnel to the companies bio-fuel and alternate energy business, the Whiteside Methane production facility and the WOBF acquisition, neither of which were recorded as revenue contributors in the quarter but required significant personnel allocations were primarily responsible for the decline in revenues and net income.

ITR however experienced a dramatic increase in cash in the March quarter to $332,299 from $27,175, as well as a 29% reduction in Current Liabilities, a 23% increase in Current Assets and a 21% increase in Shareholder Equity. Further, for the nine months ending March 31, net income was ($15,533) verses ($95,893), an 83% improvement, and net cash increased to $305,124 from ($62,267). These very favorable financial trends reflect a strong commitment by ITR to enhance their balance sheet and improve shareholder equity.

Dr. Dennis Keiser, President, commented on the quarter, "This is the quarter which turns the corner from being a company totally dependent on engineering service work for others, to a legitimate member of the burgeoning bio-fuel and alternate energy market. We are currently a distributor of compressed natural gas product; we have designed and are overseeing the first large-scale commercial Methane bio-refinery that can produce large quantities of industrial and consumer energy. By the end of the September quarter we will be operating and generating revenue from that Methane refinery and preparing to start on the second plant." Dr. Keiser further noted, "We have for some time now stated that ITR would experience a reallocation of personnel from immediate revenue contracts and begin to focus those people on alternate energy projects for our own use. The decline in net income for the quarter was a predictable event, however, we are committed to being profitable for the fiscal year."

Statements released by Intrepid that are not purely historical are forward looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, intentions and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. The company's actual results could differ materially from those in such forward-looking statements. The company does not undertake any responsibility to update the forward-looking statements.

SOURCE: Intrepid Technology and Resources, Inc.

By Staff

CONTACT: Intrepid Technology and Resources, Inc.
Steve Ellis
(208) 529-5337
sellis@intrepid21.com

Oh well, SeaMonkey. Maybe next time:-)

Indicate by check mark whether the registrant: (1) has filed all reports required by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No __ The number of shares of the Registrant's Common Stock, as of March 31, 2004: 102,361,992 shares outstanding of a total 185,000,000 authorized.
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Development Activities . The primary focus of the Company is to obtain, permit and develop favorable properties for alternative and renewable energy production like construction of a methane generation plant (anaerobic digester) at the Whitesides Dairy near Rupert, Idaho (started in April 2004) and the WOBF fueling station purchased in April of 2004. The Company will continue to provide the associated engineering design and construction management services required to support the construction and operation of related facilities. Secondarily, the Company will continue to expand its engineering services "work for others" base to generate additional revenue to augment working capital requirements in support of its alternative and renewable energy efforts. The realization of profits is dependent upon successful execution of that business model and producing and selling energy generated from Company-owned renewable energy production facilities, inducing larger companies or private investors to purchase similar "turn-key" alternative and renewable energy generation and production facilities developed and constructed by the Company; continuation of "work for others" services contracts; and the sale of Company-owned mineral assets.
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During the third quarter ended March 31, 2004 the Company began work on certain alternative energy projects. These projects included the purchase of the WOBF fueling station and the preparation of the field installation of the Whitesides anaerobic digester located at a 4000 cattle head dairy north of Rupert, Idaho. This digester will be used as the prototype facility to generate natural gas for sale as a renewable energy source of heat and power. From this prototype digester more information will become available for optimization of sizing, and equipment specification and selection to generate the maximum energy value. This will better enable the Company to determine the most effective business model for utilizing the gas produced – i.e. direct conversion to electricity and sale to local power company or direct distribution and sale as natural gas to local commercial and industrial users.
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Note 9. Subsequent Events

The Company completed an Asset Purchase Agreement on April 20, 2004, to purchase the assets of a natural gas vehicle fueling station and current customer base of a privately held distribution and marketing company, Wright Oil and Broadway Ford ("WOBF"), a natural gas joint venture located in south eastern Idaho. This acquisition provides a substantial outlet for the Company's methane gas production expected to come online by late 2004.

The Company filed a report on Form 8-K on April 26, 2004 to describe this purchase and will subsequently file the timely amendment to include the pro forma financial statements.
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Revenue
Revenue for the third quarter of the 2004 fiscal year ended March 31, 2004 decreased to $414,987 from $585,367 for the same quarter of 2003, ending March 31, 2003. This 29% decrease in revenue is mainly attributed to the reduction of engineering services work for others and shifting resources to the construction of the Whitesides anaerobic digester plant. Additionally, the Company has been focused on increasing their position in the biofuels and renewable energy markets. The total revenue performance for the three and nine months ended March 31, 2004 was $414,987 and $1,849,398. Therefore, the Company experienced higher revenue in the first two quarters of fiscal year 2004, with a 6% increase in revenue year to date compared to one year ago.
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Material Commitments for Capital Expenditures - The Company expects to expend approximately $400,000 on the construction of the previously mentioned construction of a methane generation plant (anaerobic digester) at the Whitesides Dairy near Rupert, Idaho over the next two quarters. The Company has 75% of that required amount as cash on hand and the remainder will come from outside capital resources. Source of funding for office-related expenses will come from ongoing operations generated by engineering services.
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IESV even TELL's us the: RISK FACTORS

The Company's current and primary focus is obtaining permits and developing favorable properties for alternative and renewable energy production, and providing the associated engineering design and construction management services required to support the construction and operation of related facilities, and cannot provide any guarantees of profitability at this time. The Company will continue to expand its engineering services base, "work for others" to generate additional revenue to augment working capital requirements in support of its alternative and renewable energy efforts. The realization of profits is dependent upon successful execution of new business opportunities and the development of prototype digester models and implementation of the digester project for renewable energy. The Company is dependent upon inducing larger companies or private investors to purchase these "turn-key" alternative renewable energy generation and production facilities. These projects when developed and depending on their success will be the future of the Company. The Company cannot give any reasonable assurance to their success.

Our operating results are difficult to predict in advance and may fluctuate significantly, and a failure to meet the expectations of analysts or our stockholders would likely result in a substantial decline in our stock price.
Factors that are likely to cause our results to fluctuate include the following:
the gain or loss of significant customers or significant changes in engineering services market;
- the amount and timing of our operating expenses and capital expenditures;
- the success or failure of the alternative energy and biofuels projects currently underway;
- the timing, rescheduling or cancellation of engineering customer's work orders;
- our ability to specify, develop, complete, introduce and market biofuels and bring them to volume production in a timely manner;
- the rate of adoption and acceptance of new industry standards in our target markets;
- any other unforeseen activities or issues.

There is a limited public market for our common stock. Our common stock is listed on the OTC Bulletin Board, and there is a limited volume of sales, thus providing a limited liquidity into the market for our shares. As a result of the foregoing, stockholders may be unable to liquidate their shares.
We are subject to various risks associated with the development of the biofuels and alternative energy market place and if we do not succeed our business will be adversely affected.
Our performance will largely depend on our ability to develop and implement the anerobic digester and generate energy and gas to sale. We will respond to technological advances and emerging industry standards and practices on a timely and cost-effective basis however, we cannot predict if we will be effective or succeed in the development of the biofuels and alternative energy markets. If we are unable, for technical, legal, financial or other reasons, to adapt in a timely manner to develop and operate in the biofuels market, our business, results of operations and financial condition could be materially adversely affected.
If we need additional financing, we may not be able to raise further financing or it may only be available on terms unfavorable to us or to our stockholders.
Available cash resources may not be sufficient to meet our anticipated working capital and capital expenditure requirements, if the anerobic digester does not produce revenue for at least 12 months. It may become necessary to raise additional funds to respond to business contingencies, which could include the need to:
- fund additional project expansion for the biofuels production;
- fund additional marketing expenditures;
- develop additional alternative energy projects or enhance the WOBF gas products;
- enhance our operating infrastructure;
- hire additional personnel;
- acquire other complementary businesses or technologies.
If we raise additional funds through the issuance of equity or convertible debt securities, the percentage ownership of our stockholders would be reduced, and these newly issued securities might have rights, preferences or privileges senior to those of existing stockholders. Additional financing might not be available on terms favorable to us, or at all. If adequate funds were not available or were not available on acceptable terms, our ability to fund our operations, take advantage of unanticipated opportunities, develop or enhance our products or otherwise respond to competitive pressures would be significantly limited.
In 2002, and 2003, the Company's primary engineering services customers were: Idaho National Engineering and Environmental Laboratory (INEEL), Fluor Federal Services, Inc., Duratek, Argonne National Laboratory West, the Bureau of Land Management and the State of Idaho. INEEL provided more than ten percent of the total revenue recognized by the Company in those years. In calendar year 2004, the Company has been awarded contracts for INEEL but the total work assigned under those contracts has been less than in the same periods of 2002 and 2003. The Company believes it will be able to balance its shortage of engineering services work with biofuels and alternative energy source revenue by the end of calendar year 2004.
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ITEM 1. LEGAL PROCEEDINGS .

None
ITEM 2. CHANGES IN SECURITIES .
None

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None
ITEM 5. OTHER INFORMATION .
None

ITEM 6. EXHIBITS , FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

(a) Financial Statements, Schedules and Exhibits
(b) Two exhibits are filed as part of this report.
(c) The Company filed one report on Form 8-K/A in the third quarter of 2004
1. Exhibits

Hope this helps:-)

Have a great week, Seamonkey and everyone else!!!