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Intrepid Signs 15 Year Supply Agreement With Intermountain Gas
Jun 15, 2005 3:15:00 PM IDAHO FALLS, Idaho, June 15 /PRNewswire-FirstCall/ -- Intrepid Technology and Resources, Inc. (OTC Bulletin Board: IESV) (ITR) a renewable energy company and Intermountain Gas Company ("Intermountain") a natural gas utility announced today the signing of a memorandum of understanding that includes purchasing ITR's planned methane produced natural gas using anaerobic digester technology at participating diaries in southern Idaho.
The agreement runs for 15 years and provides for Intermountain to purchase all of the pipeline quality methane gas produced by the digesters and delivered to the Intermountain distribution system by ITR over the life of the contract. Furthermore, Intermountain will provide assistance for the installation, operation and maintenance of the gas gathering system that will collect and transport the gas produced by the participating dairies. Prices paid will be determined by current market conditions with a "floor price" to help secure ITR's financing.
ITR's prototype methane gas plant near Rupert, Idaho combined with their second plant near Wendell, Idaho where site preparation work is now under way is expected to be capable of producing 140 million cubic feet of gas annually. ITR plans to have an additional two to three methane gas plants in some form of construction or completion by the end of 2006 which could bring total revenue generation capacity to well over 3 million dollars.
William Glynn, President of Intermountain Industries, Inc., parent company to Intermountain Gas, stated "Intermountain is pleased to be teaming with ITR and fully supports the 'Methane to Market' approach that ITR is taking with methane gas production at Idaho's diaries. Our gas purchase and cooperation agreements with ITR will be of benefit to all of Idaho and particularly those who are looking for the most environmentally friendly methods at Idaho's important and growing diary industry."
Dr. Dennis Keiser, President and Chief Executive Officer, of ITR, stated "It is exciting to team with Intermountain to develop the Methane to Market concept that may produce large quantities of reliable, renewable energy for Idaho and the Nation and help spearhead the methane to market concept in the United States, a concept that is already well entrenched in European countries. Intermountain's knowledge of the natural gas industry will be invaluable in combination with ITR's knowledge of anaerobic digester technology."
Intermountain is a wholly owned subsidiary of Intermountain Industries, Inc. a closely held holding company headquartered in Boise, Idaho. Intermountain serves more than 250,000 customers with natural gas service throughout southern Idaho.
Intrepid Technology is a national leader in the Methane to Market Partnership for producing and delivering biogas products for energy. The Methane to Markets Partnership is an international initiative that focuses on advancing cost-effective, near-term methane recovery and use as a clean energy source. 14 countries, including the United States, launched the initiative on November 16, 2004.
Statements released by Intrepid Technologies and Resources 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. Risk factors include but are not limited to general economic, competitive, governmental and technological factors as discussed in the company's filings with the SEC on Forms 10-K, 10-Q and 8-K. The company does not undertake any responsibility to update the forward-looking statements contained in this release.
For additional information contact,
Steve Ellis (208-529-5337)
sellis@intrepid21.com
SOURCE Intrepid Technology and Resources, Inc
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