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INSEQ Announces Orders for Biofuels Equipment 09:35 a.m. 03/01/2006 Provided by
NEW YORK, Mar 01, 2006 (BUSINESS WIRE) -- INSEQ Corporation (INSQ) today announced its receipt of orders today from Veridium Corporation (OTC Bulletin Board: VRDM) totaling about $2.2 million for the manufacturing of Veridium's Corn Oil Extraction Systems(TM). The terms of the orders call for INSEQ's manufacturing and delivery of the systems in June 2006.
INSEQ and Veridium are respectively 80% and 70% owned by GreenShift Corporation (GSHF), a business development corporation whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and catalyze transformational environmental gains.
Kevin Kreisler, GreenShift's chairman and chief executive officer, said that "We expect that these orders will be among the first that INSEQ will receive during 2006 as INSEQ continues to leverage its specialty manufacturing expertise and as Veridium continues to secure orders for its clean fuel technologies in ethanol and other facilities. INSEQ's first priority for the immediate term will be on executing on these orders and investing in the growth of it biofuels equipment manufacturing capabilities."
Exclusive Manufacturing Rights
Kreisler added: "Since commencing operations on April 1, 2005, GreenShift has consolidated a portfolio of clean companies that GreenShift manages in the manner of a keiretsu where portfolio companies ally with one another and coordinate their respective development efforts. Today, GreenShift's portfolio includes operating companies with combined annualized revenues of about $30 million and exclusive rights to over a dozen proprietary clean technologies."
"In the case of our clean fuels activities, we have Veridium out selling its proprietary technologies to ethanol facilities for no up front cost in return for long-term corn oil purchase agreements based on a fixed discount to prevailing market prices. This is a sales model that is profitable for Veridium today but it also secures a large volume of biodiesel feedstock at favorable prices."
"We also have Mean Green Biofuels Corporation, another GreenShift company, out building their biodiesel production capacity with the expectation that Veridium will own enough biodiesel feedstock to allow Mean Green to commence operations at its first biodiesel facility later this year at greater than break-even rates of production."
"INSEQ, in turn, holds exclusive manufacturing rights for the specialty equipment necessary to implement Veridium's technologies and Mean Green's biodiesel production. Both Veridium and Mean Green separately finance and purchase the custom equipment that they each need from INSEQ on the basis of favorable prices that are profitable for INSEQ."
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