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Bio Solutions Manufacturing Announces Definitive Agreement, Board Approval to Acquire BioExtraction Services, Inc.
By Market Wire Last Update: 6/5/2006 5:29:57 AM Data provided by
HATTIESBURG, MS, Jun 05, 2006 (MARKET WIRE via COMTEX) -- Bio Solutions Manufacturing, Inc. (BSLM) (FRANKFURT: B2T) announced today that it has entered into a definitive agreement to acquire BioExtraction Services, Inc., the owner of the proprietary BioExtractor system, in a stock-for-stock transaction, expanding Bio Solutions' ability to manufacture biodiesel from waste, oil, and grease. The transaction has been approved by Bio Solutions' Board of Directors and is subject to standard closing conditions, including any required regulatory and third-party approvals. Bio Solutions expects to complete the transaction on or before June 30, 2006.
David Bennett, President of Bio Solutions, said, "This acquisition plays a crucial role in our strategic plans to become a major manufacturer of biodiesel from waste, oil, and grease."
BioExtraction, within its franchise network, will collect the fats, oil, and grease extracted from its commercial cooking establishment customers, using the new technology of the BioExtractor. Bio Solutions believes that the BioExtraction's proprietary technology will allow it to produce biodiesel using extraction technology at an approximate cost of $0.80 per gallon, whereas Bio Solutions estimates that the cost of producing biodiesel using a competing technology is approximately $2.00 per gallon.
Peter Chapin, the inventor of the BioExtractor, will serve as Chief Executive Officer and President of BioExtraction.
The BioExtractor is made of three compartments through which waste travels before reaching grease traps of commercial cooking establishments. The first compartment allows the grease to flow over the top into the second compartment while trapping sediment in a removable, cleanable tray. The second compartment, using patent pending technology, removes 99.9% of the FOGs that flow through the extractor. The third compartment gives opportunity for the introduction of microbial products to remediate any remaining FOGs that enter the grease trap, and later, the municipal collection system.
About Bio-Solutions Manufacturing, Inc.:
Bio-Solutions Manufacturing has developed microbiological products for waste bioremediation. The company currently services many municipal collection systems and a growing number of food service facilities in the United States. The company's products have been approved by an ever-growing number of municipalities for use in food service facilities that produce waste products introduced into the municipal collection systems. Bio-Solutions' products treat waste in an environmentally friendly and safe manner in compliance with Federal and State government standards.
Bio-Solutions has developed a line of environmentally friendly cleaning products that include all purpose cleaner, carpet cleaner, concrete and asphalt cleaner, and floor soap. With this line of products, it is enabling Bio-Solutions to broaden its customer base to the residential areas as well as the businesses and municipalities.
Safe Harbor for Forward-Looking Statements:
Except for historical information contained herein, the statements in this news release are forward-looking statements that involve risks and uncertainties and are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in the future periods to differ materially from forecasted results.
SOURCE: Bio-Solutions Manufacturing, Inc.
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Anyone still follow this stock? There was a small acculmulation and stagnant price and now its gone down, any thoughts?
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