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GS AgriFuels' NextGen Fuel Division Showcases Proprietary 10 Million Gallon Per Year Biodiesel Production System 7:33a ET January 24, 2007 (Business Wire) GS AgriFuels Corporation (OTC Bulletin Board: GSGF) today announced that its NextGen Fuel division has completed the construction of its first 10 million gallon per year biodiesel production system. The system is scheduled for delivery to one of NextGen Fuel's clients later this quarter, but is now available for qualified customer viewings at NextGen Fuel's contract manufacturer, Warnecke Design Service, Inc., in Van Wert, Ohio.
NextGen's biodiesel process technology leverages innovative process intensification techniques to accelerate and enhance traditional biodiesel reaction kinetics, thus decreasing process time, reducing energy and raw material needs, and increasing product quality. These benefits translate to increased capital and operating cost efficiencies at smaller scales as compared to traditional biodiesel process technologies, and the modular and continuous-flow aspects of the technology make scaling plants up or down easy and cost-effective.
"We believe that there is a robust and mostly untapped domestic and international market for development of small-scale biodiesel production facilities," said Tom Scozzafava, GS AgriFuels' president and chief executive officer. "We currently have six NextGen systems built or contracted, representing 50 million gallons per year of production capacity, and we intend to continue selling additional systems into this market."
An important benefit of the NextGen technology is that it enables the reduction of construction costs and lead times. NextGen can have production equipment for a site operational in as little as 12 weeks from an order, and a complete turn-key site based on the NextGen technology can be developed and brought online in under six months (as compared to 18-24 months for competing larger scale technologies).
NextGen's standard systems are rated for nameplate capacities of 5 and 10 million gallons of biodiesel per year. Since the NextGen technology is modular, adding capacity to a developed site is as simple as building an additional production line and plugging it into the prior line(s).
Scozzafava added: "The NextGen technology is also a key aspect of our own production plans, which are based on the use of proprietary technology to establish a feedstock procurement advantage."
GS AgriFuels' affiliated process engineering company, GS CleanTech Corporation (OTC Bulletin Board: GSCT), uses proprietary but proven technology to acquire, extract, process and refine low-cost and hedged biomass feedstocks that other producers cannot readily access. GS AgriFuels has the exclusive right to produce renewable fuels from these feedstocks.
GS AgriFuels has announced its plans to build biodiesel production facilities in Fulton, New York, and Memphis, Tennessee. In addition, GS AgriFuels intends to construct several biodiesel facilities located at or proximate to corn ethanol production facilities, where they will convert corn oil extracted by GS CleanTech from a corn ethanol co-product known as distillers dried grains into biodiesel fuel. All of GS AgriFuels' biodiesel plants will use the NextGen Fuel technology.
About GS AgriFuels Corporation
GS AgriFuels Corporation was founded to produce and sell clean fuels from agriproducts in innovative ways. GS AgriFuels' business model is based on the manufacturing and sales of proprietary biodiesel equipment and the use of new technologies to produce biodiesel, synthetic diesel, and ethanol from non-traditional feedstocks such as corn oil and cellulosic biomass through the utilization of several new proprietary technologies, including innovative desiccation, process intensification, gasification, catalytic, and carbon capture technologies, synergistically at small-scales to enable the refining of many forms of biomass into clean fuels at Integrated Multi-Fuel ("IMF") production facilities.
GS CleanTech and GS AgriFuels are majority owned by GreenShift Corporation (OTC Bulletin Board: GSHF), a company devoted to facilitating the efficient use of natural resources. Additional information on GreenShift is available online at www.greenshift.com.
GS AgriFuels is party to a merger agreement with GS Energy Corporation (OTC Bulletin Board: GSEG), another majority held GreenShift company, pursuant to which holders of GS Energy common stock will receive 1 share of GS AgriFuels common stock for each 1,000 shares owned in GS Energy.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of GS AgriFuels Corporation, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
SOURCE: GS AgriFuels Corporation
GS AgriFuels Corporation Phone: 212-994-5374 Fax: 646-572-6336 investorrelations*gs-agrifuels.com www.gs-agrifuels.com or Investor Relations: CEOcast, Inc. Andrew Hellman, 212
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GreenShift Executes Letters of Intent for Corn Oil Biodiesel Facilities
NEW YORK, May 09, 2007 (BUSINESS WIRE) -- GreenShift Corporation (OTC Bulletin Board: GSHF) today announced the execution of letters of intent that provide for the design, construction and operation of integrated corn oil extraction and biodiesel production facilities on-site at selected ethanol facilities. The letters of intent call for GreenShift's majority-owned process engineering company, GS CleanTech Corporation (OTC Bulletin Board: GSCT), to design, build and integrate a total of twelve corn oil extraction systems based on its patent-pending technology with four biodiesel production systems at four separate ethanol production facilities in the Mid-Western U.S. The biodiesel production systems are based on GS AgriFuels Corporation's (OTC Bulletin Board: GSGF) patent-pending NextGen Fuel biodiesel process technology, and correspond to about 30 million gallons per year of corn-oil derived biodiesel production. GS AgriFuels is GreenShift's majority-owned clean fuel production company.
If these letters of intent are successfully converted into executed contracts, this would result in a total of about $80 million in process engineering and equipment sales and certain ongoing royalties for GS CleanTech, and about $12 million in one-time equipment sales and about $30 million per year in ongoing biodiesel sales for GS AgriFuels.
Kevin Kreisler, GreenShift's chairman and chief executive officer, stated that "These letters of intent are a long-awaited validation of the technologies and business model we have introduced to the marketplace. GreenShift's model is to acquire, develop and commercialize clean technologies that facilitate the more efficient use of natural resources while maximizing economic gains for our clients, partners and shareholders. Our go-to-market strategy for our corn oil extraction and biodiesel production technologies is to use technology to acquire feedstock and then to build and own integrated fuel production assets that help to increase the profitability of our host ethanol facilities. While this plan has taken longer to implement as compared to a simple equipment sales model, we are confident that our model, which incorporates engineering service sales, equipment sales and recurring fuel production sales, will prove to be superior over the long term. We are very excited by these term sheets and look forward to moving through technical due diligence, execution of definitive agreements and into deployment in each case."
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GreenShift Provides Update on Restructuring
NEW YORK, May 14, 2007 (BUSINESS WIRE) -- GreenShift Corporation (OTC Bulletin Board: GSHF) today is providing its shareholders with an update regarding the Company's planned reorganization, which will result in both debt and expense reductions through the sale of non-core assets and through the consolidation of operations and administration. To this end, GreenShift is pleased to announce it has executed an agreement to sell its majority stake in GS Carbon Corporation (OTC Bulletin Board: GSCR) to Seaway Capital, Inc. ("Seaway Capital"). Seaway Capital, a growth equity and leveraged buyout company, has agreed to assume up to $500,000 in GSCR's legacy debt, and GreenShift shall retain its current assets by transferring GS Carbon's current investments, intellectual properties and R&D operating subsidiaries to GS CleanTech Corporation (OTC Bulletin Board: GSCT).
Seaway Capital (www.seawaycapital.com) was formed in 2002 as a merchant banking company and controls significant stakes in various companies. Upon the closing of the transaction, Seaway intends to merge into GSCR several of its holdings, including that of WiseBuys Stores, Inc., ("WiseBuys") a big box retail chain it founded in 2003 with former Ames Chairman and CEO, Joe Ettore, and former BJ Wholesale executive, Joe LaChausse. WiseBuys currently has five (5) locations representing approximately 230,000 square feet, and it has partnered with other retailers such as Payless ShoeSource, Inc. and KB Toys to expand rapidly in rural markets in primarily former Ames locations. WiseBuys has generated store revenues of over $35 million since November 2003, and, after a brief pause, is now aggressively seeking growth through acquisitions and new store development.
WiseBuys' goal is to add another 30-40 stores over a three year period and achieve annual revenues of about $120 million. Joe LaChausse, WiseBuys' CEO stated, "We feel this critical mass is attainable given the current supply of relatively low cost retail space in rural America. Our initial geographic presence with be New York, Pennsylvania, Vermont, Massachusetts, and Connecticut." WiseBuys' current stores - all in New York State - include Canton, Gouverneur, Hamilton, Pulaski, and Tupper Lake.
This reverse acquisition, which is subject to completion of an audit of WiseBuys and is expected to close in June 2007, would have the effect of transferring GreenShift's majority stake in GS Carbon to Seaway Capital, which is seeking additional investments in media, business services, manufacturing, and technology companies.
GreenShift Chairman and CEO, Kevin Kreisler, added "One of the goals of our planned reorganization is to reduce overhead while we simplify and rationalize our corporate structure. We feel that transferring ownership of GS Carbon's current holdings to GS CleanTech and then assisting GS Carbon in its completion of a material acquisition away from GreenShift helps to accomplish this goal in a way that enhances shareholder value for GreenShift's, GS Carbon's and GS CleanTech's shareholders. Seaway has an experienced management team with a track record for finding and cultivating successful investments and creating value for its shareholders, and we feel that their planned WiseBuys transaction and strategy moving forward have great potential."
About Seaway Capital, Inc.
Seaway Capital, Inc. ("SCI") was formed in 2002 and makes equity and equity-related investments in companies that require expansion capital and in companies pursuing acquisition strategies. SCI also seeks investments in leveraged buyouts and restructurings. Seaway Capital will consider investment opportunities in a number of different industries, including retail, media, business services, and manufacturing. SCI will also consider select technology investments.
About GreenShift Corporation
GreenShift Corporation develops and supports clean technologies and companies that facilitate the efficient use of natural resources. GreenShift's ambition is to catalyze the rapid realization of disruptive environmental gains by creating valuable opportunities for a great many people and companies to use resources more efficiently and to be more profitable. Additional information on GreenShift is available online at www.greenshift.com.
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GS CleanTech Executes Agreement with Ethanol Producer
Last update: 6/19/2007 12:55:42 PM
Company's Technologies Enhance Ethanol Production Efficiencies and Convert Ethanol Co-products into Additional Fuel NEW YORK, Jun 19, 2007 (BUSINESS WIRE) -- GS CleanTech Corporation (GSCT) today announced its execution of an agreement to extract about 7 million gallons per year of crude corn oil from the distillers grain co-product from a new 110 million gallon per year dry mill ethanol plant scheduled to commence operations later this year. GS CleanTech's patent-pending Corn Oil Extraction Systems(TM) have been engineered to help ethanol producers increase cash flows through the introduction of a third and novel revenue stream - corn oil. GS CleanTech provides turn-key extraction systems to participating ethanol producers at no cost to the ethanol producers in return for the long-term right to purchase the extracted corn oil at a per pound premium to its value when trapped in the distiller's grains. GS CleanTech's extraction technology also reduces overall plant emissions and utility costs by upwards of $1 million per year for a 100 million gallon per year ethanol plant that dries 100% of its distiller's grains. GS CleanTech's affiliated fuel production company, GS AgriFuels Corporation (GSGF) will finance, build and operate a 10 million gallon per year biodiesel facility proximate to the ethanol producer where it will be integrated with GS CleanTech's extraction system to convert the extracted corn oil into biodiesel fuel. This facility, which is scheduled be brought online next year, is expected to be GS AgriFuels' second co-located biodiesel facility. The first is a planned 5 million gallon per year facility that will be located at an ethanol producer in the Midwestern U.S. that has executed an extraction agreement with GS CleanTech and a term sheet with GS AgriFuels for the deployment of GS AgriFuels' co-located biodiesel facility. Both facilities will share utilities with and be managed by their host ethanol producers in return for a management fee. GS AgriFuels is also in the final stages of contract negotiations to co-locate a third planned facility at an existing 50 million gallon per year ethanol facility in the Midwestern U.S., and is working through a pipeline of several similar agreements. GS AgriFuels expects to have more than 20 million gallons of co-located biodiesel production assets contracted in 2007. GS CleanTech's publicly announced corn oil contracts will produce about 30 million gallons per year of crude corn oil for conversion into biodiesel fuel as GS CleanTech successfully deploys the relevant corn oil extraction systems during 2007 and 2008. David Winsness, GS CleanTech's president and chief executive officer said that "Corn-derived ethanol producers clearly recognize the need to improve their energy balance. The surest and quickest way to do this is to implement "plug and play" technologies that enhance the yields and operating efficiencies of traditional production processes. Our corn oil extraction technology is the first of several technologies that we are bringing to market to meet those objectives, including integral biodiesel production, biomass gasification and carbon dioxide capture and conversion technologies." Tom Scozzafava, GS AgriFuels' president and chief executive officer added "GS AgriFuels' model is to provide 100% of the capital to build both (i) the corn oil extraction and (ii) biodiesel fuel and energy production assets co-located at the ethanol plant. We are seeing a growing acceptance by management teams of these non-intrusive, value-added technologies that bring added cash flows to the ethanol plants without any of the financial risks typically associated with such programs." GS CleanTech and GS AgriFuels are affiliated companies that have partnered in the full scale commercialization of their technologies. GS CleanTech provides technology-centric services in return for process engineering and plant construction sales, ongoing technology royalties and selected feedstock sales. GS AgriFuels provides all of the capital for the construction of the extraction and production facilities and generates revenues through its ownership of the fuel production assets. A single 10 million gallon per year corn oil extraction and biodiesel production facility can be expected to result in $24 million in one-time sales and about $1 million per year in royalties for GS CleanTech and, at current market rates, about $28.5 million in annualized biodiesel sales for GS AgriFuels. Focus on Ethanol Production GS CleanTech is focused on delivering technologies and process innovations to the ethanol production industry with a view towards maximizing the yield of corn-based ethanol production. GS CleanTech's currently available offerings in its ethanol program include its: -- Corn oil extraction systems; -- Small-scale modular biodiesel production systems; and, -- Biomass gasification for combined heat and power solutions. GS CleanTech is also developing new technologies, such as its carbon dioxide algal bioreactor technology, for application at ethanol facilities. Traditional ethanol processing converts each bushel of corn, which weighs about 54 pounds, into about 18 pounds of ethanol, 18 pounds of carbon dioxide, and 18 pounds of distillers dried grains, which contain about 2 pounds of fat. This corresponds to about 2.8 gallons of fuel production per bushel of corn. GS CleanTech's ambition is to increase this efficiency as much as possible by converting as co-products such as DDG and carbon dioxide into additional renewable fuels. Pictures of a recent GS CleanTech corn oil extraction system installation can be found at in the Multimedia & Downloads section of the Products & Services section for GS CleanTech's Corn Oil Extraction Systems (). About GS CleanTech Corporation GS CleanTech Corporation (GSCT) provides applied engineering and technology transfer services based on clean technologies and process innovations that make it cost-effective and easy to recycle and reuse resources. Additional information on GS CleanTech's Corn Oil Extraction System and GS CleanTech's ethanol efficiency program is available online at . About GS AgriFuels Corporation GS AgriFuels () was founded to produce and sell clean fuels from agriproducts in innovative ways. GS AgriFuels' business model is based on the manufacturing and sales of proprietary biodiesel equipment and the use of new technologies to produce biodiesel and ethanol from non-traditional feedstocks such as corn oil and cellulosic biomass through the utilization of several new proprietary technologies, including innovative desiccation, process intensification, gasification, and catalytic technologies, synergistically at small-scales to enable the refining of many forms of biomass into clean fuels at Integrated Multi-Fuel ("IMF") production facilities. GS CleanTech and GS AgriFuels are both majority owned by GreenShift Corporation (GSHF), a company devoted to facilitating the efficient use of natural resources. Safe Harbor Statement This press release contains statements that may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of GS CleanTech Corporation, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results. SOURCE: GS CleanTech Corporation
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