posted
Intrepid Announces Major Bio-Gas Sales Contract IDAHO FALLS, Idaho, March 5 /PRNewswire-FirstCall/ -- Intrepid Technology and Resources, Inc. (OTC Bulletin Board: IESV), a renewable alternate energy and soil amendment company, announces that it has signed its first strategic industrial customer for renewable methane gas.
An industrial user near the Company's Whitesides plant has entered into a fixed price contract to purchase ITR's biomethane to replace propane for the upcoming 2008 production campaign which is expected to be underway by the end of March. This contract provides an attractive discount to the user over the cost of propane (currently at $25 per million BTU's) resulting in savings to the industrial customer but at the same time providing a substantially better price to ITR than can be obtained through sales to traditional natural gas customers. While contractual terms negate the opportunity to release actual provisions of the agreement the price will dramatically alter all financial models using previously released contracts and projections and greatly accelerate Intrepid's emergence into profitability and as a major component in the burgeoning alternative energy industry.
By way of comparison, ITR's current pipeline contract ties the price of gas to the Rocky Mountain Natural Gas Index, which is currently at about $8 per million BTU's, or roughly one third the price of propane on an energy equivalent basis.
Industrial plants that do not have access to natural gas lines have historically been forced to use propane. While the price of natural gas has doubled in the last four years, propane prices have tripled. This puts ITR in a unique position to offer an energy source alternative to these 'stranded' industrial propane users due to our investment in compressed natural gas trailers which allow us to truck to industrial facilities and still be highly competitive with propane costs. This new customer's demand is a near perfect match for the Whitesides plant output, thus leaving WestPoint gas available for other users -- including large propane users -- nearer to the WestPoint plant.
Jake Dustin, ITR President stated, 'Our ability to market our product in this way is a direct benefit obtained through the extensive Gas Technology Institute testing we recently completed. We have conclusively demonstrated that we not only meet the FERC pipeline quality standards, but we are also able to pass the even more stringent and restrictive DOT gas transport standards. No one else has been able to clear that bar, making us the only biomethane producers in the country who can haul their product over the open road and deliver direct to customers. That's a pretty significant advantage.'
IP: Logged |
posted
Went as high as 80%. It's in the dip now. Better get in to ride it up again. Made should change on first go round. Looking for more on this one.
IP: Logged |
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
The Company held its Annual Meeting of Stockholders on December 7, 2007. On the Record Date of October 8, 2007, there were 245,847,896 shares of common voting stock. At the meeting, John W. Brockage, Jacob D. Dustin, Mitchell J. Hart, David H. Hawk, Dennis D. Keiser, William R Myers, D. Lynn Smith, and Steven Whitesides were elected to serve as directors of the Company for the next year.
The following adjustments to the Company’s stock were also approved:
1. a 100-for-1 reverse stock split and a corresponding reduction of the Company’s authorized shares of common stock from 350,000,000 shares to 3,500,000 shares;
2. an increase in the number of the Company’s post-split authorized shares of common stock from 3,500,000 shares to 25,000,000 shares; and
3. an elimination of the Company’s previously authorized shares of preferred stock.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!?
IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
