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Press Release Source: GS AgriFuels Corporation
GS AgriFuels Acquires NextGen Fuel
Thursday November 2, 9:31 am ET
NEW YORK--(BUSINESS WIRE)--GS AgriFuels Corporation (OTC Bulletin Board: GSGF - News) today announced the closing of its acquisition of NextGen Fuel, Inc., a producer of modular, continuous-flow multi-feedstock biodiesel process equipment based on NextGen\'s patent-pending process intensification technology.
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GS AgriFuels acquired 100% of the stock of NextGen for about $21,300,000, of which $17,000,000 was paid at the closing and about $4,300,000 of which is to be paid upon NextGen sales milestones.
Process Intensification Technology
NextGen\'s biodiesel process technology utilizes innovative and proprietary 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 reduced up-front capital and ongoing operating costs by as mush as 50% versus traditional technologies. Additionally, NextGen\'s systems can be manufactured and shipped to customers in as quickly as 12 weeks from the time of order. NextGen currently offers turn-key biodiesel production plants rated for 5 million gallons per year and 10 million gallons per year, but the modular and continuous-flow aspects of the technology make scaling plants up or down easy and cost-effective.
"We see a robust and mostly untapped domestic and international market for the development of mid-sized biodiesel production facilities," said Kevin Kreisler, GS AgriFuels\' chairman and chief executive officer. "We believe that NextGen has commercialized an important technology that enables us to meet the needs of this market. The continuous-flow capabilities of the technology translate to substantially lower construction costs because less equipment and raw materials are needed versus batch plants, and the modular design allows NextGen plants to be cost-competitive with the total capital costs of larger plants. We believe that the capabilities of the NextGen technology enable us to offer a superior process technology to biodiesel producers, and we are proud and excited to have completed this acquisition."
GS AgriFuels President Tom Scozzafava added, "We are thrilled to have acquired this exciting technology provider at this pivotal time in the biofuels industry, and we will continue to work very closely with NextGen\'s founders to build on the technology and to service the very long list of potential NextGen customers."
NextGen Fuel, Inc. was founded in 2005 by Dr. Phil Leveson, John Gaus of Golden Technology Management, Jeff DeWeese, and John Blend of Goshen Capital.
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, 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 AgriFuels is about 90% owned by GreenShift Corporation (OTC Bulletin Board: GSHF - News), a company devoted to facilitating the efficient use of natural resources.
GS AgriFuels is party to a merger agreement with, GS Energy Corporation (OTC Bulletin Board: GSEG - News), 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, for a total of about 2.5 million new shares of GS AgriFuels common stock. GS AgriFuels will be the surviving entity of this merger and is expected to have about 31 million shares of common stock outstanding and no shares of preferred stock outstanding.
NextGen Biodiesel Production Technology Specifications
Equipment Continuous skid-mounted chemical process plant with
system capacities of 5MMGY or 10MMGY for a single
production unit. Includes feed, preparation, reaction,
separation, alcohol recovery and product clean-up.
Multiple reactors can run in parallel to meet desired
total capacity.
Process Continuous base catalyst reaction using proprietary
process intensification and advanced separation
technologies.
Throughput 8 to 12 gallons per minute of biodiesel for the 5MMGY
design.
Feedstock Virgin vegetable oils and rendered fats and oils.
Higher than typical yield for high FFA concentrations;
systems can natively handle up to 8% FFA. Higher FFA
concentrations will require optional esterification
system.
Catalyst Sodium or potassium hydroxide, sodium methoxide.
Alcohol Methanol or ethanol.
Scalability Modular skid-based approach allows high-degree of
flexibility and scalability.
Output ASTM D 6751 and European EN 14212 spec-grade
biodiesel.
Co-product Crude glycerin as high as 90% refined.
Operational Process requires minimum operator intervention and can
Controls be fully automated with the use of closed loop PID
control systems, including real time product analysis
and control system.
Water Stream Configurations available for zero water discharge;
utilizes minimal water for open or closed loop
cooling.
Safety Design Pressure and construction certification provided;
Class 1, Div II electrical classification; Class 1,
Div I option is available.
Footprint Entire process fits with 40\' x 20\' area (for each
5MMGY system).
Warranty 1 year on equipment and workmanship, manufacturer\'s
warranty carried on all parts.
Manufacturing Manufacturing time from order is approximately 12 to
18 weeks f.o.b. NextGen\'s manufacturing facility.
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.
Contact:
GS AgriFuels Corporation
212-994-5374
Fax: 646-572-6336
investorrelations@gs-agrifuels.com
www.gs-agrifuels.com
or
Investor Relations:
CEOcast, Inc.
Andrew Hellman, 212-732-4300
or
Public Relations:
Walek & Associates
Deborah McCandless, 212-590-0523
Fax: 212-889-7174
dmccandless@walek.com
www.walek.com
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Source: GS AgriFuels Corporation
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