LAS VEGAS, NV / ACCESSWIRE / December 22, 2014 / Methes Energies International Ltd. (NASDAQ: MEIL), a renewable energy company that offers an array of products and services to biodiesel fuel producers, welcomes the re-instatement of the incentives for biodiesel and renewable diesel for 2014. The "Tax Increase Provision Act of 2014" (H.R. 5771) extends for one year a number of tax relief provisions that expired either at the end of 2013 or during 2014. Section 153 of H.R. 5771 deals specifically with biodiesel and makes the incentive retroactive to January 1, 2014. President Barack Obama on Friday signed into law the bill which was cleared by the Senate on December 16.
Nicholas Ng, President of Methes said, "We are pleased with the reinstatement of the BTC. This will result in us getting back approximately $1 million for biodiesel sold in 2014. This will also strengthen our cash position. We and the rest of the biodiesel industry still await congressional action on biodiesel incentives for 2015."
Also known as the "Blender's Tax Credit", or BTC, the incentive is a fixed $ 1.00 per gallon tax credit to the first fuel blender of a volume of biodiesel that contains at least one-tenth of one percent petroleum-based diesel fuel.
About Methes Energies International Ltd.
Methes Energies International Ltd. is a renewable energy company that offers a variety of products and services to biodiesel fuel producers. Methes also offers biodiesel processors that are unique, truly compact, fully automated state-of-the-art and continuous flow that can run on a wide variety of feedstocks. Methes markets and sells biodiesel fuel produced at its showcase production facility in Mississauga, Ontario, Canada, and at its 13 MGY facility in Sombra, Ontario, to customers in the U.S. and Canada, as well as providing multiple biodiesel fuel solutions to its clientele. Among its services are selling commodities to its network of biodiesel producers, selling their biodiesel production and providing clients with proprietary software to operate and control their processors. Methes also remotely monitors the quality and characteristics of its clients' production, upgrades and repairs their processors and advises clients on adjusting their processes to use varying feedstock to improve the quality of their biodiesel. For more information, please visit www.methes.com.
Forward-looking Statements
This press release contains forward-looking statements regarding future events and financial performance. In some cases, you can identify these statements by words such as "may," "might," "will," "should," "except," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," or "continue," the negative of these terms and other comparable terminology. These statements involve a number of risks and uncertainties and are based on numerous assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control. There are or may be important factors that could cause our actual results to materially differ from our historical results or from any future results expressed or implied by such forward looking statements. These factors include, but are not limited to, those discussed under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended November 30, 2013, filed on February 25, 2014, as amended, which is available at the U.S. Securities and Exchange Commission website at www.sec.gov. The forward-looking statements in this press release are based upon management's reasonable belief as of the date hereof. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
###
Contacts:
Methes Energies International Ltd.
Michel G. Laporte, Chairman and CEO
702-932-9964
SOURCE: Methes Energies International Ltd.