NORCROSS, GA / DECEMBER 23, 2013 / ACCESSWIRE / VEGA BIOFUELS, INC. (Pink Sheets VGPR) provides the following update to its shareholders.
This past year has been a very exciting, yet challenging year for the Company. As you know, we were able to have the DTC chill removed from our symbol and our stock is able to once again be traded by most brokerage firms around the world. This was a very important step in moving the Company forward and implementing our Business Plan.
Since receiving this news, our primary focus has been on completing the Joint Venture deal to build a pilot-type torrefaction plant in South Carolina. This plant will be a model for other bio-coal manufacturing plants around the world. We anticipate completing this transaction by the end of the year and will provide details in early January. This is a critical step in the future of our business and we look forward to having the ability to produce and ship our bio-coal product to existing clients in Europe. In addition to bio-coal, we will have the ability to produce torrefied products for other applications.
The South Georgia plant is still in our plans, but this opportunity is something that will move the Company to the forefront of the torrefaction industry much sooner. We are excited to be working with industry leaders on this project. Our plans are to have the plant producing bio-coal by mid 2014.
We are working with a design firm to rework our website to provide more up to date information to our shareholders. The new site will include a blog that will cover our industry and how it affects our business. The new site will be operational in January.
We are planning a road show through Europe during the first part of the year to raise additional capital for the construction of the plant. From the response we are getting, we are very excited and optimistic about the outcome of this trip. We will provide details as they become available.
As we've previously announced, during this past year, we have entertained international clients and demonstrated the torrefaction machine and process. These clients have been able to see green wood chips being fed into the torrefaction machine and torrefied chips coming out the other end. It is exciting to watch the entire process, knowing that it could one day change the way the world produces energy.
Until things change in the U.S., Europe continues to be the focus of our marketing. We will continue to work with our European clients to show the rest of the world a safe, clean and renewable energy source.
We are currently in discussions with two different groups about constructing a second plant on the west coast to accommodate clients in Asia. It is not feasible to ship product from the Port of Savannah to that part of the world. We will keep you posted on this project as we move forward.
On behalf of everyone associated with our Company, I want to thank you for the support you've given us this past year and I look forward to completing the projects we are working on and creating increased shareholder value. We will have two major announcements after the holidays that will provide many more details.
Michael K. Molen
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast,” “plan,” "project," "intend," "expect," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
DATASOURCE: Vega Biofuels, Inc.
Vega Biofuels, Inc.
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