SOURCE: BlueFire Ethanol Fuels, Inc.

December 06, 2007 08:00 ET

BlueFire Ethanol Is Issued Initial Resolution by California Pollution Control Financing Authority

IRVINE, CA--(Marketwire - December 6, 2007) - On December 3rd BlueFire Ethanol Fuels, Inc. (OTCBB: BFRE) was notified its application submitted to the California Pollution Control Financing Authority (CPCFA) at the end of November 2007 for the Lancaster Project was approved and was issued an Initial Resolution (IR). This is the first step in being able to access the tax-exempt debt market in California.

The CPCFA provides tax-exempt bond financing for pollution control projects. Its tax-exempt bond financing Program gives California businesses help with acquisition or construction of qualified pollution control, waste disposal, or waste recovery facilities, and the acquisition and installation of new equipment.

"We have cleared the first hurdle toward an additional financing alternative for our cellulosic ethanol plants at the project level," said BlueFire CFO Christopher Scott.

BlueFire was assisted in this application process by Westhoff, Cone & Holmstedt, based in Walnut Creek, CA. Westhoff, Cone & Holmstedt has consistently ranked as one of the top firms nationally in environmental finance, and in California they are the #1 ranked Underwriter in the number of solid waste disposal revenue bonds for 12 years in a row. The firm has over 70 industry clients and has completed over $1.4 billion in solid waste and environmental transactions since its founding in 1989.

Issuance of the inducement is not a commitment by CPCFA that bonds will be issued. The CPCFA Board will consider issuing a Final Resolution (FR) only after many criteria are met, and in no case are they under any obligation to do so.

About BlueFire Ethanol Fuels, Inc.:

BlueFire Ethanol Fuels, Inc. is established to deploy the commercially ready, patented, and proven Arkenol Technology Process for the profitable conversion of cellulosic ("Green Waste") waste materials to ethanol, a viable alternative to gasoline. BlueFire's use of the Arkenol Process Technology positions it as the only cellulose-to-ethanol company worldwide with demonstrated production of ethanol from urban trash (post-sorted MSW), rice and wheat straws, wood waste and other agricultural residues. Our goal is to develop and operate high-value carbohydrate-based transportation fuel production facilities worldwide. These "biorefineries" will convert widely available, inexpensive, organic materials such as agricultural residues, high-content biomass crops, wood residues, and cellulose from MSW into ethanol. BlueFire intends to build a multinational company that leads the world in producing biobased transportation fuels. Its business will encompass development activities leading to the construction and long-term operation of production facilities while maintaining technological advantage and ownership of the process technology and all its improvements. Ethanol will be produced from biorefinery facilities opportunistically constructed on or near landfills, waste collection and waste separation sites. Each facility will deploy the proprietary technology, which uses all cellulosic waste materials traditionally disposed of in landfills as feedstock.

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Statements about BlueFire Ethanol, Inc.'s expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Litigation Reform Act of 1995. BlueFire's actual results could differ materially from expected results. BlueFire undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release; BlueFire will appropriately inform the public.

Contact Information

  • Inquiries:
    Rigel Stone
    Mgr Business Development
    BlueFire Ethanol Fuels, Inc.
    949-588-3767 x404

    Media Contact:
    Laura Finlayson
    Avalanche Strategic Communications
    phone: 201-488-0049

    Institutional Investment Advisor:
    Paul Gozzo
    PMG Capital, LLC
    Tel. 888-747-5397
    Fax. 888-799-9741

    Investor Relations Contact:
    Gerald Kieft or Ryan Audin
    Wall Street Resources, Inc.
    2646 SW Mapp Road, Suite 303
    Palm City, Florida 34990