SOURCE: First Guardian Financial Corp.

May 04, 2007 09:54 ET

First Guardian Financial Corporation Announces Positive Development Resulting From Joint Venture Agreement With REMCO-EU / Bulgaria

NEW YORK, NY -- (MARKET WIRE) -- May 4, 2007 -- First Guardian's (PINKSHEETS: FGFC) Bulgarian Joint-Venture Partner REMCO-EU (REMCO) is a Company dealing in Environmental Upgrading in general and in "Projects From Waste To Energy" in particular. They intensively collaborate with a Scientific Team, out of which several individuals are Members of the Bulgarian Academy of Sciences, to implement supplementary applications out of the produced by-products resulting from treatment of all kinds of wastes applying a US-based state-of-the-art technology.

As it was announced earlier, the European Union (EU) has taken strong commitments towards all problematic situations concerning global warming. One of the related EU Directives 2003/30/EC in accordance to the Commission Green Paper for a European Strategy for the security of energy supply, declares "that all Member States has to set the objective of substitution of 20% of conventional fossil fuels, by environmental friendly alternative fuels for the road transport sector by 2020."

Bulgaria joined the EU in January 2007 and is consequently obliged to take this EU Directive into consideration. Therefore, the Ministry of Energy contacted all companies involved in production of environmental friendly energy and ecological and bio fuels to investigate how much of this required substitution fuels that can be produced and what has to be done to reach the EU quotas.

The Scientific Team of REMCO-EU responded positively and confirmed to the Ministry that up to 10% of the alternate fuel as requested by the EU Directive could be produced by REMCO on the condition that up and about 8,000 MT/day of Municipal Supplied Waste (MSW) would be allocated to REMCO to be treated using Plasma Conversion. The resulting Synthesis Gas as end product of the molecular dissociation of all organic wastes allows commercial justified production of Hydrogen and Ethanol able to fulfill the requirements of the EU Directive and allows Bulgaria to face its responsibility as an EU Member State.

REMCO-EU will now provide a detailed scientific, technical and financial analysis which will be commented on as soon as presented to the Ministry of Energy.

It is essential to notice that making alternate ecological fuels out of organic waste will clean the environment, help reducing CO2 emissions by a minimum of 20% in the sector of transportation and will keep the prices of all kinds of crops affordable in order prevent more famine in the world.

This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.

Contact Information

    First Guardian Financial Corporation
    Investor Relations
    Fax: 1-212-658-9539