SOURCE: Methes Energies International Ltd.

Methes Energies International Ltd.

June 18, 2014 09:00 ET

Methes Energies Finalizes Agreements to Supply More Than $6 Million of Biodiesel to U.S. Clients by September 30, 2014

LAS VEGAS, NV--(Marketwired - Jun 18, 2014) - Methes Energies International Ltd. (NASDAQ: MEIL), a renewable energy company that offers an array of products and services to biodiesel fuel producers, today announced that, pursuant to previously announced preliminary arrangements, it has entered into agreements with U.S. clients to supply more than $6 million of biodiesel (including Methes Energies' share of the expected biodiesel blender's tax credit) by September 30, 2014. The agreements require shipment of approximately 1.4 million gallons of biodiesel over this period, commencing around June 23rd. Though these agreements are part of an expected longer term relationship, Methes Energies did not want to commit to shipments over a longer period in a sometimes volatile market.

The agreements also cover the potential reinstatement of the Biodiesel Blender's Tax Credit ("BTC") of $1.00 per gallon in the United States. In the event that the BTC is reinstated retroactively, a majority of the BTC claimed by Methes Energies' clients will be transferred to Methes Energies.

Nicholas Ng, President of Methes Energies, said, "Production is currently going very well and we'll be ramping up very quickly over the next few weeks. We've locked in our feedstock price as well as our selling price for the next 3 months. We see some upside moving forward so we are comfortable with a 3-month at the time strategy with the volume committed in these agreements. We are also in a great position to move more biodiesel on the spot market where we believe we can make more money."

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.

Contact Information

  • Contacts:
    Methes Energies International Ltd.
    Michel G. Laporte
    Chairman and CEO
    702-932-9964