SOURCE: Methes Energies International Ltd.
LAS VEGAS, NV--(Marketwire - Jan 8, 2013) - Methes Energies International Ltd. (NASDAQ: MEIL), a renewable energy company that offers an array of products and services to biodiesel fuel producers, announces that its wholly-owned subsidiary, Methes Energies Canada Inc., has signed a Letter of Intent (LOI) with U.S. Energy Initiatives Corp. of Santa Clarita, California (a public company traded under the symbol (PINKSHEETS: USEI)) to initially acquire, among other things, one of our Denami 600 biodiesel processors.
U.S. Energy Initiatives plans to set up its first 1.3 million gallons per year (mgy) production facility in California and use the site as a showcase to market and promote our Denami 600 and Denami 3000 biodiesel processors. Our Denami 600 processors and Denami 3000 processors, respectively, have a maximum rated biodiesel production capacity of 1.3 mgy and 6.5 mgy. The intent is to eventually set up additional facilities in California and across the U.S. as close as possible to feedstock supplies in order to minimize transportation and logistics.
"Our goal is to build a strong biodiesel division using a technology that is already proven and reliable," said U.S. Energy Initiatives CEO, Anthony Miller. "The Methes business model is truly unique and does not only focus on technology, but also on all of the aspects of biodiesel production and distribution, including product quality, compliance, production, marketing and logistics. Methes' experience and track record are two strong assets to us that we intend to make the most of."
Nicholas Ng, President of Methes Energies, said, "We look forward to working with Anthony and his team. They have a comprehensive understanding of biodiesel and a plan to take advantage of the growing demand. With the $1.00 per gallon tax credit back in the U.S., we expect a strong 2013 and beyond."
About U.S. Energy Initiatives Corp.
U.S. Energy Initiatives Corp, is a diverse energy firm that has a long history of developing automotive and hybrid fuel systems and technologies. This firm started in 1996 and has since become a successful developer of its business strategies. Its Management's new goal is to also develop new and old technologies, as well as to build a dynamic energy firm. The Company has three separate energy initiatives; one in the oil, gas & technology sector (brought in by Mr. Miller), one in the hybrid fuel or biofuel sector and one in the automotive sector. The firm's immediate goal is to create its own biofuel opportunities and going forward, to acquire and develop stranded or un-recovered oil properties for enhanced oil production, forming partnerships with operators, in addition to the elaboration of strategic alliances for primary and secondary recovery. The company's overall goal is to become environmentally responsible in the energy sector, utilizing all of the methods available to create a continued financial growth. Toward achieving that purpose, it will market its products throughout the world to significantly increase revenues, while adding value for its shareholders.
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 recently commissioned 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.
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 Registration Statement on Form S-1, filed June 22, 2012, 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.