SOURCE: Perihelion Global

August 22, 2007 14:46 ET

Perihelion Global Acquires Biodiesel Refinery in Western United States

WILMINGTON, DE and SANTA ROSA BEACH, FL--(Marketwire - August 22, 2007) - Perihelion Global (PINKSHEETS: PHGI), a development company with interests in natural resources, alternative energies, and advanced communications, today announced that the company has purchased a biodiesel refinery from a private financially distressed operator in the western United States. The refinery, barring any minor modifications and replacement items such as hoses and piping, is believed operating-ready.

The refinery, which is in relatively new condition, has been acquired by Perihelion with the intent to begin fulfilling some of its supply contracts such as the previously disclosed agreement with Crew Distributing, Inc. Because a majority of our potential buyers will initially be located in the southeastern United States, the company has decided to relocate the refinery to its Opp, Alabama site. The company has made arrangements for transportation to begin shortly.

The newly-acquired refinery in no way replaces, inhibits, or impedes the construction of Perihelion's significantly larger facility due to be completed in 2008. The company expects to have the smaller refinery transported, reconstructed, and operating within the current calendar year, and will help the company establish revenue channels and working relationships with its distributors and resellers.

Perihelion Global President, Chairman, and Chief Executive Officer, John H. Beebe, stated, "We're excited about this acquisition, as we were able to acquire this refinery at a substantial discount to its market value. What we are seeing suggests that several of the early-adopter biofuels companies are running into financial challenges with the volatility in the credit markets right now. Perihelion is interested in identifying and acquiring functional biofuel refineries that can be transformed into income-producing facilities. Perihelion feels there is a favorable environment right now for precisely this kind of activity, and we hope to acquire and place some of these facilities back online -- some of which are relatively new -- in regions that can be productive to potential suppliers and distributors."

Financial terms and additional details of the purchase were not disclosed.

About Perihelion Global:

Perihelion Global focuses on the acquisition, development and management of technologies, strategic commodity reserves and assets in the energy, natural resource and communications markets. Perihelion's management team specializes in providing solutions for the strategic challenges of the 21st Century. We lead with decades of experience in environments that are mission critical in today's global marketplace: Technology, Energy and Communications.

Website: http://www.perihelionglobal.com

Caution Regarding Forward-Looking Statements

This press release contains historical information as well as forward-looking statements that are based upon our estimates and anticipation of future events that are subject to certain risks and uncertainties that could cause actual results to vary materially from the expected results described in the forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "hopeful," "intend," "may," "optimistic," "preliminary," "project," "should," "will," and similar expressions are intended to identify these forward-looking statements. There are numerous important factors that could cause our actual results to differ materially from those in the forward-looking statements. Thus, sentences and phrases that we use to convey our view of future events and trends are expressly designated as Forward-Looking Statements as are sections of this news release clearly identified as giving our outlook on future business.

These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following important factors that could affect the actual outcome of future events:

--  General economic conditions, either nationally or in our market area,
    that are worse than expected;
    
--  regulatory and legislative actions or decisions that adversely affect
    our business plans or operations;
    
--  price competition;
    
--  inflation and changes in the securities markets that adversely affect
    the fair value of our operations; and
    
--  changes in our organization, compensation and benefit plans.
    

We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and wish to advise readers that the factors listed above could affect our financial performance and could cause actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. We do not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Contact Information

  • Contact:

    John H. Beebe
    Chairman, Chief Executive Officer & President
    Perihelion Global
    866-748-7610 (Toll Free) x 719
    john@perihelion.com