SOURCE: Perihelion Global

February 14, 2007 10:21 ET

Perihelion Global and City of Opp, Alabama, Sign Formal Agreement Establishing Terms of BioFuel Refinery

WILMINGTON, DE and SANTA ROSA BEACH, FL and OPP, AL -- (MARKET WIRE) -- February 14, 2007 --Perihelion Global (PINKSHEETS: PHGI), a development company with interests in natural resources, alternative energies, and communications, today announced that the company has signed a formal agreement with the City of Opp, Alabama, establishing definitive terms regarding Perihelion's $40M BioFuel refinery to be constructed in the Opp Industrial Park.

The agreement, available for public review on the site under 'Financial Reports' for PHGI, outlines a comprehensive set of mutual promises and obligations to be fulfilled by Perihelion and The City of Opp. Under the terms of the agreement, the total acreage available to Perihelion for construction of the plant and its associated structures is approximately 53.7 acres, which Perihelion will lease from Opp at a price of $2,685 per quarter for five years. Perihelion has the option to purchase the property outright for a sum of $53,700 any time within the first five years and lease payments paid by Perihelion will be credited against the purchase price.

Other key representations in the agreement include The City of Opp providing site preparation, grading, drainage on the property and water, sewer, natural gas, and electrical utilities connections up to the property at no charge to Perihelion. As outlined in previous releases, The City of Opp also grants significant tax advantages and abatements to Perihelion.

The company is obligated to complete the BioFuel manufacturing facility within (2) years and employ 20 persons upon completion of the facility. A year thereafter, the company has agreed to employ a minimum of at least 100 persons at an average wage of $14/hour including fringe benefits.

Commenting on the agreement, Perihelion Global Chairman & Chief Executive Officer John H. Beebe stated, "We have reached this point with a focused and collective effort by more than a dozen highly-talented individuals involved in this project. Each and every one of Perihelion's Management and numerous Opp Officials played an important role in creating what we feel will be a lasting and mutually beneficial relationship between Perihelion Global and the City of Opp. We'd like to sincerely thank Opp Mayor H.D. Edgar, Covington County, the State of Alabama, and the hundreds of people we met at our initial press conference and groundbreaking ceremony. We are inspired by your faith and readiness to begin this journey, and we are committed to work side-by-side with you as a model for positive change in our world."

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 21st Century. We lead with decades of experience in environments that are mission critical in today's global marketplace: Technology, Energy and Communications.


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

  • Contacts:
    John H. Beebe
    Chairman, Chief Executive Officer & President
    Perihelion Global
    866-748-7610 (Toll Free) x 719