Raven Biofuels International Corporation
OTC Bulletin Board : RVBF

Raven Biofuels International Corporation

June 10, 2008 10:09 ET

Raven Plans to Build Biorefinery to Produce Cellulosic Ethanol From Wood Waste in Washington State

PARAMUS, NEW JERSEY--(Marketwire - June 10, 2008) - Raven Biofuels International Corporation (OTCBB:RVBF) plans to build a cellulosic ethanol Biorefinery in Washington State, using a two stage diluted acid hydrolysis. The plant will convert 500 tons per day of wood waste, such as construction and demolition wood or wood chips, and is planned to have a production capacity of almost 11 million gallon per year of ethanol and specialty chemicals (furfural and its derivatives).

The proprietary technology has been developed during the past 10 years and has its origins with the Tennessee Valley Authority, who have been extensively involved in testing programs. Pure Energy Corporation has further developed the technology and protected key elements through patents spending over $20 Million during development. (Raven and Pure Energy have announced their intention to merge on March 13, 2008.)

John Sams, Chief Operating Officer of Raven explains, "The technology is based on simple and proven pulp and paper mill technology, used in the industry for many years successfully. This reduces the risk of commercial deployment and will facilitate a fast roll out of multiple sites in North America."

Raven has chosen Washington State for its substantial availability of feedstock. Both demolition and construction wood and wood waste are available. Moreover, the region is known for its pulp and paper industry. We plan to engage engineering and construction firms that have experience designing and constructing plants using similar technologies.

Recently Gov. Christine Gregoire of Washington State has proposed greater investment by the state in the biofuel industry, calling it "the largest industry of the 21st century and one Washington is well positioned to lead."

The investment in this plant is projected to be $30 Million and construction is expected to take approximately 14 months. Our biorefineries will be financed by equity infusion from Raven and its partners and project finance debt from reputable industry lenders. We assume a project debt financing of $20 Million per plant. The company will likely be eligible to receive additional financial support from grants, loan guarantees, and subsidies from the various programs at the state and federal level.

Revenues of this plant are estimated to be $35 Million when in full production. The payback period is projected to be just over three years from the start of production.

Raven Biofuels International Corporation intends to become a global renewable energy company whose principal focus is converting waste biomass in the low cost production of cellulosic ethanol, and derivative chemicals.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, including without limitation those statements regarding the ability of Raven Biofuels International Corporation ("Raven" or the "Company") to complete the merger or any business combination with Pure Energy Corporation, or that upon completion of the merger the companies will be able to construct any ethanol plants or proceed with the commercialization of Pure Energy's technology or that it will be able to exploit, develop, acquire, finance, operate, or make profitable, any of the commercial opportunities discussed or described herein. These forward-looking statements are not historical facts and can be identified by the use of forward-looking words or phraseology such as "believes," "expects," "may," "intends," "anticipates," "plans," "estimates," and analogous or similar other expressions intended to identify such forward-looking statements. Actual results could differ materially from those reflected in such forward-looking statements. Raven and its principals will not assume any obligation to update any of the forward-looking statements to reflect any events, facts, or circumstances that may arise other than as may be required by applicable law or regulation.

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