SOURCE: U.S. Energy Initiatives Corp.
SANTA CLARITA, CA--(Marketwired - Feb 5, 2014) - U.S. ENERGY INITIATIVES CORPORATION, INC. (OTC Pink: USEI) is pleased today to announced that the Company is extremely excited about Congress' decision to legalize the cultivation of Hemp. Pursuant to the passage of the new Farm Bill, the cultivation of industrial Hemp is legal on a Federal level and is clearing the way for industrial Hemp pilot programs in 10 states such as Colorado, Washington, California, Kentucky, Maine, Montana, North Dakota, Oregon, Vermont and West Virginia, where growing the plant is legal.
According to Anthony Miller, CEO, "Currently, a main reason that Hemp is not typically used to produce biodiesel is its cost ratio. Due to growth limitations in the U.S. farmers sold nearly all Hemp seeds to the human nutrition sector. It is anticipated by some experts that the new legalization will help to reduce costs, thus placing Hemp into a desirable range.
"Most biodiesel refineries complain about not being to locate enough economic feed-stock to operate a profitable refinery and have relied upon the renewal of federal tax credits. Hemp could be the answer that refineries and the government are looking for. Not only does the biodiesel have wonderful properties-better cloud point and cetane value than biodiesel made from canola or soy oil-its distinctive green color is a great marketing tool. Also, Hemp seed does have a relatively high oil content of about 33 percent, compared with canola at about 40 percent.
"Currently, Cannabis/Hemp are being used for medicine, fuel, paper, food, rope, maps, clothes, nets, lace, soap, sails, shoes, plastics, explosives, caulking, fiberboard, paint, sealant, methanol, gasoline, fiber for fuel, bricks, charcoal, auto bodies, packing mass, lubricants, oil for lighting, oil for fuel, oil for lights, animal food, furniture, mats, varnish, lotions, ointments, lacquer, salad dressings... Retail sales of these goods reached nearly $500 million in 2012, according to the Hemp Industries Association. There are an estimated 50,000 commercial uses. Until about 100 years ago almost all the world's bibles maps, sails, clothes and books were made out of cannabis."
"Until we get final approval for widespread commercial usage, we intend to focus on marketing products that we can sell and deliver; and create strategic alliances with companies that advance our opportunities. Our management feels that the timing of our Company to enter this sector could not have been better. With most of the fight already being done, and USEI investors are in perfect position to benefit from the New Farm Bill passage. Just like Medical Marijuana, no fight is over till it's over. As an early entrant to this industry, we believe that we will have an added advantage of those who follow us. Finally, our goal is to keep investors up to date as we develop products and services in this industry," further commented Miller.
About U.S. Energy Initiatives: U.S. Energy Initiatives Corporation is a diverse (OTC Pink: USEI) energy firm, that has a long history of developing hybrid fuel systems. This firm started in 1996 and has had a long successful business history of developing its business strategies. Management's new goal is to develop its old and new technologies and to build a dynamic and diverse firm. From 2014-2015 U.S. Energy Initiatives will center on the bio-fuels, Medical Marijuana and Hemp for developing products and services. Our goal here is to become an environmentally responsible firm, marketing our products to a worldwide audience to produce significant revenue and add value for our shareholders.
DISCLOSURES: "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release may contains forward-looking statements that are subject to risk and uncertainties, including, but not limited to, the impact of competitive products, product demand, market acceptance risks, fluctuations in operating results, political risk and other risks detailed from time to time in the Company's filings with OTCMarkets.com and as required to the Securities and Exchange Commission. These risks could cause USEI's actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company.