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Amiworld Plans To Increase Biofuel Production By 300 Percent
New York NY (SPX) Aug 18, 2008 Amiworld has announced a strategic plan to increase both diesel and biodiesel production by at least 300% at the Company's South American facility. The strategic plan further validates the Company's aggressive business strategy to capitalize on the growing energy needs of emerging economies in South America. The Company intends to see production more than triple to 100,000 Bpm (barrels per month) once the expansion of the facility is complete, expected in the fourth quarter of fiscal 2008. Amiworld will then be able to produce and meet the demand for diesel at its B5 Unit, where biodiesel and diesel are blended into a 95%-5% mixture. The Company's biofuels division is also projecting significant production growth from 36,000 tons per year to 108,000 tons per year by fiscal 2009. "Given the price volatility of traditional energy sources as well as commodities for alternative fuels, we believe that Amiworld is in excellent position for sustained growth," said Mamoru Saito, Chief Executive Officer of Amiworld. "Our focus on diesel and biodiesel fuels utilizing abundant feedstocks such as palm oil has allowed us to demonstrate impressive financial results and compelling potential as we build out our production facilities and further increase our domestic and export market share." The expansion contract, worth approximately $8.6 million, was signed by Amiworld's subsidiary Odin Petroil SA and FISS Project Development Petroleum LTDA. According to the Company, the terms of the contract include a combination of stock valued at approximately $4 million and cash installments totaling approximately $4.6 million to be distributed at certain points of completion. Given the rapid growth of Amiworld, the Company has applied for a full NASDAQ listing. The Company received its first comment letter on June 2, 2008 and awaits a NASDAQ response with a view to listing as soon as is practicable upon successful completion of the regulatory process. Community Email This Article Comment On This Article Share This Article With Planet Earth
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