Consolidated Biofuels (CE) (USOTC:CSBF)
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Consolidated Biofuels, Inc. (Pink OTC: CSBF), a clean-tech energy and
alternative fuels company, is pleased to announce that after several
months of sustained effort and negotiations, Consolidated has recently
acquired the coal rights to a 640-acre state coal lease located in the
Powder River Basin, and immediately north of Gillette, Wyoming. The coal
asset was acquired from Atlas Coal II, LLC of Gillette in consideration
of a combination of debt and equity of Consolidated. Further
negotiations with Atlas and others continue for additional acreages of
coal and natural gas production in the same area.
Comparables for that region indicate that an estimated initial valuation
of $18 million dollars for this asset is appropriate. However,
Consolidated will soon commission a comprehensive reserves report to
assess the quantity and quality of the coal reserves on this particular
parcel. Once the analysis is complete, Consolidated will record the
value of the asset based on the proven coal reserves and the overall
value of those reserves. The details of the transaction with Atlas Coal
II will be included in Consolidated’s second
quarter financials when posted.
Daniel Honeycutt, CEO, stated that: “The best
possible current use of Consolidated’s
corporate equity is to acquire in-ground energy assets that will secure
and fuel our future participation in the coal gasification and other
alternative energy industries in Wyoming and elsewhere. We intend to
duplicate and leverage our recent successes in the delivery of debt and
equity with our joint venture partners to acquire additional coal,
natural gas, and clean technology assets throughout 2008 and beyond.”
About Consolidated Biofuels, Inc.:
Consolidated is a development-stage clean energy company. Through
strategic partnerships, Consolidated will acquire thermal-potential
feedstocks such as coal assets and municipal solid waste contracts, in
conjunction with efficient clean process technologies. Consolidated’s
vision is to become the premier integrator of clean technologies as
applied to trash-to-energy, coal-to-liquids, solar, geothermal, carbon
sequestration and synthetic fuels. The Company will be positioned across
the energy spectrum to realize maximum value for our shareholders
through diversification and direct energy asset acquisitions.
For further information, visit our website: http://www.CBioIntl.com
(New website is currently under construction.)
This press release contains some forward-looking statements.
Forward-looking statements involve estimates, projections, goals,
forecasts, assumptions, risk and uncertainties that could cause actual
results or outcomes to differ materially and substantially from those
expressed in the forward-looking statements, and are current as of the
date on which such statements are made. We undertake no obligation to
publicly update any forward-looking statement, whether as a result of
new information, future events, or otherwise. Forward-looking statements
in this document should be evaluated together with the many
uncertainties that affect our business.