Methes Energies Signs Contract for the Sale of Fifty Rail Cars of Biodiesel
February 15, 2013 - LAS VEGAS, NV
Methes Energies International Ltd. (NASDAQ: MEIL), a renewable energy company that offers an array of products and services to biodiesel fuel producers, announces that its wholly-owned subsidiary, Methes Energies Canada Inc., has signed a contract, with a U.S. client, for the delivery of 50 rail cars of ASTM quality biodiesel (B100).
The delivery of approximately 1.2 Million gallons of biodiesel will take place over the next several weeks. Under the terms of the contract the buyer has agreed to pre-pay for the biodiesel before the rail cars leave Methes' Sombra facility.
Methes' biodiesel qualifies for the generation of Renewable Identification Numbers ("RIN's") under the Renewable Fuel Standard 2 ("RFS2"). As stated in a previous press release, Methes Energies Canada Inc., was approved by the U.S. Environmental Protection Agency ("EPA") as a Foreign Renewable Fuel Producer, making the biodiesel produced at both its Sombra facility and Mississauga facility in Ontario, Canada, eligible for export to the U.S. which provides its U.S. importer the ability to generate RIN's.
Nicholas Ng, President of Methes Energies International Ltd. said, "This is the largest contract that the company has ever signed for a short term delivery agreement. I believe that this is the beginning of a long term relationship that will provide for more rail cars to be shipped to the same client in the future."
Methes Energies operates a fleet of 28 rail cars that are used to transport feedstock and biodiesel to and from its Sombra facility. The facility employees 23 people involved in the production of biodiesel, logistics and quality assurance.
About Methes Energies International Ltd.
Methes Energies International Ltd. is a renewable energy company that offers a variety of products and services to biodiesel fuel producers. Methes also offers biodiesel processors that are unique, truly compact, fully automated state-of-the-art and continuous flow that can run on a wide variety of feedstocks. Methes markets and sells biodiesel fuel produced at its showcase production facility in Mississauga, Ontario, Canada and at its recently commissioned 13 MGY facility in Sombra, Ontario, to customers in the U.S. and Canada, as well as providing multiple biodiesel fuel solutions to its clientele. Among its services are selling commodities to its network of biodiesel producers, selling their biodiesel production and providing clients with proprietary software to operate and control their processors. Methes also remotely monitors the quality and characteristics of its clients' production, upgrades and repairs their processors and advises clients on adjusting their processes to use varying feedstock to improve the quality of their biodiesel. For more information, please visit www.methes.com.
This press release contains forward-looking statements regarding future events and financial performance. In some cases, you can identify these statements by words such as "may," "might," "will," "should," "except," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," or "continue," the negative of these terms and other comparable terminology. These statements involve a number of risks and uncertainties and are based on numerous assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control. There are or may be important factors that could cause our actual results to materially differ from our historical results or from any future results expressed or implied by such forward looking statements. These factors include, but are not limited to, those discussed under the section entitled "Risk Factors" in our Registration Statement on Form S-1, filed June 22, 2012, as amended, which is available at the U.S. Securities and Exchange Commission website at www.sec.gov. The forward-looking statements in this press release are based upon management's reasonable belief as of the date hereof. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
Michel G. Laporte
Chairman and CEO
Methes Energies International Ltd.