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Kreido Biofuels Provides Business Update
Conference Call to Discuss Developments and Plans
Scheduled for 1:15 Pacific Time - June 11, 2007
Camarillo, California – June 11,
2007 – Kreido Biofuels, Inc. (OTC BB: KRBF), which
has pioneered a break-through system for the manufacture of biodiesel
and other chemical products, today provided a business update.
“We’ve made significant progress since closing our $25 million
private placement and completing the reverse merger that commenced our
operations
as a public company less than six months ago,” said Joel Balbien,
Ph.D., CEO of Kreido Biofuels, Inc.
“The STT technology, with its ability to accelerate chemical reactions
and dramatically increase yields, is an extremely attractive solution
for the production of biodiesel,” said Balbien. “Our multi-pronged
strategy of developing our own biodiesel production plants in the U.S.
and licensing our patented STT technology to domestic and international
third-party biodiesel producers helps ensure our ability to capitalize
on what we believe is a superior process intensification technology.”
Highlights
of 2007:
- Closed a $25 million private placement on January 16.
- Expanded
Kriedo’s collaboration with the U.S. Environmental Protection
Agency to advance the development of green and sustainable chemistry.
- Enhanced
the management team with the appointment of John Philpott as Chief
Accounting Officer and Larry Sullivan as Chief Technology Officer.
- Achieved the
total and free glycerin specification requirements of the ASTM (originally
known as the American Society for Testing and Materials)
for multiple feedstocks. The tested feedstocks include: degummed
soy bean oil, refined palm, jatropha, canola, castor, and soy oil.
- Commenced
the integration of Kreido’s STT® (spinning tube in
tube) technology into the Foothills Bio-Energies plant with the goal
of increasing biodiesel output. Implementation of the STT continuous
process intensification system is expected to add 1 million gallons
per year of capacity to Foothills’ present biodiesel annual production
of 1 million gallons.
- Began construction of modules for
Kreido’s
biodiesel processing plant and have ordered the long-lead items.
- Ended
the first quarter of 2007 with cash and cash equivalents of approximately
$21.0 million and have incurred $1.5 million in plant construction
costs as of March 31, 2007.
Upcoming Milestones
Kreido has targeted the following milestones on its way to achieving
its goal of producing 100 million gallons of biodiesel fuel by the
end of 2008 using its proprietary STT technology:
- Completion of the Foothills
Bio-Energies plant expansion project this summer. Kreido will use the
site to demonstrate the STT technology
to potential licensees and investors.
- Securing an agreement with a top biodiesel
fuel marketer and blender to be the Company’s distributor by
this summer.
- Completion of a durability and mechanical test
of a commercial-scale STT reactor system at Kreido’s headquarters
facility during the third quarter of 2007.
- Commencement of operations of a full-scale U.S.
production plant in either Wilmington, North Carolina or Chicago,
Illinois in the first quarter
of 2008, having an anticipated nameplate capacity of 33 million
gallons per year. The Company is in the process of negotiating leases
and liquid
handling agreements with liquids handling partners and port authorities,
as well as domestic and offshore feedstock providers.
Conference Call
Details
Kreido’s management will host a conference call today at 4:15 p.m.
Eastern time (1:15 p.m. Pacific time). Investors interested in participating
can dial 1-800-811-8845 from the U.S.; International callers can dial
1-913-981-4905. A telephone replay will be available approximately two
hours after the call concludes and will be available through Wednesday,
June 18, by dialing 1-888-203-1112 from the U.S., or 1-719-457-0820 for
international callers, and entering confirmation code 8024932. There
also will be a simultaneous webcast available on the Investor Relations
section of the Company’s web site at www.kreido.com, which will
be archived for 30 days.
About the Company
Kreido Biofuels is providing the world renewable energy through its proprietary
process intensification technology - the STT® system. The Company’s
manufacturing methods significantly improve the efficiency, quality,
and process control of biodiesel production. To build a sustainable
future, our goal is to provide the industry cutting edge technology
that improves the manufacturing of biofuels. The Company’s senior
management and Board have more than 50 years experience in the energy
sector including designing, constructing, operating and managing petroleum
refining, natural gas distribution, and chemical processing facilities.
Kreido Biofuels also has established collaborations with university
and government laboratories, including the U.S. Environmental Protection
Agency (US EPA), in order to gain a leading position in the development
of advanced chemical processes. Kreido Biofuels is based in Camarillo,
California. STT is a registered USPTO trademark of Kreido Biofuels,
all rights reserved. For more information about Kreido Biofuels, visit www.kreido.com.
# # #
Investor Relations Contact:
Ina McGuinness
Integrated Corporate Relations
Office: 310 -954 -1100
Public Relations Contact:
Denica Gordon
DGPR Consulting
Office: (323) 253-9337
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