International Coastal Biofuels, Inc. Receives Letter of Intent to Purchase of 30M Gallons of Biodiesel Per Year
Posted on: Thursday, 7 August 2008, 09:00 CDT
International Coastal Biofuels, Inc. (Pink Sheets:ICBU), a manufacturer of biodiesel renewable fuel, announced today that it has received a Letter of Intent from Eco-Energy, Inc. for the purchase of 100% of its production from the Wilmington, NC biodiesel plant.
In the Letter of Intent, Eco-Energy, Inc. states that it will purchase 30 Million gallons of biodiesel per year, for a length of three years from the first day of actual biodiesel production. Additionally, Eco-Energy, Inc. will be responsible for all logistics and transportation.
"This relationship with Eco-Energy, Inc. provides us with an additional certainty that our revenues are only limited by how fast we can get our production plant operational," stated Jim Cooper, CEO of International Coastal Biofuels, Inc.
The plant will be centrally located in Wilmington, NC and a second site is being negotiated in South Carolina. Presently, further suitable sites across the United States are being evaluated.
About International Coastal Biofuels, Inc.
Headquartered in Tazewell, VA, International Coastal Biofuels, Inc. offers fuel with the same performance as that of conventional diesel, at competitive prices and in an ecologically safe manner. Our team's skills cover all aspects of creating and managing biodiesel production organizing, financing, auditing, marketing, promoting business, solving technical and organizational problems. For International Coastal Biofuels, Inc.'s corporate profile visit http://www.internationalcoastalbiofuels.com.
About Eco-Energy, Inc.
Eco-Energy, Inc. is one of the top independent ethanol marketers in the United States. Eco-Energy partners with alternative fuel producers to offer "turn-key" efficiency in the marketing, administration, storage, transportation and delivery of alternative fuels throughout the United States. For more information, visit http://www.eco-energyinc.com.
Safe Harbor
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.
Source: Business Wire
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