BlueFire Ethanol Files 2009 Form 10-K; Company Posts First Ever Profit
IRVINE, Calif., March 31 /PRNewswire-FirstCall/ — BlueFire Ethanol Fuels, Inc. (OTC Bulletin Board: BFRE), a company focused on changing the world’s transportation fuel paradigm through the production of ethanol and other bio-fuels from non-food cellulosic wastes, has filed its Annual Report on Form 10-K for the fiscal year ended on December 31, 2009, with the US Securities and Exchange Commission (the “SEC”), posting 2009 revenue of $4,318,213 resulting in $0.04 profit per share.
“Through BlueFire’s continued progress on developing its two planned cellulosic ethanol plants, BlueFire was able to recoup development costs previously expensed dating back to 2007. Late in 2008, BlueFire sought guidance from the SEC on the correct treatment of these reimbursements. It was determined that these reimbursements should be treated as revenue, as the costs were expensed in prior periods and expenses related to the grant are not directly identifiable due to the composition of the reimbursements. These reimbursements along with sugar sales and consulting fees resulted in a $0.04 per share profit,” said Arnold Klann, Chief Executive Officer of BlueFire Ethanol.
In 2009, BlueFire began to develop relationships with key industry partners such as Solazyme, Inc., a renewable oil production company and leading algal synthetic biology company. Solazyme has been testing sugars produced through BlueFire’s patented process, for compatibility with its renewable oil process to produce the bio-oil cost effectively and at scale. “The relationship with Solazyme, and others we are developing, will provide BlueFire the opportunity to be a full service fuel supplier to the ethanol, bio-diesel, bio-jet, and other drop-in fuel markets,” said Arnold Klann.
Currently, BlueFire Ethanol is focused on the development of two cellulosic ethanol facilities in Lancaster, CA and Fulton, MS. The fully-permitted and shovel-ready Lancaster, CA facility, BlueFire’s first U.S. commercial plant, will use post-sorted cellulosic wastes diverted from Southern California’s landfills to produce approximately 3.9 million gallons of fuel-grade ethanol per year. BlueFire is in the detailed engineering phase for its second commercial plant in Fulton, MS, which will produce approximately 19 million gallons of ethanol per year from woody biomass, mill residue, and other cellulosic waste. The company expects to have all necessary permits for this second plant by summer 2010, putting the company on a path to commence construction by the end of 2010. These two planned facilities will create more than 1,000 construction jobs and, once in operation, more than 100 new operations and maintenance jobs. This is in addition to the hundreds of jobs created or maintained at equipment vendors and suppliers.
“As BlueFire progresses into construction, we see the bulk of future revenue and profits will result from owning and operating these facilities,” added Klann.
About BlueFire Ethanol Fuels
BlueFire Ethanol Fuels, Inc. was established to deploy a commercially ready, patented and proven Concentrated Acid Hydrolysis Technology Process for the profitable conversion of cellulosic waste materials (“Green Waste”) to ethanol, a viable alternative to gasoline. BlueFire is the only cellulose-to-ethanol company worldwide with demonstrated production of ethanol from urban trash (post-sorted MSW), rice and wheat straws, wood waste and other agricultural residues.
BlueFire is one of four companies awarded funding from the U.S. Department of Energy under the Energy Policy Act of 2005 to construct cellulosic biorefinery production facilities. BlueFire’s biorefineries will be located near markets with high demand for ethanol and will use locally available biomass. This should dramatically reduce delivery costs and increase biofuel supplies, while providing a unique waste processing technology to help America’s cities better manage the increasing problem of overflowing landfills. For more information, please visit www.BlueFireEthanol.com.
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Statements about BlueFire Ethanol, Inc.’s expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Litigation Reform Act of 1995. BlueFire’s actual results could differ materially from expected results. BlueFire undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release; BlueFire will appropriately inform the public.
This press release includes statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). BlueFire Ethanol, Inc. claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms “may,” “believes,” “projects,” “expects,” or “anticipates,” and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to: our successful development and deployment of ethanol production facility or facilities, impact of the company’s expansion plan, and new business development success, future financial results, the impact of competitive products or pricing from technological changes, the effect of economic conditions and other uncertainties. The forward-looking statements contained herein involve risks and uncertainties that could cause actual results to differ materially from the expectations contained in any such forward-looking statements. These risks include, but are not limited to: failure to manage operating expenses or integrate new facilities and/or technologies, each of which could have a material impact on our business, our financial results, and the company’s stock price. These risks and other factors are detailed in the Company’s regular filings with the U.S. Securities and Exchange Commission. Most of these factors are difficult to predict accurately and are generally beyond the Company’s control. Forward-looking statements speak only as to the date they are made and BlueFire Ethanol, Inc. does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
SOURCE BlueFire Ethanol Fuels, Inc.