• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

International Oil & Gas Holdings Corporation Signs Pact to Acquire Bio-Fuel and Bio-Chemical Company

Posted on: Wednesday, 21 March 2007, 09:02 CDT

International Oil & Gas Holdings Corporation (Pink Sheets:IOGH) today announced the signing of a Letter of Intent to acquire Bio Tech / PSP Science Technology, an Oklahoma corporation, comprising of a team of scientists, which has developed a proprietary and patented method to produce bio-fuels and bio-chemicals from renewable energy sources.

Bio Tech / PSP Science Technology currently operates a four million gallon per year pilot plant in Guymon, OK and hopes to expand the plant further to create a 30 million gallon per year plant. The company will typically expand to five initial production plants, which will consist of 15 production lines matching the pilot plant line, yielding 450 million gallons per year per plant, or 2.25 billion gallons per year total, and eventually leading to international expansion when five U.S. plants are fully operational.

"We are elated at the opportunity of acquiring Bio Tech / PSP Science Technology and look forward to entering this multi-billion dollar expanding renewable energy market," stated Keith McAllister, Chairman and CEO of International Oil & Gas Holdings Corporation. "The proposed acquisition of Bio Tech / PSP Science Technology is another step in our strategic plan to bring together oil & gas opportunities and the production of bio-fuels and bio-chemicals under one umbrella, whilst being environmentally-conscious, and intending to significantly increase the Company's market value."

About International Oil & Gas Holdings Corporation

International Oil & Gas Holdings Corporation is a holding company owning subsidiaries engaged in a number of diverse business activities. The most important of these are oil & gas conducted on a primary basis. International Oil & Gas Holdings has subsidiary entities in insurance, real estate and a Security Protection Company. International Oil & Gas is always looking for opportunities to expand our diverse business activities.

Please visit the company's website at http://www.ioghc.com

Safe Harbor Forward-Looking Statements

Statements about the Company's future 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. The Company's actual results could differ materially from expected results. The Company 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, the Company will appropriately inform the public.

Source: Business Wire

More News in this Category