LAS VEGAS, NV / ACCESSWIRE / March 30, 2015 / Methes Energies International Ltd. (NASDAQ:MEIL), announced today that it has received $250,000 Canadian Dollars (CDN$), as initial payment, for the sale of a Denami 600 biodiesel processor and a PP-MEC pre-treatment system to be installed in Havelock, Ontario, Canada. Additional scheduled payments are due in the near future upon shipment and installation of the equipment and the balance is due when the Denami 600 is re-commissioned and the pre-treatment system is installed at the buyer's facility.
In order to fast track the installation the buyer has agreed to purchase the Denami 600 currently located at Methes' Mississauga facility. The company expects to take approximately 3 weeks to dismantle the equipment at the Mississauga facility at which time the equipment will be loaded on trucks and shipped to the buyer.
The buyer, Drain Bros, will become the first facility in the world to use Methes' pre-treatment system using the PP-MEC catalyst to process corn oil from a local ethanol plant.
John Loewen, COO of Methes said, "We are glad to have finalized this transaction and to be able to use the Denami 600 in Mississauga. The Denami 600 has recently been used for research, testing and marketing but has not been used in commercial biodiesel production in over two years so it made sense for Drain Bros and Methes to move it to their location. More importantly, we will be installing a pre-treatment system that will be running on corn oil and we'll have the ability to showcase the technology in action to other potential clients. This is a major milestone and we are looking forward to help Drain Bros with their new biodiesel facility."
Furthermore, Methes announced on January 20th 2015 that it had entered into an agreement to license its technology to a US client in exchange for an upfront payment of $4 Million which, as per the agreement, was due February 20th, 2015. Methes provided an extension to the payment date to allow its US client to finalize a pending transaction. At this time, though they express continuing interest in the transaction with Methes, they still have not finalized their other pending transaction.
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 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.
Forward-looking Statements
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 Annual Report on Form 10-K for the year ended November 30, 2014, filed on March 11, 2015, 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.
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Contact:
Methes Energies International Ltd.
Michel G. Laporte
Chairman and CEO
702-932-9964
SOURCE: Methes Energies International Ltd.
