Renew Energy Resources, Inc. (Pink Sheets:REER) (“RENEW” or the “Company”), today announced that it has formed a wholly owned subsidiary, Legacy Oil, Florida, to pursue opportunities for a vertically integrated waste vegetable oil facility in Central Florida. The Company’s business plan has been to identify opportunities by which the Company can facilitate Bio-Diesel production by integrating the financial risk between Feedstock, Production, and Sales. Following up on our initial successes at Legacy Oil New York, the Company has identified a location and is currently in discussions with the first feedstock provider who will be able to supply up to 80% of the plant's initial capacity of waste vegetable oil by late Q-2 2009.
Alex H. Edwards III, Renew Energy Resources CEO, stated, “We are extremely pleased with the progress we have made in pursuing a vertically integrated solution for New York City and are extremely excited to accelerate our entry into the Florida Market. Locating in Central Florida will allow our Metro-centric approach to take advantage of both the Orlando and Tampa metropolitan areas, and will provide a natural expansion point for South Florida when appropriate.”
About Renew Energy Resources, Inc.
Renewable Energy Resources, Inc (“RENEW” or “the Company”) is an alternative energy development company focused on converting non food based feed stocks into renewable energy. Non food based feed stocks include waste vegetable oil, corn oil, brown grease, animal fats, recycled plastics, and discarded tires. Renew is focusing on plants that are both origination and destination based. “Origination” plants are built near the feed stock source whereas “destination” plants are built near the point of use. Having a plant that functions as both an origination and destination plant simplifies logistics and creates a competitive market advantage in pricing and improved operating margins. RENEW vertically integrates renewable energy markets such as biodiesel, ethanol, solar and wind. Vertical integration will include facility ownership as well as facility management, off take contracts for the primary product produced, value added refinement of derivative products, distribution, sales, marketing and financing of export sales contracts. Management functions will include, marketing the fuels and other bi-products, maintaining a trained operational staff, OSHA compliance, quality control and all accounting functions. In return for the above functions, Renew Energy retains an equity ownership position in each project.
For more information about Renew Energy Resources visit www.renewenergy.com
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors available from the Company.
Contacts:
Investor contact:
Jens Dalsgaard,
415-884-0348
info@renewenergy.com
