Empire Oil Refineries Corp. Signs LOI to Acquire Promethean Bio-Fuels Inc as a Wholly owned Subsidiary
October 06 2011 - 9:00AM
Business Wire
Arshad Shah, President and CEO of Empire Oil Refineries Corp.
(OTC-PINK:EORZ), announces today on behalf of the Board of
Directors of the Company, that the company has signed a Letter of
Intent (LOI) to acquire Promethean Bio-Fuels Inc., as a wholly
owned subsidiary of the company.
Promethean produces and distributes high quality
renewable fuel useable in diesel engines to our members. It also
provides clean energy from sustainable sources and recyclables.
Promethean collects used oil and grease and turns it into
clean fuels
Promethean uses all of the oil collected domestically to make
biofuel, also known as biodiesel, a cleaner burning advanced
biofuel and collects used oils and grease from restaurants and
industrial waste generators to source feedstock.
"We are pleased with the execution of the LOI between Empire and
Promethean as it fits into our strategic plan to acquire assets in
the bio fuel clean energy space. We feel that with the addition of
Promethean to our company provides an eco-friendly way to produce
clean energy with biofuels," said Arshad Shah, President and CEO of
Empire Oil Refineries Corp.
For additional information please visit
www.prometheanbiofuels.com
FORWARD-LOOKING STATEMENTS
The statements contained herein which are not historical are
forward-looking statements that are subject to risk and
uncertainties that could cause actual results to differ materially
from those expressed, including but not limited to, certain delays
beyond the Company's control with respect to market acceptance of
new technologies or products, delays in testing and evaluation of
products, and other risks detailed from time to time in the
Company's press releases.
www.empireoilrefineriescorp.com
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