Methes Energies Finalizes Agreements to Supply More Than $6 Million of Biodiesel to U.S. Clients by September 30, 2014
June 18 2014 - 9:00AM
Marketwired
Methes Energies Finalizes Agreements to Supply More Than $6 Million
of Biodiesel to U.S. Clients by September 30, 2014
LAS VEGAS, NV--(Marketwired - Jun 18, 2014) - Methes Energies
International Ltd. (NASDAQ: MEIL), a renewable energy company that
offers an array of products and services to biodiesel fuel
producers, today announced that, pursuant to previously announced
preliminary arrangements, it has entered into agreements with U.S.
clients to supply more than $6 million of biodiesel (including
Methes Energies' share of the expected biodiesel blender's tax
credit) by September 30, 2014. The agreements require shipment of
approximately 1.4 million gallons of biodiesel over this period,
commencing around June 23rd. Though these agreements are part of an
expected longer term relationship, Methes Energies did not want to
commit to shipments over a longer period in a sometimes volatile
market.
The agreements also cover the potential reinstatement of the
Biodiesel Blender's Tax Credit ("BTC") of $1.00 per gallon in the
United States. In the event that the BTC is reinstated
retroactively, a majority of the BTC claimed by Methes Energies'
clients will be transferred to Methes Energies.
Nicholas Ng, President of Methes Energies, said, "Production is
currently going very well and we'll be ramping up very quickly over
the next few weeks. We've locked in our feedstock price as well as
our selling price for the next 3 months. We see some upside moving
forward so we are comfortable with a 3-month at the time strategy
with the volume committed in these agreements. We are also in a
great position to move more biodiesel on the spot market where we
believe we can make more money."
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, 2013,
filed on February 25, 2014, as amended, 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.
Contacts: Methes Energies International Ltd. Michel G. Laporte
Chairman and CEO 702-932-9964
Methes Energies (PK) (USOTC:MEIL)
Historical Stock Chart
From Oct 2024 to Nov 2024
Methes Energies (PK) (USOTC:MEIL)
Historical Stock Chart
From Nov 2023 to Nov 2024
