LAS VEGAS, NV -- (Marketwired) -- 10/30/13 --
Methes Energies International Ltd. (NASDAQ: MEIL), a renewable energy company that offers an array of products and services to biodiesel fuel producers, today provided a business update on previously announced and current business activities.
Production Update - On August 14, 2013, the Company announced, via press release, that its wholly-owned subsidiary, Methes Energies Canada Inc. (Methes Canada), had closed on a $1,500,000 Working Capital Facility. Over the last several weeks Methes Canada has made good use of the facility resulting in September 2013 being the highest production month in gallons in its history. Furthermore, Methes Canada has already secured sufficient feedstock for the months of October and November 2013 to produce biodiesel which it expects will allow for its fiscal fourth quarter to be its best on record in production volume.
BQ-9000® Quality Management Program - Methes Canada is proud to have initiated the process of becoming an accredited BQ-9000® Producer. The program is a unique combination of the ASTM standard for biodiesel and a quality systems program that includes sampling, testing, storage, retain samples and shipping. The program helps companies improve their fuel testing and greatly reduce any chance of producing or distributing inadequate fuel. To receive accreditation, companies must pass a rigorous review and inspection of their quality control processes by an independent auditor. This ensures that quality control is fully implemented.
EPA Quality Assurance Plan (QAP) - Methes Canada is currently reviewing two proposals from two different independent third-party QAP providers and expects to select a firm before November 15, 2013. The U.S. Environmental Protection Agency (EPA) is set to implement a quality assurance program for Renewable Identification Numbers (RINs) generated on biofuels produced at foreign facilities and imported into the U.S. as well as for U.S. facilities that generate their own RINs. The EPA expects the program to promote greater liquidity in the transfer and use of RINs, especially for smaller producers.
Equipment Sales - Methes Canada is currently working with several potential clients in North America and abroad for the sales of Denami 600 and Denami 3000. Over the last several months the Company has experienced a substantial increase in interest from Ethanol producers from all over North America. As more Ethanol producers are now able to extract the corn oil from their corn before converting into Ethanol many are looking at the additional value and revenues from converting their corn oil into biodiesel. The Company believes that the size of its Denami 600 and 3000 are ideal as a "bolt-on" option for most Ethanol plants in North America and abroad.
Increase Capacity in Sombra - Methes Canada has completed an internal engineering review on the project to double capacity at its Sombra, Ontario, Canada facility from 13 Million gallons per year (MGY) to 26 MGY. The initial report confirms that there will be no need to add two more Denami 3000s on site in light of the fact that the two Denami 3000s already installed will be able, once retrofitted, to flow at double the current capacity resulting in substantial savings to the Company. As part of the project, the Company also intends to add a distillation column at the back end of the process to improve quality and efficiency.
Michel G. Laporte, Chairman and CEO of Methes Energies said, "We are pleased to provide this general business update covering several projects that are on the go. Our focus remains on making more biodiesel, improving efficiency and quality at our Sombra facility. Thanks to the working capital facility, September was our best month in production volume. The team is doing a great job and the morale is high."
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 recently commissioned 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.
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, 2012, filed on February 25, 2013, 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.
Methes Energies International Ltd.
Michel G. Laporte
Chairman and CEO
Source: Methes Energies International Ltd.