Better BioDiesel, Inc (BBDS.OB), announced that the company has signed a letter of intent with GeoAlgae Technologies, Inc, a company focused on producing low cost, renewable feedstock. Both companies’ expect that this acquisition will allow new opportunities for additional production of both feedstock and blended bio-fuels.
Currently, GeoAlgao’s s executive team consists of Kenneth R. Bennet, former Arizona State Senator and Ronald D. Lewis, a leading Research Scientists. Mr. Bennett has over twenty years of experience as an executive in the fuels and oil distribution industry, serving as CEO of Bennett’s Oil Co. and is currently serving as a member of the Board of Directors of the Petroleum Marketers Association.
GeoAlgae Technology, Inc.’s business is currently focused on three areas:
1) Utilization of cost effective energy resources from identified geothermal locations for production of supply feedstock to the bio-diesel industry.
2) Establishment of strategic alliances and acquisition of facilities for the production of bio-fuels.
3) Further acquisition with established, profitable oil distribution companies positioned to achieve earnings within the first year of their acquisition and expand their profitability over the duration of an aggressive, five-year-plan.
Kenneth Bennet, CEO of GeoAlgae Technologies, commented, “We are very excited about the opportunity to become a part of Better Biodiesel’s evolving business plan and are looking forward to optimizing shareholder value with a combination of our next generation GeoAlgae feedstock technology and our near term revenue realization model, which is based on established companies in the fuel production and distribution sector.”
He concluded, “We project that these companies will provide Better Biodiesel with immediate and growing revenue. When combined with the feedstock component of the GAT, these established revenue streams should provide the foundations for a profitable and dynamic company.”
Let us hear your thoughts below: