PetroSun issued a shareholder update this morning to answer shareholder questions.
First, PetroSun announced that it has formed four subsidiaries, all of which are individually licensed with algae-to-biofuels technology. The company intends to enter into joint ventures within each respective geographical region. The joint venture partnerships will provide the capital to build algae farms and algal oil extraction plants.
Secondly, the company announced that PetroSun BioFuels and AL-G-BAMA has demonstrated their technology and will do other demonstrations in the future. PetroSun stated that the demonstrations were positive and that it expects to enter into agreements with several of the attendees.
Thirdly, PetroSun announced that it has received a gas chromatograph analysis. The report stated that a large percentage of the raw algal oil sample is comprised of C18 fatty acids with no appreciable levels of linolenic acid. The company believes the results have are favorable for biodiesel production.
Fourthly, the company stated that it will locate its initial domestic operations in Alabama, Louisiana and Arizona. The algae farms and extraction plants are expected to produce a minimum of 60 million gallons of algal oil per facility on an annual basis. PetroSun is currently looking for capital to construct these facilities through debt and/or equity.
Lastly, the company revealed plans to become a fully reporting company. PetroSun announced that its 2007 2Q financial statements will be filed by the end of October, and will be posted on Pink Sheets and its corporate website. PetroSun has been engaged in several discussions with legal counsel and other parties concerning the uplisting.
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