Empire Oil Refineries Corp announces formation of Clean Fuels Division
14 September 2011 - 11:00PM
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 Empire Oil Refineries
Corp. (EORZ) announces the formation of Empire Clean Fuels
Division.
Empire Oil Refineries Corp today announced the formation of a
Clean Fuels Division. According to the division President, Marc
Schechtman, “We will focus on the development and funding of clean
energy production, beginning with farm-based
manure-to-methane-to-electricity. The EPA and USDA have stated that
more than 8,000 US farms have large enough herds to justify this
technology. Empire Clean Fuels is working with other energy
companies to organize adequate funding required to capitalize on
the 8,000 facilities.” An investment bank has offered their
services to organize the funding, according to Marc Schechtmen.
The 8,000 manure-methane-electricity facilities can create as
many as 162,000 new jobs, many in the three-year construction
period and many permanent jobs in operations. In addition, Empire
is also in contact with fresh produce growers who can build
greenhouses next to the methane facilities. Every farm energy
system will have excess heat and carbon dioxide that can be used to
significantly reduce the cost of growing fresh produce throughout
the year in various climates. The greenhouse operations can more
than double the number of permanent jobs created.
Empire Oil is also reviewing options to issue a new class of
shares to capitalize a portion of the 8,000 clean energy
facilities. More information will be made available this month.
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.
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