Gulf Ethanol Corporation (OTC:GFET) announced today the signing of definitive agreements to acquire its new cellulose feed-stock processing technology for ethanol plants. The process, developed by Meridian BioRefining, converts non-food biomass into a very fine powdered cellulose that a university study confirms produces far better results when processed into ethanol. Gulf ethanol owns the exclusive rights to this breakthrough technology for the processing of ethanol feed-stocks and will partner with Meridian BioRefining for engineering, design and implementation of the technology.
“The future of ethanol as a fuel additive and as an alternative to imported oil depends on developing large scale ethanol production from cellulose – rather than food-stocks,” declared CEO JT Cloud. “Corn was the feed-stock of choice for America’s first ethanol plants. However, prices and limited supply quickly demonstrated that food-stocks could not replace oil as a primary transportation fuel,” he explained. “Now we are on the verge of an entirely new opportunity. Cellulose is the most plentiful plant substance on earth. Converting this much cheaper biomass into ethanol gives us a real option for reducing a portion of our dependence on foreign oil,” he concluded.
Gasoline is currently mixed with ten percent ethanol by most oil companies today, including Exxon Mobil Corp. (NYSE:XOM) and Shell (NYSE:RDS-A). The development of alternative transportation fuels has proven difficult for companies such as Archer Daniels Midland (NYSE:ADM) and Bunge Limited (NYSE:BG) because food based feed stocks rise in price as production increases which means that the more ethanol made from food-stocks, the less efficient it becomes. “This is why we believe cellulose will help America take one big step forward in its quest for energy independence,” said Mr. Cloud.
About Gulf Ethanol Corporation
Gulf Ethanol, (OTC:GFET) is an alternative energy company focused on the development of cellulosic ethanol technologies with a particular emphasis on Texas and the Gulf Coast. For more information please visit our homepage at: www.GulfEthanolCorp.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
Contacts:
William Carmichael,
713-461-9229
Fax: 713-461-9230
ir@gulfethanolcorp.com
