LAS VEGAS--(BUSINESS WIRE)--Bio Solutions Manufacturing, Inc. (OTCBB: BSLM) (FWB: B2T) announced today that it had delivered initial samples of B100 bio diesel fuel converted from liquid trap brown grease, or LBTG, to Fuel:Bio Holdings, LLC’s site in Elizabeth, New Jersey. The samples were converted into B100 bio diesel fuel at the recently leased R&D center in Hawley, Pennsylvania on schedule.
Bio Solutions Manufacturing has entered into an agreement with Fuel:Bio whereby Fuel:Bio has agreed to build, operate and maintain a 1.5 to 5 million gallon per year bio-diesel production facility, which will be owned by Bio Solutions Manufacturing and co-located at Fuel:Bio’s fully permitted site in Elizabeth, New Jersey. The agreement with Fuel:Bio includes the following provisions:
A fully permissioned plant built for a fixed price, capable of handling between 1.5 and 5 million gallons annually of bio-diesel.
A conversion agreement (over and above Bio Solutions Manufacturing’s own LBTG interests) to convert Fuel: Bio’s virgin oil and yellow grease into bio-diesel, for periods the price of its current heating oil business declines in summer months.
If timing and scheduling can be accommodated, Bio Solutions Manufacturing will process yellow grease and virgin oils on a cost plus 10% basis.
In addition, the parties have agreed in principle regarding the terms of a construction and operating agreement for up to ten more East Coast sites if the initial site is successful.
David Bennett, President and CEO of Bio Solutions Manufacturing stated, “We confidently expect our initial samples to receive ASTM formal approvals prior to delivering our proprietary pre-screening equipment from our assembly site in Pennsylvania to the construction site in Elizabeth, New Jersey. Thereafter, we intend to begin execution on the construction phase. We already have the subsequent delivery and sales agreements in place.”
About Bio Solutions Manufacturing, Inc.
Bio Solutions Manufacturing has developed microbiological products for waste bioremediation. The Company’s products are currently used by many municipal collection systems and food service facilities in the United States. The Company's products have been approved by municipalities for use in food service facilities that produce waste products introduced into the municipal collection systems. The Company’s products treat waste in an environmentally friendly and safe manner in compliance with Federal and State government standards.
The Company has developed a line of environmentally friendly cleaning products that include all-purpose cleaner, carpet cleaner, concrete and asphalt cleaner, and floor soap. In addition, the Company is developing a unique, patent-pending grease extractor to be used in conjunction with bioremediation solutions to extract desired oil and grease to be converted into value-added product, such as biodiesel fuel.
Safe Harbor for Forward-Looking Statements
This document contains discussion of items that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ from expectations include, but are not limited to, lack of operating history and experience in the biodiesel market, history of losses, lack of employees, risks in maintaining intellectual property, fluctuations in biodiesel fuel and energy prices, competition from other alternative energy sources, lack of working capital, debt obligations, disputes with the company’s distributor and affiliated parties, litigation, general economic conditions in markets in which the company does business, extensive environmental and workplace regulation by federal and state agencies, other general risks related to its common stock, and other uncertainties and business issues that are detailed in its filings with the Securities and Exchange Commission.
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