Global Clean Energy Holdings, Inc. Acquires Sustainable Oils, LLC, a Global Leader in Camelina Genetics and Production
14 Marzo 2013 - 5:14AM
Global Clean Energy Holdings, Inc. (OTCBB:GCEH) today announced
that it has acquired Sustainable Oils, LLC, a global leader in
Camelina genetics and production. The acquisition includes 100%
ownership interest of Sustainable Oils and the ownership of the key
intellectual property and operational assets. Camelina is the only
non-food based crop approved by the EPA as an advanced biofuel,
which includes renewable jet fuels, for RIN generation.
The acquisition increases GCEH's portfolio of non-food based
feedstocks to include EPA and FDA approved Camelina, a
stress-tolerant oil seed that can be grown in many regions of the
United States, Canada, Europe as well as many other areas around
the world. The acquisition provides GCEH with all commercial rights
to Sustainable Oils' extensive intellectual property portfolio,
including the patents for elite varieties of Camelina, an expansive
inventory of breeding stock, certified seed production and supply
capacity, an existing product portfolio and product pipeline,
breeding facilities, equipment and many years of know-how.
Sustainable Oils generated more than $20 million of revenues during
the past four years from its Camelina operations, including the
sale of Camelina oil for use as jet fuel.
Sustainable Oils is a global leader in the technology and
operations necessary for commercial production and marketing of
Camelina seeds, EPA approved oil and FDA approved animal feed.
Camelina is a hardy, non-food based biofuels feedstock with a
history of verified yields, low input requirements and the only
novel crop with USDA, EPA and FDA regulatory approvals. More than
100,000 acres of Camelina have been grown across the United States
alone, with over 20 million acres available in North America for
potential production that would not compete with food crops.
"This is a very significant and strategic acquisition for GCEH,"
said Richard Palmer, President & CEO of Global Clean Energy
Holdings. "Integrating SusOils into the Global Clean Energy family
represents another step in the planned growth of this company into
a diversified multi-crop, renewable feedstock producer. This will
allow us to generate revenue and profits much faster and to
significantly expand our operations in the United States and in
Europe. The accretive value to GCEH from the intellectual property
portfolio alone is enormous. Based on our internal estimates and
assumptions, we expect that our Camelina based sales can exceed $60
million over the next three years. To say the least, we are very
excited about taking this important next step in the growth of this
company and building shareholder value."
The acquisition will also create opportunities for Sustainable
Oils' growers and existing business partners. The company has
successfully contracted camelina production in 10 states and
Canadian provinces, and has conducted testing in 40 states and
provinces, as well as Australia, New Zealand, Spain Portugal,
Ukraine, Italy and Saudi Arabia.
Scott Johnson, President of Sustainable Oils, said, "The entire
team at Global Clean Energy is an ideal match for SusOils. By
leveraging Global Clean Energy's existing business structures and
relationships, we anticipate a very steep growth curve for our
business. It gives us the capacity to rapidly supply large volumes
of Camelina oil and meal into the U.S. and world markets. I am very
enthusiastic to be part of the Global Clean team."
"We have worked with both companies and commend the acquisition
of Sustainable Oils by Global Clean Energy," said Vice President of
Global Business Development & Policy for Boeing Commercial
Airplanes, Billy Glover. "This agreement is a positive indicator
that the aviation biofuel sector is generating momentum.
Sustainable Oils was instrumental in obtaining EPA's recent
approval of Camelina oil under the Renewable Fuels Standard for RIN
generations. As a proponent of Camelina and non-food based
bioenergy sources for sustainable biofuel generation, we look
forward to working with the collective team in the future."
"Global Clean Energy and Sustainable Oils have been great to
work with, having supplied Honeywell with non-food based feedstocks
for the production of our renewable diesel and jet fuel," said Jim
Rekoske, Honeywell UOP's Vice President and General Manager of
Renewable Energy and Chemicals. "We look forward to continuing
and expanding our relationship, and expect the combination of
skills from this acquisition to rapidly lead to significant
advances for sustainable biofuel feedstocks."
Global Clean Energy Holdings acquired Sustainable Oils, LLC and
the related assets from Targeted Growth, Inc., a Washington based
crop biotechnology company focused on developing products with
enhanced yield and improved quality for the agriculture and energy
industries, and the other minority owner of Sustainable Oils for
40,000,000 shares of GCEH's common stock, and a $1,300,000 secured
promissory note. GCEH acquired Sustainable Oils subject to certain
operating liabilities accrued in Sustainable Oils prior
operations.
The above revenue estimates are based on internal plans and the
assumption that we will be able to continue Sustainable Oils' prior
operations and relationships, the estimated synergistic
contribution of GCEH's infrastructure and operational resources,
the estimated commercial impact of the EPA's February 2013 approval
of Camelina as a biodiesel feedstock, and the expectation that we
will be able to consummate the pending financing transactions that
will allow us to rapidly expand the Camelina operations.
About Global Clean Energy Holdings
Global Clean Energy Holdings, Inc. is a US based multi-national
emerging renewable energy company focused on the production of
non-food based feedstocks used for the production of biofuels,
biomass and renewable chemicals. More information regarding
Global Clean Energy Holdings, Inc., its subsidiaries and business
can be found at www.gceholdings.com
About Sustainable Oils
Sustainable Oils, LLC is the industry leader in the R&D,
production, processing and commercialization of Camelina-based
products, which includes renewable fuels and high value animal
feed. As a result of this acquisition, Sustainable Oils is now a
wholly-owned subsidiary of Global Clean Energy
Holdings. Through Sustainable Oils or other subsidiaries
formed for its Camelina operations, GCEH intends to continue to
focus on expanding the high yielding elite lines of Camelina
through a R&D/breeding program and an expansion of Camelina
farming in North America. More information regarding
Sustainable Oils can be found at www.SusOils.com
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to,
statements about the estimated future sales of Camelina based
products, the Company's ability to raise the funding necessary to
implement its Camelina operations, the estimated synergistic
benefits of combining the operations of Sustainable Oils with those
of the Company, the ability to the Company to maintain and grow
Sustainable Oils' relationships with farmers, the future demand
for, and pricing of Camelina biofuel and for other biofuels, as
well as statements about expectations, plans and prospects for the
development of Camelina products. These forward-looking
statements are subject to a number of risks, uncertainties and
assumptions, including those identified under "Risk Factors" in
Global's Annual Report on Form 10-K for the year ended December 31,
2011 filed with the SEC. Actual results may differ materially
from those contemplated by these forward-looking statements. Global
Clean Energy Holdings, Inc. does not undertake to update any of
these forward-looking statements to reflect a change in its views
or events or circumstances that occur after the date of this press
release.
CONTACT: LeAnne Philips
+1.712.551.7918
lphilips@entira.net
Grafico Azioni Global Clean Energy (QB) (USOTC:GCEH)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Global Clean Energy (QB) (USOTC:GCEH)
Storico
Da Lug 2023 a Lug 2024