NORCROSS, GA / MARCH 7, 2014 / VEGA BIOFUELS, INC. (Pink Sheets VGPR) provides the following update to its shareholders.
I first want to thank you for your continued support while we’ve been growing our business. I also want to update you on the projects that we are working on and how it will impact the implementation of our Business Plan and drive shareholder value.
The most exciting news was announced yesterday. The joint venture project to build the torrefaction plant in Allendale, SC is the single largest step the Company has taken to date. The joint venture that we were able to put together allows us to complete the manufacturing plant much sooner than if we were doing it on our own. We are also trying to surround ourselves with industry experts that can provide valuable insight into our business as we move forward. The JV does just that.
When completed, the plant will produce various torrefied products from renewable sources. Our bio-coal product has been very well received by our international clients. We have provided samples to our clients for testing and those tests were successful and are leading to firm orders.
In addition to producing bio-coal, we recently announced that we have expanding our business model to include the production of a product called biochar to be marketed to growers in the burgeoning Marijuana and Hemp industries. The legal marijuana market in the U.S. is expected to grow from $1.4 billion in 2013 to $2.3 billion in 2014 and reach $10.2 billion by 2018. We are now positioned to capitalize on this explosion by marketing our biochar product to growers throughout the country. I will be in Colorado next week and Washington the first week of April meeting with growers to discuss their needs and how we can provide them with a biochar that will increase the quality of their product. Biochar is a product that is specially designed for a specific application. For instance, a grower in Washington may require a completely different composition than a grower in Colorado. Soil testing must be done before the biochar is manufactured. There is no one size fits all for biochar. This is an area that we plan on spending a lot of time and resources on in the coming months. I will keep you updated as new developments arise.
I also want to address information that was posted on the State of Wyoming’s website concerning Vega Biofuels’ name change and share structure. That information was in error and we are in the process of having it corrected.
In the coming days, we will provide an update on orders for our products, funding, and the status of our plant construction.
It’s a very exciting time for the Company and I want to personally thank our shareholders for their continued support as we grow our business. Our pledge to you is that we will keep you informed of the status of our projects and we will do everything in our power to move the Company forward and implement our Business Plan in order to provide increased shareholder value.
Thank you for your interest in Vega Biofuels.
Michael K. Molen
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast,” “plan,” "project," "intend," "expect," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
Vega Biofuels, Inc.
SOURCE: Vega Biofuels, Inc.
Release ID: 35350