Imperial set to purchase e-biofuels
In the US Imperial Petroleum has signed a stock purchase agreement to obtain 100% of e-biofuels’ supply.
Indiana-based e-biofuels produces 15 million gallons of biodiesel a year, but has debts totalling approximately $15 million (€11 million). In the year 2009 the company made a net loss of $1.9 million.
According to the agreement, which will close on 31 March, oil and natural gas production company Imperial Petroleum will issue $3.5 million worth of promissory notes to the owners of e-biofuels. In return Imperial will gain total control of e-biofuels, making it a wholly owned subsidiary of Imperial.
The president of Imperial, Jeffrey Wilson, said: ‘Through our research and development efforts over the last four years in the biofuels arena, we have developed some groundbreaking patented and proprietary process technology for the manufacture of biodiesel from waste oils high in free fatty acids and for the manufacture of bio-based jet fuels.’
‘On the financial side, we have exhausted a term sheet in connection with the acquisition of the company to bring new financing of up to $15 million to enhance and expand the existing operations of e-biofuels by adding multiple product streams,’ Wilson said.
Indiana-based e-biofuels produces 15 million gallons of biodiesel a year, but has debts totalling approximately $15 million (€11 million). In the year 2009 the company made a net loss of $1.9 million.
According to the agreement, which will close on 31 March, oil and natural gas production company Imperial Petroleum will issue $3.5 million worth of promissory notes to the owners of e-biofuels. In return Imperial will gain total control of e-biofuels, making it a wholly owned subsidiary of Imperial.
The president of Imperial, Jeffrey Wilson, said: ‘Through our research and development efforts over the last four years in the biofuels arena, we have developed some groundbreaking patented and proprietary process technology for the manufacture of biodiesel from waste oils high in free fatty acids and for the manufacture of bio-based jet fuels.’
‘On the financial side, we have exhausted a term sheet in connection with the acquisition of the company to bring new financing of up to $15 million to enhance and expand the existing operations of e-biofuels by adding multiple product streams,’ Wilson said.
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