(OTC: BSLM) Announces Definitive Agreement
(CybeRelease, June 5, 2006) - Lake Harmony - Bio Solutions Manufacturing, Inc. (OTC BB: BSLM) (Frankfurt: B2T.F) announced today that it has entered into a definitive agreement to acquire BioExtraction Services, Inc., the owner of the proprietary BioExtractor system, in a stock-for-stock transaction, expanding Bio Solutions’ ability to manufacture biodiesel from waste, oil, and grease. The transaction has been approved by Bio Solutions’ Board of Directors and is subject to standard closing conditions, including any required regulatory and third party approvals. Bio Solutions expects to complete the transaction on or before June 30, 2006.
David Bennett, President of Bio Solutions, said, “This acquisition plays a crucial role in our strategic plans to become a major manufacturer of biodiesel from waste, oil, and grease.”
BioExtraction, within its franchise network, will collect the fats, oil, and grease extracted from its commercial cooking establishment customers, using the new technology of the BioExtractor. Bio Solutions believes that the BioExtraction’s proprietary technology will allow it to produce biodiesel using extraction technology at an approximate cost of $0.80 per gallon, whereas Bio Solutions estimates that the cost of producing biodiesel using a competing technology is approximately $2.00 per gallon.
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