CybeRelease: (OTC: CSBF) Reports Letter of Intent for Equity Investment
(CybeRelease, October 18, 2006) - Lake Harmony, PA - Consolidated Biofuels, Inc. (OTC PK: CSBF), an alternative fuels company, announced, through its CEO, Daniel Honeycutt, that: “We have recently executed a Letter of Intent with International Bio Fuels Corporation, a private company headquartered in Vancouver, Washington, that will, when formalized, provide a substantial equity investment by International into Consolidated.”
Mr. Honeycutt further stated that: “I am very pleased, for the Company and for its shareholders, that, after many weeks of concentrated review, International has made a positive decision to make this very significant, albeit preliminary, commitment of equity investment into Consolidated.”
International’s President, Mr. Marty Johnson, stated “We have looked at almost every public company in the biodiesel industry and believe that Consolidated’s business strategy, particularly its feedstock sourcing, technology and international focus, line up very well with our own. I think Daniel is correct when he says that, ’Consolidated is at the right place, at the right time, and with the right team.’ We look forward to partnering with Consolidated on many levels within the biofuels industry, and also to supporting their efforts with our financial resources, advanced technology solutions and plant construction expertise.”
Further details of this particular transaction will be announced after professional advisors for both companies have completed their productions and a formal Agreement has been executed by both parties.
To read the complete release, go to http://biz.yahoo.com/bw/061017/20061017005427.html?.v=1.
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