Business
Vega Biofuels Provides Update to Shareholders
Vega Biofuels Provides Update to Shareholders.
About this update from Industry Source Consulting, Inc.
[{"type":"text","content":"\n \n \n Vega Biofuels Provides Update to Shareholders\n \n \nVega Biofuels Provides Update to Shareholders\n\nSecond Shareholder Conference Call Planned to Discuss Status of Recently Announced Projects\n\n \n NORCROSS, GA--(Marketwired - Sep 15, 2014) - VEGA BIOFUELS, INC. (PINKSHEETS: VGPR) provides the following Update to Shareholders and announces second shareholder conference call to discuss the status of recently announced projects.\n Vega currently conducts business in two specific areas; The Company recently announced that it has entered into a Joint Venture with Agri-Tech Producers, LLC to build and operate a green-energy manufacturing plant that will produce a renewable energy product called Bio-Coal using special technology called torrefaction. The plant is being constructed in Allendale, SC.\n The Company also markets a product called Biochar that is also made from timber waste and is used as a soil enhancement for various agricultural industries to increase crop yields. The Biochar that Vega markets is currently being manufactured by Colorado based, Biochar Now, LLC. \n The following is an update on current projects in both areas of our business:\n Allendale, SC torrefaction plant: The project is under way and our plan is to have the plant up and running during the first quarter of 2015. The plant is being constructed on the site of an existing lumber manufacturing facility. The torrefaction machine is being manufactured by Kusters Zima Corporation in Spartanburg, SC. Vega has an agreement in hand from a European power company to sell 50,000 tons of Bio-Coal annually for five years. The five year deal is valued at approximately $60 million dollars. In addition, Vega has an agreement to ship 3,000 tons of Bio-Coal to a European client as a test order. This agreement is valued at approximately $700,000. The Company is currently in negotiations with a European transportation firm to deliver the product from the Port in Rotterdam to the end client. \n The Company recently announced that its joint venture partner, Agri-Tech Producers, LLC has developed a new and patent-pending process that dramatically reduces the cost of some of the biomass feedstock for the Company's Allendale, SC pilot torrefaction plant. As a way to dramatically reduce biomass feedstock costs, while substantially expanding the availability of nearby ...