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U.S. Energy Initiatives & Promethean Biofuels Agree To Ramp Up Fuel Production To Maximum Capacity And Maximum Revenue
U.S. Energy Initiatives & Promethean Biofuels Agree To Ramp Up Fuel Production To Maximum Capacity And Maximum Revenue.
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[{"type":"text","content":"\n\n\n\n\n\n\n\nU.S. Energy Initiatives & Promethean Biofuels Agree To Ramp Up Fuel Production To Maximum Capacity And Maximum Revenue\n\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:\"0in\";\n}\n\n\n\n\n\n\n\n\n\n\nU.S. Energy Initiatives & Promethean Biofuels Agree To Ramp Up Fuel Production To Maximum Capacity And Maximum Revenue\n\nPR Newswire\n\nSANTA CLARITA, Calif., June 19, 2013\n\n\n\n\n\n\n\nSANTA CLARITA, Calif., June 19, 2013 /PRNewswire/ -- U.S. ENERGY INITIATIVES CORPORATION INC. (OTCPink:USEI) is pleased to announce today that USEI and Promethean Biofuels (an EPA approved biodiesel operating for the last 6 years) have signed a biodiesel production agreement whereby the companies will work together to bring this facility to its maximum capacity beginning in the next couple weeks. Promethean has the capacity to produce 2.1 to 3 million gallons of biodiesel per year (MGY) if producing at these levels; the goal is to reach capacity next month. This is a 12 month agreement and the Parties agree to divide the revenue produced by the sale of fuel produced (less cost); which should exceed $6 million dollars annually.\n\n\n\nAccording to Anthony Miller, CEO, \"This is a significant milestone for USEI and it is an immediate entry into the fuel production arena. This agreement provides us with significant revenue beginning next month. Promethean is a first class operation and has been operating profitably from the beginning. This relationship just allows the plant operate 24 hours a day… 7 days a week well above current levels. USEI will have a physical office at their location and will be hands on as much as possible to lend it experience to the operation. USEI will help with procurement of raw materials and logistical support to ensure that the venture is successful. USEI will be a feedstock provider of biodiesel made from pure vegetable oil which is eligible for a federal excise tax credit of $1 for every gallon blended with conventional diesel. Biodiesel from used cooking oil earns a credit of 50 cents per gallon\".. \"This is one of many relationships that we intend...