Business
Vitality goes green
Vitality goes green.
About this update from Vitality Products Inc.
[{"type":"text","content":"\n\n\n\nTrading Symbol: VPI\n\n\nat TSX Venture Exchange\n\n\nVANCOUVER, April 23 /CNW/ - Vitality recognizes the importance of\nproviding alternate fuels to reduce carbon emissions and the opportunity to\nassist the U.S. to achieve their objective of reducing dependence on foreign\noil. Vitality has completed a feasibility study (announced December 29, 2006)\nand has determined to establish an operating subsidiary - Vitality Fuels - to\nproduce alternative non-fossil fuels including ethanol, bio diesel and\nco-products such as animal feed and nutraceuticals. The initial operation will\nbe located in Whatcom County Cherry Point Industrial Area, Washington as\nreported in the article "Corn Power" at www.bellinghambusinessjournal.com\nApril issue.\n\n\nDepending upon restrictions of feed stock and water, the facility will\nproduce between 30 and 100 million gallons of ethanol per year. Capital\ninvestment will be between $50 and $150 million with capital provided by a\ncombination of equity and debt from a U.S. immigration fund, the U.S.D.A. and\nthe DOE. Financing will be arranged by Consolidated Firstfund Capital Corp. BP\nand Conaco Phillips require approximately 150 million gallons of ethanol at\ntheir Cherry Point refineries to meet government mandated requirements.\n\n\nEngineering will commence immediately and site selection is under\nnegotiation. An ethanol plant of 100,000,000 gallons per year is estimated to\ngenerate $225,000,000 revenue and approximately $20,000,000 profit together\nwith $51,000,000 federal tax credits. The plant should be fully operational by\nSpring 2009.\n\n\nOn behalf of the Board of\n\n\nVITALITY PRODUCTS INC.\n\n\n"William N. Grant" (signed)\n\n\n---------------------------------\n\n\nWilliam N. Grant, President & CEO\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\n\n\nresponsibility for the adequacy or accuracy of this release.\n\n\n%SEDAR: 00005856E\n\n\n","length":2038,"tagName":"div"}]