Trading Symbol: VPI
at TSX Venture Exchange
VANCOUVER, April 23 /CNW/ - Vitality recognizes the importance of providing alternate fuels to reduce carbon emissions and the opportunity to assist the U.S. to achieve their objective of reducing dependence on foreign oil. Vitality has completed a feasibility study (announced December 29, 2006) and has determined to establish an operating subsidiary - Vitality Fuels - to produce alternative non-fossil fuels including ethanol, bio diesel and co-products such as animal feed and nutraceuticals. The initial operation will be located in Whatcom County Cherry Point Industrial Area, Washington as reported in the article "Corn Power" at www.bellinghambusinessjournal.com April issue.
Depending upon restrictions of feed stock and water, the facility will produce between 30 and 100 million gallons of ethanol per year. Capital investment will be between $50 and $150 million with capital provided by a combination of equity and debt from a U.S. immigration fund, the U.S.D.A. and the DOE. Financing will be arranged by Consolidated Firstfund Capital Corp. BP and Conaco Phillips require approximately 150 million gallons of ethanol at their Cherry Point refineries to meet government mandated requirements.
Engineering will commence immediately and site selection is under negotiation. An ethanol plant of 100,000,000 gallons per year is estimated to generate $225,000,000 revenue and approximately $20,000,000 profit together with $51,000,000 federal tax credits. The plant should be fully operational by Spring 2009.
On behalf of the Board of
VITALITY PRODUCTS INC.
"William N. Grant" (signed)
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William N. Grant, President & CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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