Eco Ventures Awarded Local Permits for Biofuel Production; Company Anticipates Commencing Commercial Biofuel Production in Q1-13
GROVELAND, Fla., Aug. 7, 2012 /PRNewswire/ -- Eco Ventures Group, Inc. (OTCBB: EVGI and EVGID), an emerging producer of diversified, sustainable alternative energy, today announced that both Lake County and the City of Groveland, Florida have awarded the Company biofuel fabrication, manufacturing and sales permits.
Along with the County's permits, the City of Groveland passage of ordinance 2012-05-06 permits the Company's fabrication of biofuel equipment, manufacturing and (wholesale and retail) sales of biofuel on all of the Company's Groveland, Florida headquarters property.
Based upon the configuration of Eco Venture 's expandability of up to a 100,000 square-foot property, the Company estimates its potential biofuel production capacity to be up to 90 million gallons annually. EVGI is evaluating multiple fuel technologies that will potentially meet this demand.
The issuance of the local permits cap about five months of application, communication and town meetings on this subject, and are considered a Company asset, competitive advantage and barrier to entry. EVGI is actively working to complete the permitting and entry process for biofuel manufacturing, air quality and related permits from the U.S. Environmental Protection Agency and other state and federal regulatory agencies -- all of which plan to be completed when the Company prepares to begin biofuel test manufacturing near the end of the fourth quarter 2012 or beginning of the first quarter of 2013.
Construction of the Company's first biofuel production plant at its Groveland property is about 80 percent complete. It is expected to be finished in the fourth quarter with commercial production anticipated to begin in the first quarter of 2013 subject to permitting. Initially, that plant is designed to produce 3.6 million gallons of biofuel per year.
As stated previously, the Company is actively evaluating next generation, commercial biofuel production technologies to substantially increase its production capacity in the first half of 2013. It is also actively working to source large scale, long term biofuel feedstock supply contracts.
"We appreciate the diligence of Lake County and the City of Groveland throughout the complex process for permitting biofuel manufacturing and sales at our Groveland headquarters," said Randall Lanham , Eco Ventures Group Chief Executive Officer. "We look forward to working closely with federal and state agencies to prepare for the Company's safe and responsible commercial scale biofuel production in the months ahead."
About Eco Ventures Group, Inc.
Eco Ventures Group, Inc. ("EVGI") is acquiring and developing a family of ecologically friendly and economically sound businesses committed to providing for society's energy and renewable resource needs (www.ecoventuresgroup.com). The Company July 24 announced it had signed a definitive agreement to acquire a majority stake in Energiepark Suptitz, GmbH's ("EPS") diverse portfolio of alternative energy businesses with closing expected later in the third quarter.
Safe Harbor Statement
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: EVGI encourages those interested in our Company to rely only on information included in our filings with the United States Securities and Exchange Commission which can be found at www.sec.gov. Statements released by Eco Ventures Group, Inc. that are not purely historical are forward-looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, intentions, and strategies for the future to include all those of its intended acquisition of Energiepark Suptitz, GmbH. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. The company's actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to general economic, competitive, governmental, and technological factors as discussed in the company's filings with the SEC on Forms 10-K, 10-Q, and 8-K. The company does not undertake any responsibility to update the forward-looking statements contained in this release.
Eco Ventures Group, Inc.
7432 E. Highway 50, Suite 101
Groveland FL 34736
Phone: (352) 557-4830
Tel: (561) 989-3600
SOURCE Eco Ventures Group, Inc.
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