HOUSTON, May 5 /PRNewswire-FirstCall/ -- TexCom, Inc. (OTC Pink Sheets:
TEXC) announced today that it has executed a Preliminary Engineering
Agreement with Lurgi PSI, based in Memphis, Tennessee, to build a 35
Million gallon per year Biodiesel Plant at the LBC bulk liquids terminal in
This facility is the first of several Biodiesel production sites that
TexCom currently plans to build and operate in the south central United
TexCom had previously announced the signing of a Letter of Intent with
LBC to locate the 35 million gallon per year biodiesel plant at LBC
Houston's Seabrook site. LBC, based in Paris, France, is one of the largest
owner/operators of bulk chemical terminal operations in the world. The
TexCom plant will utilize existing and newly added on-site storage capacity
and other terminal facilities owned and operated by LBC under a fifteen
year lease agreement. The facility will allow transportation of raw
materials and product via barge, rail and truck.
The Engineering Agreement precedes the execution of a definitive
Engineering, Procurement & Construction Contract ("EPC"). TexCom will
execute the EPC when the project financing has been completed. Lurgi will
provide the process technology, design and plant construction, utilizing
its continuous process for converting soybean oil into fuel grade
Biodiesel. Lurgi is recognized as a worldwide leader in the design and
construction of Biodiesel facilities, having completed numerous facilities
in Europe and currently building a plant in Iowa.
The TexCom project design includes the capability to store conventional
petroleum diesel, allowing TexCom to blend and market B20 and other
biodiesel blends as well as B100 on site. Feedstock will be brought in via
barge or rail to the site, located near the Houston Ship Channel, to
produce the renewable fuel.
Definitive feedstock and off-take agreements are currently being
negotiated to ensure that at completion, the plant can move quickly to
Lou Ross, President of TexCom Resources stated, "We have been working
diligently for the past two years to put ourselves in position to enter the
Biodiesel business. This facility will make a strong statement concerning
our commitment and capability to execute our Biodiesel business plan. We
chose to build at the LBC terminal in Seabrook, Texas because of its ideal
location adjacent to the Houston Ship Channel."
Biodiesel is a clean burning alternative fuel, produced from domestic,
renewable resources. Biodiesel contains no petroleum, but it can be blended
at any level with petroleum diesel to create a biodiesel blend. It can be
used in compression-ignition (diesel) engines with little or no
modifications. Biodiesel is simple to use, biodegradable, nontoxic, and
essentially free of sulfur and aromatics.
Biodiesel is registered as a fuel and fuel additive with the
Environmental Protection Agency (EPA) and meets clean diesel standards
established by the California Air Resources Board (CARB). Neat (100
percent) biodiesel has been designated as an alternative fuel by the
Department of Energy (DOE) and the US Department of Transportation (DOT).
TexCom, Inc. is headquartered in Houston, Texas and is an early-stage,
growth-oriented company with its primary focus on the production of Bio-
Diesel. TexCom also has interests in liquid waste disposal servicing the
petrochemical and drilling industries. Additionally, the company is engaged
in exploration and production of oil and gas through its wholly owned
subsidiary TexCom Partners, LLC.
Statements contained herein and the information incorporated by
reference herein may be forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act").
Forward-looking statements can be identified by the use of forward-looking
terminology such as, but not limited to, "may," "will," "expect,"
"anticipate," "estimate," "would be," "believe," or "continue" or the
negative or other variations of comparable terminology. We intend such
forward-looking statements to be covered by the safe harbor provisions
applicable to forward-looking statements contained in Section 21E of the
Exchange Act. Such statements (none of which is intended as a guarantee of
performance) are subject to certain assumptions, risks and uncertainties,
which could cause our actual future results, achievements or transactions
to differ materially from those projected or anticipated.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events, or performance and underlying
assumptions and other statements, which are other than statements of
historical facts. These statements are subject to uncertainties and risks
including, but not limited to, product and service demands and acceptance,
changes in technology, economic conditions, the impact of competition and
pricing, and government regulation and approvals. TexCom cautions that
assumptions, expectations, projections, intentions, or beliefs about future
events may, and often do, vary from actual results and the differences can
be material. Some of the key factors which could cause actual results to
vary from those TexCom expects include changes in natural gas and oil
prices, the timing of planned capital expenditures, availability of
acquisitions, uncertainties in estimating proved reserves and forecasting
production results, operational factors affecting the commencement or
maintenance of producing wells, the condition of the capital markets
generally, as well as our ability to access them, and uncertainties
regarding environmental regulations or litigation and other legal or
regulatory developments affecting our business.
Our expectations, beliefs and projections are expressed in good faith
and are believed to have a reasonable basis, including without limitation,
our examination of historical operating trends, data contained in our
records and other data available from third parties. There can be no
assurance, however, that our expectations, beliefs or projections will
result, be achieved, or be accomplished. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak only as of
the date hereof. We undertake no duty to update these forward-looking
Brad Barker Greg Noble
SOURCE TexCom, Inc.