HOUSTON and LOS ANGELES, Aug. 9 /PRNewswire-FirstCall/ -- TexCom, Inc.
(OTC Pink Sheets: TEXC) today announced that it has executed a Membership
Interest Purchase Agreement and associated documents with U.S. Renewables
Group, LLC (USRG). Under the agreement, USRG will provide $10.6 million in
equity funding to Houston Biodiesel LLC, a TexCom affiliate. TexCom will
contribute an additional $3.5 million to complete the equity component of
the funding. TexCom will also act as Asset Manager for the project to
construct a 35 million gallon per year biodiesel production facility at the
LBC Terminal in Seabrook, Texas. In addition, TexCom will receive a
significant carried interest and ownership in the plant, and be responsible
"USRG is an ideal equity partner for TexCom's first biodiesel
production facility, adding additional financial strength to the venture,"
said Lou Ross, President of TexCom. "The competitive advantages of the
project are many, including rail, highway, barge and deep vessel access,
coupled with being ideally located in the large Texas diesel fuel market."
"USRG's investment in TexCom for Houston Biodiesel LLC is the first
milestone in what we intend to be a long partnership," said USRG Managing
Partner James McDermott. "The new realities of the 21st century energy
industry demand alternatives to fossil fuels. At USRG we believe renewable
energy and other 'carbon-lite' technologies are the future."
Lurgi PSI (Memphis) will construct the Houston Biodiesel plant in
accordance with a lump sum, turnkey Engineering, Procurement & Construction
Agreement. LBC Houston, owner and operator of the terminal facility at
Seabrook, will lease tankage and other terminal assets and provide certain
terminal services to Houston Biodiesel under a long-term lease agreement.
About TexCom, Inc.
Headquartered in Houston, Texas, TexCom, Inc. is pursuing investment
opportunities in certain energy related businesses and developing them to
their logical and full commercial potential. For more information, please
visit the company Web site at http://www.texcomresources.com .
About U.S. Renewables Group
U.S. Renewables Group, LLC ("USRG") is an investment company
capitalizing on the fastest-growing segments of the $650B energy
marketplace. USRG acquires, develops and operates renewable stationary
power generation and clean fuel assets primarily in North America. USRG
operates nationally from headquarters in Los Angeles and offices in New
York. For more information, please visit the company Web site at
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
SOURCE TexCom, Inc.