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 for operations. "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 http://www.usregroup.com . Forward-Looking Statements 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 statements.
SOURCE TexCom, Inc.