HOUSTON, June 1 /PRNewswire-FirstCall/ -- TexCom, Inc. (OTC Pink
Sheets: TEXC) today announced that it has received a $6 million project
finance equity commitment to expand its Biodiesel operations into the state
of Oklahoma. A group led by former University of Oklahoma and Dallas
Cowboys Coach Barry Switzer has committed $6 million as the equity
component for a Biodiesel plant to be constructed for purposes of serving
the diesel fuel needs for the State of Oklahoma.
As part of the agreement, Barry Switzer will be retained by TexCom as a
consultant and advisor.
Switzer stated, "Over the past few months, we have spent a lot of time
with TexCom management and have introduced them to various state executives
and legislators in Oklahoma. We feel that bringing TexCom to Oklahoma will
provide jobs, a growing market for our agricultural products, and help to
reduce our dependence on foreign oil. TexCom's management team is one of
the few in the nation that brings practical permitting and large-scale
plant construction and operations management to the Biodiesel industry.
We've spent several months getting to this point and intend to be in
construction by mid November."
Lou Ross, President of TexCom, Inc. stated, "The management team has
been in discussions with the Governor and Mr. Switzer since early this
year. This equity commitment and the responsiveness of Coach Switzer and
the state officials were critical in our decision-making. This
administration has proven itself a great advocate for expansion of clean
fuels and business. Expanding into Oklahoma is another significant step for
TexCom in extending our Biodiesel operations footprint." As previously
announced, TexCom 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 Seabrook, Texas.
Since joining TexCom as President in December 2003, Dr. Ross has been
the guiding force in TexCom's entry into the Biodiesel arena. He has been
selected to present at the 2nd Annual Platts Biodiesel Investor Conference
in Houston, Texas on Thursday, June 29th at 10:45 CDT. The Platts Biodiesel
Conference is the premier forum for the investors to evaluate opportunity
and advancement of Biodiesel as an alternative renewable fuel.
For further information on the conference and to register please visit:
Biodiesel is the name of 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.
For further information on TexCom Resources please visit:
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
Contact: Brad Barker
SOURCE TexCom, Inc.