TexCom Signs EPC Contract and Begins Biodiesel Plant Construction Process
HOUSTON, Oct. 30 /PRNewswire-FirstCall/ -- TexCom, Inc. (OTC Pinksheets: TEXC) announced today that it has executed its Engineering, Procurement & Construction contract with Lurgi PSI to build a 35 million gallon per year Biodiesel Plant for TexCom subsidiary Houston Biodiesel, LLC, in Seabrook, Texas. Lurgi will initiate construction process steps immediately, including final engineering and procurement activities. TexCom anticipates that a formal groundbreaking ceremony will be set within 30 days. The Seabrook plant, located at the LBC Houston, LP terminal, includes the capability to store conventional petroleum diesel, allowing TexCom to blend and market B20 and other biodiesel blends as well as B100. Refined vegetable oil feedstock will be brought in via barge or rail to the site, located on the Houston Ship Channel, to produce the renewable fuel. This facility is the first of several Biodiesel production sites that TexCom currently plans to build and operate in the south central United States. Lurgi PSI, based in Memphis, Tennessee, is recognized as a worldwide leader in the design and construction of Biodiesel facilities, having completed numerous facilities in Europe and recently a plant in Iowa similar in size to the Houston Biodiesel plant. Louis Ross, C.E.O. of TexCom stated, "Executing this EPC contract cements certain critical elements of plant construction for us including completion dates and guaranteed performance statistics for the plant. We will now move forward to tie down additional operational metrics including contracts for raw materials and finished goods. Additionally, we have completed an involved pre-finance underwriting and contracting process that we expect will allow TexCom to proceed more quickly for development of our subsequent biodiesel projects at other sites." About TexCom, Inc. Headquartered in Houston, Texas; TexCom, Inc. is pursuing expansion in biodiesel production and 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 or call 713-914-9193 for Bill Pettinati. 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.
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