SANTA CLARITA, Calif., June 19, 2013 /PRNewswire/ -- U.S. ENERGY INITIATIVES CORPORATION INC. (OTCPink:USEI) is pleased to announce today that USEI and Promethean Biofuels (an EPA approved biodiesel operating for the last 6 years) have signed a biodiesel production agreement whereby the companies will work together to bring this facility to its maximum capacity beginning in the next couple weeks. Promethean has the capacity to produce 2.1 to 3 million gallons of biodiesel per year (MGY) if producing at these levels; the goal is to reach capacity next month. This is a 12 month agreement and the Parties agree to divide the revenue produced by the sale of fuel produced (less cost); which should exceed $6 million dollars annually.
According to Anthony Miller, CEO, "This is a significant milestone for USEI and it is an immediate entry into the fuel production arena. This agreement provides us with significant revenue beginning next month. Promethean is a first class operation and has been operating profitably from the beginning. This relationship just allows the plant operate 24 hours a day… 7 days a week well above current levels. USEI will have a physical office at their location and will be hands on as much as possible to lend it experience to the operation. USEI will help with procurement of raw materials and logistical support to ensure that the venture is successful. USEI will be a feedstock provider of biodiesel made from pure vegetable oil which is eligible for a federal excise tax credit of $1 for every gallon blended with conventional diesel. Biodiesel from used cooking oil earns a credit of 50 cents per gallon".. "This is one of many relationships that we intend to create this year. Our immediate goal is to maximize our revenue through creating relationships with existing certified producers that are looking to increase their production levels through shared revenue agreements like this venture.", further commented Miller
According to Todd Hill Managing Principal, "Promethean is proud partner with U.S. Energy Initiatives, to help meet California's Mandated Requirement for biodiesel under the Low Carbon Fuel Standard (LCFS). In the next few months we will ramp up towards our name plate capacity and generate significant capital. This venture is part of an ongoing and carefully coordinated plan that Promethean has planned throughout 2014. Note: We are approached often by companies looking for partnership arrangements, but the reality is that we are extremely selective and our focus is on relationships that will yield positive results"
About Todd Hill "Todd has held numerous key leadership roles and built a distinguished track record of service to many multinational organizations focused on environmental conservation, sustainable development, and income generation through innovative waste management and renewable energy technologies. Todd has a history of involvement in various business, technical, and community groups in the United States, including the American Society for Testing and Materials (now officially ASTM International), the U.S. Chamber of Commerce, the American Oil Chemists Society, the American Council of Renewable Energy (Acore), the Business Roundtable, the California Biodiesel Alliance, the International Association of Electronics Recyclers (2004-2006), American Mensa, and the Boy Scouts of America. Mr. Hill is a board member of several business organizations including the California Biodiesel Alliance.
As the founder of Promethean Biofuels, Todd is focused on the leadership challenge of creating environments that inspire large groups to work together toward a common goal, developing markets, and executing the vision of a sustainable planet. His specialties include: Biofuels & Renewable Energy, Project Management, Technical Consulting, Environmental Engineering, Regulatory Compliance, Clean Tech Ventures. Todd Hill is an internationally recognized expert within the renewable energy and biotechnology fields with an in-depth knowledge and understanding of cooperative and corporate management, public policy, international business, technology and start-up development
About U.S. Energy Initiatives
U.S. Energy Initiatives Corporation is a diverse energy firm that has a long history of developing automotive and hybrid fuel systems and technologies. This firm first started in 1996 and has had a long successful business history of developing its business strategies. Management's new goal is to develop its new and old technologies and to build a dynamic energy firm. The Company has three separate energy initiatives; one in the oil, gas & technology sector (brought in by Mr. Miller), one in the hybrid fuel or bio-fuel sector and one in the automotive sector. Our goal immediate goal is to develop our bio-fuel opportunities and going forward our goal is to acquire and develop stranded or un-recovered oil properties for enhanced oil production, create partnerships with operators, create strategic alliances for primary and secondary recovery. Our overall goal is to become an environmentally responsible energy company; utilizing all methods available to generate income. We will market our products to a worldwide market to produce significant revenue and add value for our shareholders.
About Promethean Biofuels: Founded in 2007, Promethean helps its customers dispose of their waste in a legally compliant manner that any green business owner can be proud of. With a mission to become an overall market leader in the fluid waste processing and recycling arena, Temecula, Calif.-based Promethean Biofuels has been recognized by the California Department of Resources, Recycling and Recovery (CalRecycles) for its waste reduction efforts several times over the past few years. Also, a winner of the 2009, 2010, and 2011 CalRecycles Waste Reduction Award. Promethean has also been named one of the Top 10 Technology Companies in the Inland Empire for the last two years. Promethean ensures that the quality of their products is consistently above compliance standards. Their production volumes recycled over 1,000,000 pounds of liquid waste product before the end of 2012. When asked what his goals for Promethean Biofuels are, Mr. Hill had this to say, "Our goal is to become a world-class fluid waste recycler." Promethean Biofuels has positioned itself to be a supporter, and participant in a zero waste environment by creating unique and innovative ways to solve liquid waste disposal problems for the customer.www.prometheanbiofuels.com; http://www.biodieselmagazine.com/articles/8651/promethean-recapturing-sustainability-community-from-zeus
DISCLOSURES: "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release may contains forward-looking statements that are subject to risk and uncertainties, including, but not limited to, the impact of competitive products, product demand, market acceptance risks, fluctuations in operating results, political risk and other risks detailed from time to time in the Company's filings with OTCMarkets.com and as required to the Securities and Exchange Commission. These risks could cause USEI's actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company.
SOURCE U.S. Energy Initiatives Corporation