ATCO, N.J., April 23, 2013 /PRNewswire/ -- US Fuel Corporation, a publicly listed company (USFF), announced today that Empyrean West (EW) extended Letters of Intent to fund up to 65% of the loan cost for the US Fuel Coal-to-Liquid facilities planned for Muhlenberg County and Perry County, Kentucky.
The funding letters of intent from EW position US Fuel to begin work on its first two facilities to convert coal into high quality liquid fuels, including ultralow sulfur diesel and jet fuel.
US Fuel focus is engineering a proprietary template for constructing facilities capable of converting 300 tons of coal into approximately 525 barrels of synthetic liquid fuel a day. Upon completion of the engineering phase, US Fuel intends to build multiple facilities at various sites across Kentucky, providing good jobs, utilizing abundant coal and producing high quality synthetic fuels, all in an environmentally friendly and profitable manner.
Each facility is expected to be classified as a minor source of pollutants and will incorporate capture of the carbon dioxide generated by the underlying process; these process attributes are expected to simplify the permitting process and allow rapid replication of the basic facility. Initial economic projections show each facility as being profitable from the first day of operations.
"These funding letters represent a validation of our business model and position US Fuel to be able to move forward on our first two coal-to-liquid facilities in Kentucky," said Stanley Drinkwater, US Fuel's Chairman of the Board.
EW is an industry leader in providing funding through the EB-5 'green card for investment program' with an experienced team of Attorneys, Financial Advisors and Economists that examine and approve every project before agreeing to work with a developer and present their project to EW Foreign Investors.
"Empyrean West strives to unite global capital with U.S. opportunities that create jobs and enhance economic development. Merging the future plans for Muhlenberg and Perry County with the technology of the proposed Coal-to-Diesel Facility Project, We can envision the potential and are pleased to extend these two funding Letters of Intent," said David C. Keller, EW's CEO.
To support workforce training and continuous process improvement, US Fuel is reaching out to local educational institutions, including the Kentucky Community & Technical College System, the University of Kentucky's Center for Applied Engineering Research and Eastern Kentucky University's Center for Renewable and Alternative Fuel Technologies.
"US Fuel is creating a new coal-to-liquids industry; we see a plan that not only calls for the building of these facilities, but also for creating the infrastructure necessary to the long term success of this industry," said Keller.
In addition to facility construction positions, each facility is expected to create 50 full time, permanent positions to support facility operations.
About US Fuel Corporation
US Fuel Corporation (OTC: USFF) designs, builds, owns and operates scalable facilities that will convert coal into high quality liquid fuels, including ultralow sulfur diesel and jet fuel. www.usfuelcorporation.com.
About Empyrean West
Empyrean West was formed to fill the demand for commercial project financing in the US, leveraging the United States Citizenship and Immigration Services (USCIS) EB-5 program to create jobs here in the United States.
Disclaimer: Forward Looking Statements
This release contains statements relating to future results which are forward-looking statements. These statements are not historical facts and are not guaranteed, but instead represent only the good faith belief of US Fuel management as of the date of this release. Future events are by their nature inherently uncertain and outside of US Fuel's control. It is possible that US Fuel's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Forward-looking statements in this release are made pursuant to the safe harbor provisions of securities laws in force as of the date of this release. US Fuel does do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
Contact at Empyrean West
David C. Keller
Chairman & CEO
SOURCE US Fuel Corporation