BIOX and World Energy Announce Closing of Previously Announced Acquisition of 90 Million USG Biodiesel Facility in Houston
TSX symbol: BX
TORONTO and BOSTON, June 30, 2016 /PRNewswire/ - BIOX Corporation ("BIOX") (TSX: BX) and World Energy, today announced the closing of the previously announced acquisition of a 90 million U.S. gallon (USG) (341 million litre) biodiesel production facility in Houston, Texas. Through a 50/50 joint venture, each company has contributed US$10 million to the World Energy BIOX Biofuels joint venture.
The facility, formerly known as Green Earth Fuels, is located within the Kinder Morgan Liquids terminal on the Houston Ship Channel and is the third largest biodiesel production facility in North America. Plant commissioning and start-up will ramp up over the third quarter of the year.
BIOX Board of Directors Changes
Following the establishment of the World Energy BIOX joint venture, the Board of Directors of BIOX accepted the request of Robert Beamish to retire from the Board. To fill the vacancy created by Mr. Beamish's retirement, the Board has appointed Gene Gebolys, CEO of World Energy. In addition, the Board of Directors has appointed Alan Rickard, the CEO of BIOX, to the board of directors.
About World Energy
World Energy (www.worldenergy.net) is an Advanced Biofuels supplier based in Boston with over 200 million gallons (600,000 metric tons) of production capacity in Pennsylvania, Georgia, Mississippi, and Texas and over 16 million gallons of biofuels storage servicing major markets in North America and beyond.
About BIOX Corporation
BIOX is a renewable energy company that owns and operates approximately 450 million litres of nameplate biodiesel production capacity at plants located in southern Ontario and Houston, Texas. BIOX has an innovative, proprietary and patented production process that is capable of producing the highest quality, renewable, clean burning and biodegradable biodiesel fuel utilizing a variety of feedstocks - from pure seed oils to animal fats to recovered vegetable oils with no change to the production process. BIOX's high quality biodiesel fuel meets North American (ASTM D-6751) quality standards.
Forward-looking Statements
Certain statements in this press release constitute "forward-looking" statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, objectives or achievements of BIOX, or industry results, to be materially different from any future results, performance, objectives or achievements expressed or implied by such forward-looking statements. Such statements relate to, among other things, the timeline for the World Energy BIOX Biofuels facility commencing production, the capacity of and anticipated upgrades to the facility and timing thereof. These statements reflect BIOX's current views regarding future events and operating performance, are based on information currently available to BIOX, and speak only as of the date of this press release. These forward-looking statements involve a number of risks, uncertainties and assumptions and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such performance or results will be achieved. Those assumptions and risks include, but are not limited to, the fact that BIOX's results of operations and business outlook are highly dependent on a mix of legislation and producer payment programs and tax credits and upon commodity prices, which are subject to significant volatility and uncertainty. Many factors could cause the actual results, performance or achievements of BIOX to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including factors described in this press release and those discussed in BIOX's publicly available disclosure documents, as filed by BIOX on SEDAR (www.sedar.com) except as updated herein. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, estimated or expected. Unless required by applicable securities law, BIOX does not intend and does not assume any obligation to update these forward-looking statements. To the extent any forward-looking statements herein constitute financial outlook, they were approved by management as of the date hereof and have been included to provide an understanding with respect to BIOX's financial performance and are subject to the same risks and assumptions referred to herein. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur and readers are cautioned that any financial outlook information contained in this news release should not be used for purposes other than for which it is disclosed herein.
SOURCE BIOX Corporation
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