LAS CRUCES, N.M., Feb. 2, 2011 /PRNewswire/ -- Elixir Bio-Tech Inc. (EBT), a New Mexico Algae Biotech company, has been named one of the top fifty winners of the FundingPost's 7th annual "Pitching Across America™" competition.
EBT is launching its Algae Biomass Feedstock project in Luna County, NM to demonstrate accelerated approaches in producing multi-purpose feedstock with ground-breaking Proprietary and Patent Pending Technology for Open and Closed Algae Biomass Systems. EBT's experienced Algae engineering, production, and marketing team, is establishing strategic partners.
FundingPost (www.FundingPost.com), a company that has been Introducing entrepreneurs to investors for almost 5 years, established the "Pitching Across America, (PAA)" the largest Venture Capital competition ever organized, in which Venture Funds and Investors served as judges voting on 300 business summaries from emerging companies nationwide. PAA was sponsored by WolfBlock (www.wolfblock.com) and PRNewswire (www.prnewswire.com)
Emerging companies were evaluated on a scale of 1 to 10. Judging criteria consisted of key points: the professionalism of the written summary, current stage of development, competitive advantage, need in the marketplace, feasibility for success, and whether the company is "VentureWorthy(TM)."
"We're very pleased to have been chosen for recognition from such an impressive list of companies throughout the U.S.," said Richard Warren, CEO of Elixir Bio-Tech Inc., a "Grass Roots" company: www.elixline.com. "FundingPost has given us an opportunity to reach an excellent selection of visionary investors. While our customer base continues to grow, in the Algae Nutraceutical markets, the right funding partner(s) can accelerate the establishment of the company's production facility. Our company also plans to benefit from biofuel collaborations with NMSU, Santa Fe College and Sapphire through subcontracting, R&D work study and local employment."
FundingPost Venture Capital judges found Elixir's business summary compelling because it expressed the critical need for advanced biofuel production and phytochemical co-products along with reduced carbon emissions and wastewater treatment that this project addresses.
Companies need to be in compliance, along with adequate financing to take advantage of alternative energy legislation," said Joe Rubin, Director, of FundingPost. "Elixir Bio-Tech Inc. has an exciting innovative rural algae biomass thrust and we know that FundingPost and the 'Pitching Across America' win will benefit them as they seek funding this year."
SOURCE Elixir Bio-Tech Inc.