LONDON, United Kingdom, Oct. 25 /PRNewswire/ - Four Rivers BioEnergy Inc. (FRBE.PK) ("4Rivers'' or "Four Rivers" or "the Company") today issued a letter to shareholders from its Chief Executive Officer, Stephen Padgett, providing a progress report on the Company's strategic direction and development activities. Highlights of the letter are included below and the letter in its entirety has been filed today on a form 8-K.
In his letter Mr. Padgett refers to the considerable progress that has been made in converting the UK plant, which it acquired last year at a deep discount to original cost, into what the Company calls an Integrated Waste to Energy Plant and why the UK site is so well suited for this.
He sets out a firm expectation, subject to the success of the current capital raising round that the Company has embarked on, of commencing production across the entire waste to energy spectrum in the last quarter of 2011.
He also makes it clear that the Company will concentrate on (i) waste and renewables feedstock procurement and processing and (ii) generating energy and the sale of electricity into the Grid using the electricity sub-stations already on the site; and he explains why he believes that this will be a winning formula in terms of generating returns to investors whilst also mitigating risk.
Mr. Padgett explains that the focus on integrating the waste to energy cycle is a natural evolution of the Company's original plans for 'Integrated BioEnergy' and is totally aligned to market developments and trends.
He also uses the letter to announce that the Group intends to re-brand itself to create singular focus on waste to energy at the UK site. He will announce details about that initiative in the near future.
About Four Rivers BioEnergy, Inc.
Four Rivers BioEnergy, Inc. is focused on realizing the potential to produce and sell energy (in the form of electricity) and biofuels from sustainable waste and renewable feedstocks. Our business model involves the vertical integration of the energy production cycle from feedstock procurement and processing through to electricity generation and sale, all within one business model and on one industrial site. We are presently in the final phases of completing our first Integrated Waste to Energy Plant on an industrial site in the UK which we acquired in 2009.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on management's good faith views and expectations when made. Forward-looking statements are inherently subject to known and unknown risks and uncertainties which, in the case of the company, include raising adequate capital to continue operations, technology and product development uncertainties, competition, cost and availability of feedstock, and plant development and manufacturing scale up. Actual results may differ, perhaps materially, from those discussed in the forward-looking statements. The company discussed in this release is not obligated to update its forward-looking statements or comment on those differences. Readers are encouraged to refer to the recent public filings of the company to further ascertain the risks associated with the forward-looking statements. Readers are urged not to place undue reliance upon such statements.
SOURCE Four Rivers BioEnergy Company Inc.