ORLANDO, Fla., March 2, 2011 /PRNewswire/ -- Freedom Environmental Services (Pink Sheets: FRDM) announces today the consummation of a three-year yellow grease supply agreement with Clean Fuel of Lakeland, FL, a Florida bio-diesel producer. While there can be no guarantees, management believes that the value of the contract could exceed $18 million if the maximum volumes are achieved by Grease Recovery Solutions, a subsidiary of Freedom Environmental Services, over the next three years.
President and CEO Michael Borish stated, "We are excited to build on our relationship with Mr. Maher's Clean Fuel companies by supplying recycled yellow grease to be used for renewable energy." CEO Borish continued, "The biodiesel produced from this contract will be used to produce renewable electricity for Clean Fuel's sister company, Solar Blue. We understand that Solar Blue has an exclusive 20-year contract to supply electric power for Lincoln Financial Field, home of the Philadelphia Eagles of the NFL."
Mr. Lee Maher, Chairman and CEO of Clean Fuel companies and Solar Blue, Florida and Philadelphia-based renewable energy companies, is pleased with the sale of the yellow grease collection operation to Freedom Environmental Services and the long-term agreement reached, to purchase the collected oil for renewable energy. Mr. Maher states, "This redeployment of assets allows Clean Fuel and Solar Blue to focus on the production of renewable electricity for Central Florida and the expansion of their renewable energy opportunity with NFL stadiums, specifically the Philadelphia Eagles." Mr. Maher's "green companies" look forward to continued growth with the Freedom Environmental organization along the Atlantic Coast.
The acquisition of Grease Tec from Clean Fuel was previously announced on January 13, 2011.
About Freedom Environmental Services
Freedom Environmental Services (FES) is one of Florida's only 100% "Green" grease and wastewater collection, processing, and recycling companies headquartered in Orlando, Florida. FES provides the most comprehensive, cost-effective and reliable treatment systems and services. FES provides full capture and processing of organics and grease from both commercial and residential accounts. FES processes all wastewater and grease normally sent to a dump site and produces a reusable bio-fuel feedstock. Working in conjunction with the Department of Environmental Protection, major utility providers, and local health departments, FES provides Wastewater and Storm-water System Management, Grease and Organics Collection, Processing, and Disposition, Commercial Plumbing and Water System Management, Septic service and maintenance, lift station maintenance, line jetting and excavations.
This media release contains forward-looking statements regarding the business operations and prospects of Freedom Environmental and industry factors affecting it. These statements are identified by words such as "may," "will," " begin," " look forward," "expect," "believe," "intend," "anticipate," "should," "potential," "estimate," "continue," "momentum" and other words referring to events to occur in the future. These statements reflect Freedom Environmental's current view of future events and are based on its assessment of, and are subject to, a variety of risks and uncertainties beyond its control, including the continued disturbances in world financial, credit, commodities and stock markets, a decline in consumer confidence and discretionary spending, the general performance of the U.S. economy, global demands for bio-fuels and grain and oilseed commodities, which have exhibited volatility, and risks related to the construction and completion of any Freedom Environmental facility which could cause actual results to differ materially from those projected in the forward-looking statements. Other risks and uncertainties regarding Freedom Environmental, its business and the industry in which it operates are referenced from time to time in the Company's filings with the Securities and Exchange Commission. Freedom Environmental is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
SOURCE Freedom Environmental Services