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| Raven Partners With Spectrum Energy to Develop Biofuels in British Columbia, Canada
| | PARAMUS, NEW JERSEY--(Marketwire - May 21, 2008) - Raven Biofuels International (OTCBB:RVBF) has formed a partnership with Spectrum Energy, a British Columbia based company to develop cellulosic biorefineries in British Columbia that will convert Mountain Pine Beetle (MPB) softwood and other biomass to ethanol and high value furfural chemicals.
While the Pine Beetle has created a major problem for B.C. Raven and Spectrum will use the infested wood as feedstock to make renewable fuels. In a March 2008 press release, the BC Government stated that "The Ministry of Forests and Range and the Council of Forest Industries estimate that the mountain pine beetle has now affected about 710 million cubic metres of timber". Further, "There are about 1.35 billion cubic metres of merchantable pine on B.C.'s timber harvesting land base. If the infestation continues to behave as it has over the past nine years, it's projected that 76 per cent of this pine volume will be killed by 2015". The Pine Beetle killed forests cover an area the size of Texas and could represent enough biomass to produce over a billion gallons of biofuels.
Spectrum management has formed deep relations in the forestry industry over the last 25 years and was directly involved in building four world class "state of the art" lumber facilities at an estimated cost of $900,000,000. Their experience and relationships in the BC forestry industry as well as hands on knowledge of large scale construction are viewed by Raven as key assets in developing biofuels in BC.
Spectrum and Raven have submitted a proposal to the Innovative Clean Energy Fund for funding to proceed with building BC's first cellulosic ethanol refinery.
Our biorefinery is initially projected to produce 10 million gallons of ethanol and chemicals. The biorefinery design can be scaled up to a larger output once operational. Under the BC New Energy Plan, BC has a mandate to blend 5% of the transportation fuel with Ethanol by 2010. Currently there is no commercial scale production of ethanol in BC and the Province will have to import ethanol to meet targets if local production cannot be developed. Spectrum believes that with immediate government commitments the first refinery could be in production in 2010.
Ethanol made from biomass could cut greenhouse gases responsible for global warming by a large margin. Several recent studies conclude that cellulosic biofuels reduce greenhouse gases by over 80%.
Raven Biofuels International Corporation intends to become a global renewable energy company whose principal focus is the low cost production of fuel grade cellulosic ethanol, and derivative chemicals.
This 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, including without limitation those statements regarding the ability of Raven Biofuels International Corporation ("Raven" or the "Company") to complete the merger or any business combination with Pure Energy Corporation, or that upon completion of the merger the companies will be able to construct any ethanol plants or proceed with the commercialization of Pure Energy 's technology or that it will be able to exploit, develop, acquire, finance, operate, or make profitable, any of the commercial opportunities discussed or described herein. These forward-looking statements are not historical facts and can be identified by the use of forward-looking words or phraseology such as "believes," "expects," "may," "intends," "anticipates," "plans," "estimates," and analogous or similar other expressions intended to identify such forward-looking statements. Actual results could differ materially from those reflected in such forward-looking statements. Raven and its principals will not assume any obligation to update any of the forward-looking statements to reflect any events, facts, or circumstances that may arise other than as may be required by applicable law or regulation. | | |
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